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Whole Foods narrows forecast despite strong Q1
Austin, Texas -- Whole Foods Market reported that its first-quarter net income rose 24% to $146 million, exceeding expectations, on stronger revenue. But the grocer narrowed its revenue forecast and said its earnings growth may slow through the remainder of the year amid higher store-opening costs and plans to increase its selection of lower-priced products.
Total sales increased nearly 14% to $3.86 billion for the 16-week period that ended Jan. 20. Same-store sales were up 7.2% for the quarter.
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Heinz taken out by Buffet’s Berkshire Hathaway
In the food industry’s largest ever acquisition, the H.J. Heinz Company has agreed to be acquired by an investment consortium of Berkshire Hathaway and 3G Capital.
Heinz shareholders will receive $72.50 a share in cash, a 20% premium to the prior day’s closing price of $60.48, which was at an all time high.