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Non-Tech : Natural/Health Food Industry Stocks

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To: Luce Wildebeest who wrote (160)	1/14/1999 11:16:00 AM
From: Beltropolis Boy	Read Replies (1) of 337

the local take via austin follows. we saw the resultant symptom; the good news is that mackey says the causative effect is freudian. eureka! the nexus of cause and effect is identified and perhaps only a quarter or two of psychoanalysis is required ... ----- Whole Foods says it won't meet quarterly earnings estimate By R. Michelle Breyer American-Statesman Staff Posted: Jan. 14, 1999 Higher-than-expected labor costs, aggressive growth and expenses related to solving year 2000 computer glitches will prevent Whole Foods Market Inc. from meeting its earnings estimates for the first quarter, company officials said Thursday. Rather than the 58 cents it originally forecast for the first fiscal quarter of 1999, the company expects earnings per share of between 45 cents and 50 cents when it releases its results Feb. 16. Sales for the quarter are expected to be $455 million. "We've done a poor job of managing labor at the store level," said Jim Sud, vice president of operations for the 87-store natural foods supermarket chain. "Everyone knows where the problem is and where to fix it." Whole Foods Chairman and Chief Executive John Mackey said steps already have been taken to correct the problems. Those won't include any major job cuts, but some employees may be asked to work fewer hours, company officials said. When asked why the company was suddenly having trouble controlling its expenses after several quarters of strong earnings growth, Mackey said it could be psychological. "We had our most successful year in 1998," he said. "Given that prosperity, there may be some complacency from the top on down." Wednesday, Whole Foods stock closed at $44.50, down $1.18 3/4. The company made its earnings warning after the stock market closed. austin360.com

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