Whole Foods has reported lower earnings and comparable store sales for its third quarter, which ended on July 3.
This quarter, net earnings fell 22.1 per cent to $120 million, while sales rose 2 per cent to a record $3.7 billion and comps dropped 2.6 per cent, with transaction size down 2.7 per cent and basket size up 0.1 per cent. The company notes that while the average price per item decreased, it was more than offset by an increase in items per basket.
For the year to date, net income fell 12.5 per cent to $419 million, while sales increased 2.3 per cent to $12.2 billion and comps were down 2.4 per cent. Additionally, average weekly sales per store were $695,000.
“We are continuing to make measurable progress on fundamentally evolving our business, including the successful launch of our new 365 format, expanded value investments and increased efforts to better understand and provide personalized offers to our customers,” says Walter Robb, co-CEO. “We are seeing some encouraging signs in terms of our sales and believe our nine-point plan will produce strong returns over the long term.”
The company adds that sales in the fourth quarter are expected to rise approximately 2 per cent.
