Whole Foods Market has revealed that comparable year-on-year group profit increased in the fourth quarter (Q4) of fiscal year 2009, as the organic retailer reaped the benefits of extensive cost-cutting, branding and promoting lower-priced options.
Net income jumped to US$28.7m, or US$0.20 per diluted share, through the three months, compared with a profit of US$1.5m, or US$0.01 per diluted share, during the fourth quarter of fiscal year 2008.
Sales for the period ended 27 September 2009 increased by 2.3 per cent to US$1.8bn, with comparable store sales down 0.9 per cent and identical store sales falling 2.3 per cent.
'We believe our sales have stabilised and officially turned the corner,' said group co-founder, chairman and CEO John Mackey. 'Our comparable store and identical store sales trends improved for the second quarter in a row and, after five quarters of year-over-year declines, so far in the first quarter are up 1.6 per cent and 0.4 per cent respectively.
'From where we stand today, we believe we are well positioned to meet our long-term debt maturities in 2012,' he added.
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