Whole Foods Sales Fall Again
July 26 2017 - 2:32PM
Dow Jones News
By Heather Haddon
Whole Foods Market Inc. said Wednesday that comparable sales
fell again in the latest quarter, extending a streak going back two
years as the natural grocer faced up to tougher competition.
Same-store sales fell by 1.9% during its fiscal third quarter
ended July 2, compared with a year ago. Whole Foods plans to sell
itself to Amazon.com, and has promised to reverse the sales losses
by the end of its current fiscal year in September.
John Mackey, the company's chief executive and co-founder, said
that same-store sales turned positive in the last three weeks of
July.
"Our comparable store sales improved," Mr. Mackey said in a
statement.
The company's stock was flat in intra-day trading at $41.82, a
slight dip from the $42 a share that Amazon offered to acquire the
company for last month, or total of $13.7 billion, including debt.
The merger would be the third-largest retail tie-up in the U.S.
since 1995, according to Dealogic.
Whole Foods skipped an investor call on Wednesday because of the
pending deal.
Net profit fell to $106 million in the quarter from $120 million
a year earlier. Per share earnings dipped to 33 cents from 37
cents.
Write to Heather Haddon at heather.haddon@wsj.com
(END) Dow Jones Newswires
July 26, 2017 14:17 ET (18:17 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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