AUSTIN, Texas – Whole Foods Market Inc. on Wednesday reported earnings that rose by 6.3 percent in its fiscal third quarter, but its stock fell after sales missed Wall Street estimates.
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The Austin, Texas-based company said net income increased to $151 million, or 41 cents per share, from $142 million, or 38 cents per share, in the same quarter a year ago. The average per-share estimate of analysts surveyed by Zacks Investment Research was for earnings of 39 cents.
The company said revenue rose 10 percent to $3.38 billion from $3.06 billion in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $3.4 billion, according to Zacks.
Whole Foods Market shares have decreased $18.72, or 32 percent, to $39.11 since the beginning of the year, while the Standard & Poor's 500 index has climbed 6.6 percent. The stock has fallen $16.47, or 30 percent, in the last 12 months.