Whole Foods sees boost in 1Q sales, earnings

AUSTIN, Texas Whole Foods Market reported that sales for its fiscal first quarter increased 7% to $2.6 billion. Comparable-store sales increased 3.5%.

Identical-store sales, excluding five relocations and two major expansions, increased 2.5%. Net income increased 79% to $49.7 million and diluted earnings per share increased 62% to 32 cents.  

"Our first quarter results exceeded our own expectations on both the top and bottom line. 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," said John Mackey, chief executive officer and co-founder of Whole Foods Market. "Our raised outlook for the fiscal year reflects our cautiousness on the low end and our optimism on the high end. As the world moves out of this recession, we believe we are well positioned to produce strong returns for our shareholders."