Whole Foods Results Miss Estimates, Q4 Outlook Weak; Stock Down 10%

(RTTNews) - Organic grocer Whole Foods Market Inc (WFM) on Wednesday reported third-quarter net earnings of $154 million or $0.43 per share compared with $151 million or $0.41 per share last year.

Revenues for the quarter were up 8% at $3.63 billion compared with $3.37 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.45 per share on revenues of $3.69 billion for the quarter. Analysts' estimates typically exclude special items.

Same store sales for the quarter were up 2.2%.

For the fourth quarter, the company expects sales growth of about 7% and earnings of $0.34 to $0.35 per share, while warning that the quarter would be subject to seasonal weakness viv-a-vis sales and margins. Analysts expect sales growth of 10.3% and earnings of $0.38 per share.

For the full year 2015, the company now expects sales growth of about 9% and same-store sales growth in the low single digit. Earlier, it estimated 2015 sales growth of over 9% and same-store sales growth in the low to middle single digit.

Analysts expect sales growth of 9.8% in 2015.