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Whole Foods earnings beat estimates, revenue light

Wednesday, 31 Jul 2013 | 4:36 PM ET
A customer enters a Whole Foods Market Inc. store in San Francisco, California.
David Paul Morris | Bloomberg | Getty Images
A customer enters a Whole Foods Market Inc. store in San Francisco, California.

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.

Yelp & Whole Foods report earnings
Yelp is reporting Q2 EPS loss of ($0.01) on revenue of $55 million, while Whole Foods reports Q3 EPS of $0.38 on revenue of $3.06 billion, with CNBC's Josh Lipton.

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.

What is Whole Foods stock doing now? (Click here to get the latest after-hours quotes.)

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