Whole Foods Posts Disappointing Sales, Profits

Whole Foods Market, which once had a lock on the fresh and organic grocery segment, posted fourth quarter financials that failed to meet Wall Street expectations, sending its stock price downward and prompting a $1 billion stock buyback. The company’s sales were $3.44 billion, up six percent from a year ago, but less than the $3.47 billion analysts expected. Earnings per share were $0.16, less than half of the expected $0.34 per share. The key reason for the sour financial report, the company said, is “increasing competition” in the fresh and organic foods sector from conventional grocery retailers.