DALLAS (AP) - Shares of Whole Foods Market Inc. are falling
sharply a day after the organic and natural foods retailer said its
first-quarter profit fell 13 percent, missing Wall Street
The stock fell $3.24, or 9.6 percent, to $30.40 in premarket
trading Wednesday and continued dropping after markets opened. The
stock was off $3.84, or 11.4 percent, to $29.80 after an hour of
Company executives say the weakening economy and tougher
competition might have curbed their sales growth.
The Austin, Texas-based grocer says net income in the quarter
ended April 13 fell to $40 million, or 29 cents per share, from $46
million, or 32 cents, a year earlier.
Analysts surveyed by Thomson Financial had predicted a profit of
30 cents per share.
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