Whole Foods Profit Tops Estimates on Lower Prices
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Whole Foods Market Inc. posted fiscal fourth-quarter profit that topped analysts’ estimates as the grocery-store chain slashed prices to win over bargain-hunting shoppers. The shares soared the most in four years.
Net income rose 5.8 percent to $128 million, or 35 cents a share, the Austin, Texas-based company said yesterday in a statement. The average of analysts’ estimates compiled by Bloomberg was 32 cents. Revenue gained 9.4 percent to $3.26 billion in the period ended Sept. 28, matching projections.