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WFM: Whole Foods Stock Wilts on Earnings Miss

It also reduced its adjusted earnings outlook for the year


Whole Foods MarketOn Wednesday, Whole Foods Market (WFM) posted higher quarterly earnings, but fell short of Wall Street expectations, sending WFM stock down more than 8% in Thursday morning trading.

WFM stock tumbled after WFM said it made a profit of $158 million during the first fiscal quarter, up 8.2% from the year-ago quarter. EPS came in at 42 cents. That disappointed analysts who had forecast WFM earnings of 44 cents per share for the quarter, Bloomberg notes.

Whole Foods Stock Moves Higher on Piper Jaffray Upgrade
Whole Foods Stock Moves Higher on Piper Jaffray Upgrade

Adding to investor anxiety about WFM stock, the upscale food retailer trimmed its adjusted earnings outlook for the year. WFM said it now expects adjusted annual earnings of about $1.65 a share, down from prior estimates of $1.69 a share. That also fell short of the $1.68 per share in WFM earnings that analysts had expected for the fiscal year.

In November, WFM indicated that it would consider opening more stores in economically challenged urban areas after its Midtown Detroit store showed early success.

WFM stock had gained more than 14% over the past year. WFM stock closed at $55.46 a share on Wednesday.

Article printed from InvestorPlace Media,

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