Whole Foods Shares Drop On Earnings Miss, Weak Outlook

Whole Foods Market Inc. shares dropped Wednesday after the upscale natural and organic food market missed on fiscal third-quarter earnings and issued a weak outlook. Shares of Whole Foods fell 10% to $36.60 on heavy volume. The company reported third-quarter earnings of 43 cents a share on revenue of $3.63 billion. Analysts surveyed by FactSet had estimated 45 cents a share on revenue of $3.69 billion. Whole Foods forecast fiscal fourth-quarter earnings of between 34 cents to 35 cents a share, while analysts had estimated 38 cents a share.