Whole Foods reports 31.4% 1Q sales increase

AUSTIN, Texas Whole Foods Market today reported that first quarter sales 31.4% to approximately $2.5 billion. Comparable-store sales increased 9.3% on top of a 7% increase in the prior year. Identical-store sales, excluding five relocated stores and three major expansions, increased 7.1% on top of a 6.2% increase in the prior year.

According to Whole Foods, net income was approximately $39.1 million, and diluted earnings per share were 28 cents. The company estimates the negative impact on net income from Wild Oats was approximately $11.9 million, or 8 cents per diluted share, in the quarter.

“We realize there are a lot of questions out there about how a slowing economy might impact our sales. Historically, our sales have been highly resilient during economic downturns. We attribute our strong sales to many factors, including our loyal core customers and their dedication to a natural and organic lifestyle, our high percentage of perishable product sales, and our extensive selection of high-quality prepared foods that attracts customers trading down from restaurants,” said John Mackey, chairman, ceo, and co-founder of Whole Foods Market. “In addition, we sell a high percentage of relatively small-ticket items, and we are better positioned today than we ever have been from a value perspective. Given our prior experience, strong year-to-date comps, easier year-over-year comparisons, and the increased number of new stores entering the comp base, we are confident in reaffirming our comp guidance of 7.5% to 9.5% for the fiscal year.”