Whole Foods Q1 profit surges, beats Street

Austin, Texas After a battering in recent quarters, Whole Foods Market reported late Tuesday that it recorded strong sales and a profit surge in the first quarter.

The grocer said it earned $49.7 million in the quarter ended Jan. 17, up from a profit of $27.8 million in the year-ago period. Sales rose 7% to $2.6 billion.

Results surpassed analysts’ expectations.

Same-store stales grew 3.5% for the quarter.

"Our first quarter results exceeded our own expectations on both the top and bottom line,” said John Mackey, CEO, Whole Foods. “Given the strong sales momentum we are seeing, there are many reasons to be bullish about our future results. It is relatively early in our recovery, however, and there is still a lot of uncertainty regarding where the economy, the consumer, and competition go from here."