Natural and organic foods retailer Whole Foods Market reported yesterday that comparable store sales increased by more than 10 per cent for the third consecutive quarter. The company raised 2003 EPS guidance following the news.
Sales for the fourth quarter ended September 29, increased 20 per cent to $638 million from $577 million in the prior year, driven by increased floor space of 16 per cent and stronger than expected comparable store sales growth of 10.5 per cent. Identical store sales (excluding three relocated stores) increased 9.6 per cent for the quarter.
Sales for the fiscal year increased 21 per cent to $2.7 billion, with comparable store sales increasing 10 per cent and identical store sales up 8.7 per cent for the year.
Net income for the quarter increased 38 per cent to $22 million and by 33 per cent to $84.5 million for the year.
"In the face of the weakest economy the United States has seen in over ten years, we produced solid top and bottom line results," said John Mackey, chairman, CEO and president of Whole Foods Market. "We delivered our twelfth consecutive quarter of 20 per cent or more sales growth and our seventh consecutive quarter of comparable store sales increases over 9 per cent. We earned $1.40 in earnings per share, a 24 per cent increase over the prior year and at the top end of our upwardly revised guidance."
Net operating profit after tax (NOPAT) increased 26 per cent to $23.2 million, and total capital increased 17 per cent to $1.1 billion for the quarter.