Whole Foods Market Q2 profit down 32%
Austin, Texas Whole Foods Market said its profit fell 32% in its second fiscal quarter as shoppers cut back on spending. The chain said Wednesday it earned $27.3 million for the quarter, down from $40 million last year.
Sales were flat at $1.9 billion. Same-store sales decreased 4.8%.
"We are very pleased with our second-quarter results, including a free cash flow of $98 million. Despite flat sales year over year, we exhibited strong expense control leading to a 10% increase in income from operations excluding non-cash asset impairment charges," said John Mackey, chairman, CEO, and co-founder of Whole Foods Market.