Whole Foods First-quarter Earnings Beat Estimates, Issues Upbeat Outlook

Whole Foods Market Inc. announced first-quarter earnings that beat estimates and issued an upbeat outlook for fiscal 2016 on Wednesday. The company said it had net income of $157 million, down from $167 million last year. Earnings were 46 cents per share, flat with last year. The FactSet consensus was 40 cents per share. Sales totaled $4.8 billion, meeting the FactSet consensus and a record for the company, according to Walter Robb, co-chief executive for Whole Foods. Sales were up from $4.7 billion last year. Same-store sales decreased 1.8% on a constant currency basis. The FactSet consensus was a 2.1% decline. The company expects sales growth between 3% and 5% in fiscal 2016 and plans to open 30 new stores, including three 365 stores, increasing square footage by 7% or more. Whole Foods said it recently signed six new leases, one for Whole Foods Market in San Diego and five for 365 by Whole Foods Market stores in Claremont, CA; Concord, CA; Los Alamitos, CA; Gainesville, FL and Evergreen Park, IL. Whole Foods shares are down .6% in after-hours trading and are down 45.6% for the past 12 months. The S&P 500 is down 10.5% for the past year.