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.
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.
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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.