Whole Foods Increases Sales, Square Footage

Whole Foods Increases Sales, Square Footage

AUSTIN, TexasWhole Foods Market Inc. (NASDAQ:WFMI) reported July 30 that for its third quarter (3Q03), ended July 6, sales rose and the company was in the process of developing 29 more stores.

Sales for the quarter increased to $749.0 million from $648.8 million, and gross margin remained the same at around 34.5 percent of sales. Operating expenses also held steady at around $26 million. Net income came in at $28.7 million, or $.48 per share earned, from $22.1 million, or $.39 per share earned.

The sales increase was due in part to an average 11-percent increase in square footage growth, a 7.6-percent increase in comparable store sales and a 7-percent increase in sales between identical stores.

The company opened one new store during the quarter, and one has already been completed for the fourth quarter (4Q03). Whole Foods also has 29 stores in development that come to 1.3 million in total square feet.