Whole Foods says quarterly sales fell 2.4 percent at established locations, marking the sixth straight quarter of declines as it faces competitive pressures. The company also cut its sales and profit forecast for the year.
The Austin, Texas-based company has said it is working on better distinguishing itself from rivals, while also appealing to a broader base of customers with lower prices. It is also cutting costs and launched an offshoot chain, 365 by Whole Foods, that focuses on lower costs and convenience.
For the quarter ended Jan. 15, the company earned $95 million, or 30 cents per share. Not including one-time items, it earned 39 cents per share, in line with expectations.
Total revenue was $4.92 billion. Analysts expected $4.98 billion.