Whole Foods Market Reports Fourth Quarter Results
Business Wire - November 11, 1998 19:17
AUSTIN, Texas--(BUSINESS WIRE)--Nov. 11, 1998--Whole Foods
Market (Nasdaq:WFMI) is pleased to announce sales and earnings
for the fourth quarter and fiscal year ended Sept. 27, 1998.
Results of operations for the 12 and 52 weeks are as follows (in
millions except percentages and per share data):
% %
4Q98 4Q97 Change FY98 FY97 Change
------------------------------------------------
Sales $326.2 $270.5 21% $1,389.8 $1,117.3 24%
Gross profit $111.1 $ 91.0 22% $ 468.7 $ 367.8 27%
Pro forma income
from operations(a) $ 18.6 $ 12.3 51% $ 79.1 $ 49.8 59%
Pro forma net
income(a) $ 11.1 $ 8.5 31% $ 46.5 $ 30.0 55%
Pro forma diluted
EPS(a) $ 0.40 $ 0.33 21% $ 1.67 $ 1.19 40%
(a) Results exclude charges to earnings for merger costs.
Comparable store sales increased 8.5% for the quarter and 11.0% for
the year. Identical store sales (excluding relocations) increased 10.5%
for the year. So far in the first quarter of fiscal year 1999, comparable
store sales are running 6.0%.
The company has recently signed 10 leases for new stores in
Chicago; Minneapolis; Silver Spring, Md.; Baltimore; Walnut Creek,
Calif.; Winston Salem, N.C.; as well as four locations in the greater
Los Angeles market.
This brings the total number of stores in development to a record 29
stores.
The following is a chart showing historical and projected store growth.
Estimates do not include potential acquisitions.
1997 1998 1999E 2000E
Beginning of year 68 75 87 96
New & acquired stores 8 15 10 15-20
Anticipated relocations (1) (3) (1) (3)
--------------------------------------
End of year 75 87 96 108-113
"By all standards of financial performance, fiscal year 1998 has been
the greatest year in our company's history," said John Mackey,
chairman and Chief Executive Officer of Whole Foods Market. "We
have seen strong increases in sales, EBITDA, sales per square foot,
and net income, all of which indicate that fundamentally our business
is solidly on track. With a record 29 excellent sites in development,
we are very excited about the company's future growth prospects."
The company is pleased to announce that Michael Besancon has
been chosen as the new president of the Mid-Atlantic region,
succeeding Chris Hitt who will become the new president of Whole
Foods Market at year end. Besancon has been involved in the
natural products industry since 1970. He joined the company in 1995,
serving as purchasing director for the Southern Pacific region before
becoming the regional vice president for that region in 1996. The
company expects the Mid-Atlantic region, the company's largest
region, to continue to grow and prosper under Besancon's leadership. |
