NEW YORK (AP) -- Shares of Whole Foods Market dropped more than 10 percent after-hours Thursday after the grocery chain reported disappointing sales and said it was planning a new store concept geared toward millennials.
Sales at established stores, a key measure of health, rose 3.6 percent in its second quarter, or 3.1 percent when excluding the benefit of the timing of Easter this year. That fell short of the 5.3 percent increase Wall Street expected.
Total sales were $3.65 billion for the quarter ended April 12, also falling short of the $3.71 billion analysts expected, according to FactSet.
Profit rose to $158 million, or 44 cents per share. That was a penny more than expected.
Whole Foods has been facing slowing growth amid stiffer competition from traditional supermarkets and big-box retailers.