Whole Foods Shares Are Crashing

Business Insider

Whole Foods' real problems go deeper than yesterday's stock performance

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Whole Foods' real problems go deeper than yesterday's stock performance

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Whole Foods just put out an ugly Q2 earnings report and is down nearly 14% after-hours to $41.45 after reporting earnings.

The retailer reported Q2 earnings of $0.38 per share, missing estimates for $0.41 per share.

Comp sales were up 4.5% in the second quarter, missing expectations for a 5.4% rise.

Whole Foods also lowered its fiscal year 2014 sales forecast to 10.5 - 11%, down from 11-12%. It expects FY14 diluted EPS of $1.52 to $1.56, down from prior outlook for $1.58 to $1.65.

The retailer has come under increased pressure in the increasingly competitive natural foods sector.

"As we continue to innovate and evolve at a fast pace, we are confident in our ability to gain market share and expect our sales to approach $25 billion over the next five years," said John Mackey co-CEO of Whole Foods Market in a press release.

Whole Foods repurchased $15 million of common stock before the end of the quarter.



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