Whole Foods earnings beat estimates, revenue light
Whole Foods Market reported fiscal third-quarter earnings that surpassed analysts' expectations but sales were a bit light and same-store sales growth appears to be slowing, sending the stock lower in after-hours trading.
The upscale grocery chain posted earnings excluding items of 38 cents per share, up from 32 cents a share in the year-earlier period. That beat Wall Street forecasts for earnings of 37 cents per share, according to Thomson Reuters estimates.
Revenue increased 12 percent to $3.06 billion from $2.73 billion a year ago, but missed Street forecasts for $3.09 billion. Same-store sales rose 7.5 percent in the quarter, and so far in the fourth quarter same-store sales are up 5.8 percent.
After the earnings announcement, the company's shares fell 2 percent in after-hours trading.
The company raised its full-year earnings forecast to $1.45 to $1.46 per share. Analysts were looking for $1.45 per share.
It also sees fiscal 2014 earnings of $1.69 to $1.72 per share on a 12 percent increase in sales. Analysts were looking for earnings per share of $1.72 on 14 percent sales growth.
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