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The Austin, Texas-based company posted income available to common shareholders of $27.3 million or $0.19 per share for the second quarter, down from $40.0 million or $0.29 per share in the prior year quarter. On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.18 per share for the second quarter. Analysts' estimate typically excludes special items.
Net income for the second quarter declined to $35.3 million from $40.0 million in the preceding year quarter.
The result for the quarter under review included non-cash asset impairment charges of about $13 million or $0.05 per share.
Second quarter sales declined to $1.857 billion from $1.866 billion in the same quarter of last year. Twelve analysts had a consensus revenue estimate of $1.87 billion for the second quarter.
Comparable store sales decreased 4.8%, compared to a 6.7% increase in the year-ago quarter. Identical store sales, excluding seven relocations and two major expansions, dropped by 5.8%, compared to a 5.1% growth last year.
Excluding the negative impact of foreign currency translation, comparable store sales decreased 4.1%, and identical store sales decreased 5.1%.
As a percentage of sales, gross profit decreased 16 basis points to 34.7% from 34.9% in the previous year quarter.
For the first half of 2009, Whole Foods' income available to common shareholders was $55.1 million or $0.39 per share, compared to $79.1 million or $0.56 per share in the previous year period.
Sales for the year-to-date period remained flat at $4.32 billion.
For the first four weeks of the third quarter of 2009, comparable store sales fell 3.9%, and identical store sales dropped 5.0%. Excluding the negative impact of foreign currency translation, comparable store sales decreased 3.3%, and identical store sales decreased by 4.4%.
For fiscal year 2009, Whole Foods anticipates earnings in the range of $0.71 to $0.76 per share, including about $0.06 to $0.08 per share in estimated dilution from FTC-related legal costs and about $0.17 per share in dilution from the series A preferred stock. Street expects earnings of $0.71 per share on revenue of $8.04 billion for the year 2009.
If the company's comparable and identical store sales in the second half of the year are consistent with its year-to-date results, total sales in fiscal year 2009 would be just under $8.0 billion, including the opening of seven new stores in the second half of the year, three of which are relocations.
Whole Foods closed Wednesday's regular trading session at $20.00, down $2.07 or 9.38% on a volume of 6.53 million shares. In the after-hours, the shares gained $1.64 or 8.20%. The stock has been moving in a range of $7.04 - $34.08 for the past 52 weeks, with an average daily volume of about 3.70 million shares for the past three months.
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