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Whole Foods' stock drops 23 percent

Friday November 3, 6:15 pm ET


Shares of Whole Foods Market Inc. took a nosedive in early trading Friday after the company reported that its sales are likely to suffer from increased competition in the coming year.
The Austin, Texas-based natural and organic grocery chain's stock closed at $46.26 Friday, down more than 23 percent from its $60.12 close on Thursday, and setting a new low for the last 52 weeks. The company released its fiscal fourth quarter earnings after Thursday's market close.

"After producing such strong growth over the last three years, we believe fiscal 2007 will be a transition year for us," says Whole Foods CEO John Mackey.

Mackey says the grocery market is unquestionably getting more competitive and the company is unlikely to continue to see the growth its experienced in recent years. Whole Foods expects comparable store sales growth in the range of 6 percent to 8 percent for fiscal 2007, which began for the company Sept. 25. That's down significantly from 13.6 percent in fiscal 2006.

During its fourth quarter, the company says earnings jumped to $39.8 million, or 28 cents a share, up from $9 million, or 6 cents a share, for the same period in 2005.

Total sales for the fiscal fourth quarter increased 16 percent to $1.3 billion. Whole Foods (NASDAQ: WFMI - News) operates 188 stores in the United States, Canada and the United Kingdom. Whole Foods has one store in the Sacramento area and is building another in Roseville.

Published November 3, 2006 by the Sacramento Business Journal


http://biz.yahoo.com/bizj/061103/1371590.html?.v=2