A frank assessment from Whole Foods Market takes down the sector

|About: Whole Foods Market, Inc. (WFM)|By:, SA News Editor

The organic grocer sector is in chaos after Whole Foods Market (WFM) cuts its guidance with new competitors cropping up.

Exec with Whole Foods gave a frank assessment on their previous outlook during the firm's earnings call last night (transcript).

"We were overly optimistic... particularly in light of the rapidly changing competitive landscape," said co-CEO John Mackey.

Whole Foods Market is down 18.5% premarket, while shares of The Fresh Market (TFM) are giving up 8.5% and Sprouts Farmers Market (SFM) is off 6.7%.