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Whole Foods Market Suffers Another Quarterly Drop In Same-Store Sales

May 10, 2017: 12:00 AM EST
Whole Foods Market posted generally healthy second quarter financials, but endured another quarterly decline in same-store sales. Total sales were up 1.1 percent to a record $3.7 billion for the quarter. Same-store sales, however, slid 2.8 percent, the seventh consecutive quarterly drop. Profit was $99 million (2.6 percent of sales), or an expected $0.37 a share. The company returned $45 million in dividends to shareholders. CEO John Mackey said a key goal is to return to positive same-store sales and earnings growth next year, though the company expects same-store sales to remain depressed this fiscal year. It hopes to trim $300 million in costs this year, and has hired a consulting firm to help it figure out how. Keith Manbeck was named the new chief financial officer. [ Image credit: © Whole Foods Market  ]
"Whole Foods Market Provides Shareholder Update on Accelerated Path to Delivering Shareholder Value and Announces Second Quarter 2017 Results", Earnings release, Whole Foods Market , May 10, 2017, © Whole Foods Market
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