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Whole Foods’ Comparable Sales Drop 1.8 Percent

February 10, 2016, 9:21 PM UTC
(Photo by Monika Graff/Getty Images)
Photograph by Monika Graff — Getty Images

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.