US natural and organic retailer Whole Foods Market has raised its target forfull-year earnings after its third-quarter profits jumped 35%.
The company now expects its diluted earnings per share for its financial year to be US$1.91-1.92, up from its earlier forecast of $1.87-1.90.
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Whole Foods yesterday (27 July) reported a 34.8% increase in net income to $88.5m for its third quarter to 3 July. The company’s EBITDA was up 15% to US$206.8m.
The retailer’s top line also grew, climbing 10.9% to $2.4bn. Comparable-store sales were up 8.4% and identical store-sales, which Whole Foods said excluded four relocated outlets and one store expansion, increased 8.1%.
Co-CEO Walter Robb said Whole Foods was gaining market share at a faster rate than “most public food retailers”.
He added: “We attribute much of our success to our value efforts, which have improved our price image, and to continuing to raise the bar in areas that matter to our customers, particularly quality standards and health and wellness.”
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By GlobalDataThe retailer now sees sales rising by 12.2-12.4%, compared to an earlier forecast of 11.7-12.6%. Whole Foods estimates that comparable-store sales will grow by 8.5-8.7%. Its previous target was a 7.9-8.9% increase.
The company also tweaked its forecast for identical-stores sales, which it now sees rising by 8.3-8.6%, compared to an earlier target of 7.8-8.7%.
Click here for the full statement from Whole Foods.
