Whole Foods believes it will continue to gain market share

Whole Foods believes it will continue to gain market share

US retailer Whole Foods Market has upped its forecast for full-year earnings after reporting a 22% rise in half-year profits.

Whole Foods said yesterday (7 May) it now sees its annual earnings per share hitting US$2.86-2.89, up from an earlier forecast of $2.83-2.87.

The company reported net income of US$288m for the 28 weeks to 14 April, up from $236m a year earlier. EBITDA rose 19% to $642m.

Whole Foods said sales increased 14% to $6.9bn. Comparable-store sales were up 7.1%. Identical-store sales, excluding four relocations and three expansions, increased 6.8%.

Whole Foods' half-year results also included forecasts for sales. The retailer narrowed its identical-store sales forecast from an increase of 6.3-7.7% to growth of 6.5-7.2%.

"The demand for fresh, healthy foods continues to grow," co-CEO John Mackey said. "We believe we will continue to gain market share as we accelerate our new store openings, improve our relative value proposition while maintaining our high quality standards, and further differentiate our shopping experience."

Click here for the full statement from Whole Foods, or for coverage from the group's earnings call click here