Whole Foods Market has upped its sales and earnings forecasts for fiscal 2010 after first-quarter earnings rose by almost one-third year-on-year.
The US natural and organic retailer said that earnings in the 17 weeks to 17 January increased to US$49.7m, up from $27.8m last year.
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Sales increased 7% to $2.6bn, and identical-store sales climbed 3.5%.
Commenting on the result, chief executive John Mackey said that the company’s performance had exceeded expectations.
“Given the strong sales momentum we are seeing, there are many reasons to be bullish about our future results. It is relatively early in our recovery, however, and there is still a lot of uncertainty regarding where the economy, the consumer, and competition go from here,” Mackey said.
Whole Foods said that it now expects sales to grow as much as 10.5% this year, with identical-store sales up by as much as 5.5%.
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By GlobalDataThe company also raised its full-year earnings guidance to a range of $1.20 to $1.25 per share.
For the full earnings release click here, or check back for just-food post conference call analysis of the company’s bumper quarter.
