Whole Foods Market Posts Record Quarterly Sales

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Whole Foods shareholders approve Amazon deal
Whole Foods Market®

Austin, TX – Whole Foods Market reported record quarterly sales of $3.7 billion on Wednesday, and while comparable store sales decreased by 1.9%, that is an upward trend.

Net income for the third quarter ending on July 2 was $106 million.

On June 16, Amazon and Whole Foods Market announced a definitive merger agreement by which Amazon will acquire the retailer for $42 per share in an all-cash transaction valued at about $13.7 billion.  That deal is expected to close during the second half of 2017 and still requires shareholder and regulatory approval.

“For the quarter, we delivered record sales and free cash flow, and returned $44 million in dividends to our shareholders,” said John Mackey, Whole Foods Market co-founder and ceo, in the press release. “Our comparable store sales improved sequentially on a one-and-two-year basis in the third quarter, and that momentum has accelerated 220 basis points in the fourth quarter, resulting in positive overall comps for the first three weeks.”

For the 40-week period ended July 2, 2017, total sales increased 1.3% to $12.4 billion and comparable store sales decreased 2.4% with net income of $300 million.

Meanwhile, Carrie Balkcom, executive director of the American Grassfed Association, confirmed a meeting between organic farmers and Amazon.

U.S. sales of organic meat and poultry, worth $991 million, climbed 17% last year, marking its fastest-ever annual growth, according to the Organic Trade Association (OTA).

(Published on WholeFoods Magazine Online, 7/27/17)

WholeFoods Magazine has no affiliation with Whole Foods Market.

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