Shares of Whole Foods Market, Inc. on Thursday were up nearly 12 percent to $94.50 after it posted a 32 percent increase in third-quarter profit to $116.8 million, or 63 cents per share, beating analysts' expectations.
The Austin, Texas-based retailer on Wednesday reported sales for the quarter increased 14 percent to $2.7 billion. Comparable store sales increased 8.2 percent for the quarter ended July 1, the company said.
The company opened a record nine new stores, including one relocation, in the third quarter. Overall, Whole Foods expects to open 25 new stores during the current fiscal year.
In fiscal year 2011, the company had sales of approximately $10 billion and currently operates 329 stores. Whole Foods said it considers 1,000 stores to be a reasonable indication of its U.S. market opportunity.
In an economic environment that is proving to be difficult for many retailers, we are thriving and pleased to report another quarter of strong growth and excellent results for our stakeholders," said Walter Robb, co-CEO. "Our accelerated growth plans are on track, and we believe we will continue to gain market share through further differentiating our shopping experience, improving our relative value positioning, and reinforcing our position as America's healthiest grocery store.
Outlook for fiscal years 2012 and 2013
Whole Foods also raised its outlook for FY2012 to $2.51 to $2.52 diluted earnings per share, an increase of 30 percent to 31 percent year over year.
For fiscal year 2013, the company expects sales growth approximately in line with fiscal year 2012, comparable same-store sales of 6.5 percent to 8.5 percent, and diluted earnings per share of $2.83 to $2.87, a year-over-year increase of 16 - 17 percent.
