WFMI ( $26-$34) P/E 50 third-quarter earnings rise 29c vs 28c
AUSTIN, Texas, July 26 (Reuters) - Natural Foods supermarket operator Whole Foods Market Inc. (NasdaqNM:WFMI - news) on Thursday said its fiscal third-quarter earnings rose, beating Wall Street's expectations, due to growth in both square footage and same-store sales.
In addition, the company said its president, Chris Hitt, will retire Aug. 1 to spend additional time with his family. Chairman and Chief Executive John Mackey will assume the title of president.
The Austin, Texas-based company reported pro forma net income for the quarter ended July 1 of $16.1 million, or 29 cents per diluted share, compared with $13.4 million, or 25 cents a share, a year ago.
Analysts' estimates ranged from 27 to 28 cents per share, with a mean of 28 cents, according to research firm Thomson Financial/First Call.
Third-quarter sales rose 21 percent to $535.6 million from $442.6 million, slightly above the company's guidance of 15 percent to 20 percent. Sales at stores open at least one year, a key measure of retail performance, rose 10.1 percent.
The company said it expects fourth-quarter revenue growth of 15 percent to 20 percent and same-store sales growth of 6 percent to 8 percent.
Whole Foods said it is maintaining its split-adjusted earnings-per-share guidance range for 2001 of $1.08 to $1.10. The company expects sales growth to remain in the range of 15 percent to 20 percent for the fiscal year 2002.
Shares of Whole Foods closed up $1.26 at $28.76 in Thursday's New York Stock Exchange trading. The stock has outperformed Standard & Poor's Retail Food Index by about 15 percent this calendar year. |
