Whole Foods just put out an ugly Q2 earnings report and is down nearly 14% after-hours to $US41.45 after reporting earnings.
The retailer reported Q2 earnings of $US0.38 per share, missing estimates for $US0.41 per share.
Comp sales were up 4.5% in the second quarter, missing expectations for a 5.4% rise.
Whole Foods also lowered its fiscal year 2014 sales forecast to 10.5 – 11%, down from 11-12%. It expects FY14 diluted EPS of $US1.52 to $US1.56, down from prior outlook for $US1.58 to $US1.65.
The retailer has come under increased pressure in the increasingly competitive natural foods sector.
“As we continue to innovate and evolve at a fast pace, we are confident in our ability to gain market share and expect our sales to approach $US25 billion over the next five years,” said John Mackey co-CEO of Whole Foods Market in a press release.
Whole Foods repurchased $US15 million of common stock before the end of the quarter.
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