US natural and organic foods retailer Whole Foods Market has reported a 27% increase in fourth-quarter net income, boosted by strong sales growth.
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The company reported net income of US$30.2m, or 46 cents per share, for the fourth quarter to 26 September, compared to $23.8m, or 38 cents per share, for the year-ago period. Sales increased 24% to $927.3m from $750.7m a year earlier.
For the fiscal year, sales increased 23% to $3.9bn, net income increased 32% to $137.1m, and earnings per share increased 26% to $2.09.
“Our fourth quarter results cap off an outstanding year,” said John Mackey, chairman, chief executive officer and co-founder of Whole Foods Market, adding that the 23% rise in full-year sales came in a year “that has proven to be very challenging for most food retailers”.
The company, which has a stated long-term growth goal of $10bn in sales by the year 2010, said it still expects sales growth of 15% to 20% in fiscal 2005 and comparable store sales growth of 8% to 10%.
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