Whole Foods profit and outlook get a boost
Whole Foods Market reported quarterly profits 71% higher from a year ago and boosted its financial targets for 2010. Sales rose 7% to $2.6 billion and net income for the fiscal first quarter was $55.1 million, compared to $32.3 million for the same period last year. The surprising numbers are a result of managing expenses and pushing effective promotions. Identical-store sales, a key barometer of grocer health, rose 2.5% for the quarter. Whole Foods now forecasts annual sales growth of around 10%. 16 new stores are expected to open their doors in 2010.