Whole Foods Market (NYSE: WFM) late Wednesday said that its fiscal third-quarter profit rose to $88.4 million, or 50 cents a share, from $65.7 million, or 38 cents a share, in the year-earlier quarter. Revenue rose 11% to $2.4 billion. Analysts, on average, expected the company to report earnings of 46 cents per share on revenue of $2.37 billion.
"We are continuing to gain market share at a faster rate than most public food retailers as reflected in our 8.5% comparable store sales growth year to date. We attribute much of our success to our value efforts, which have improved our price image, and to continuing to raise the bar in areas that matter to our customers, particularly quality standards and health and wellness," said Walter Robb, co-chief executive officer of Whole Foods Market.
Looking ahead to fiscal year 2011, the company raised its financial outlook. Whole Foods said that it now expects earnings of $1.87 to $1.90 per share, up from its prior outlook of $1.76 to $1.80 per share.Sales growth is now expected in the range of 11.7 percent to 12.6 percent, up from the company's previous forecast of 10.7 percent to 12.8 percent for the year.
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