Whole Foods profits dip as same-store sales fall for 8th straight quarter
Whole Foods Market Inc, which has agreed to be bought by Online Shopping for Electronics, Apparel, Computers, Books, DVDs & more Inc for $13.7 billion, on Wednesday reported a quarterly profit decline after same-store sales fell for the eighth quarter in a row. Shares in the upscale grocer, which released the financial report more than two hours earlier than expected, were largely unchanged at $41.80 in midday trading. Net income fell to $106 million, or 33 cents per share, from $120 million, or 37 cents per share, a year earlier. The Austin, Texas-based upscale grocer reported a 1.9 percent drop in same-store sales for the third quarter that ended July 2.
Whole Foods said it expects to close its deal with Amazon during the second half of this year, and said it would not update its earnings forecasts and would not hold a conference call. READ MORE
ARTICLE SOURCE – BUSINESS STANDARD