Originally published at www.seclive.com
Whole Foods Market, Inc. (WFM) announced its second quarter financial results for the 2014 fiscal year, posting earnings that remained flat from a year ago. The specialty supermarket posted flat earnings from a year ago of $142M with a 9.7% increase in revenue to $3.32B. Both the company's earnings of $0.38 per share and $3.32B revenue fell short of analyst expectations of $0.41 per share and $3.34B. Founder and co-CEO John Mackey commented that the company is facing fierce competition in a market that was previously essentially theirs. The company intends to drop prices while reducing its costs in an effort to be more competitive and separate itself from its price-heavy reputation. Whole Foods lowered its same-store sales growth forecast from between 5.5% and 6.2% to now between 5% and 5.5%. The company similarly lowered its earnings forecast from between $1.58 and $1.65 per share to between $1.52 and $1.56 per share.
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