Whole Foods’ Comparable Sales Drop 1.8 Percent
Upscale grocery chain Whole Foods Market (WFM) reported a 1.8 percent decline in sales at established stores due to intense competition from big-box retailers in the organic foods market.
Net income fell to $157 million in the first quarter ended Jan. 17 from $167 million a year earlier.
On a per share basis, net income was flat at 46 cents per share as the company had a lower share count in the latest quarter.
Sales rose 3.4 percent to $4.83 billion.