Shares of Whole Foods Market (WFM) ended the past trading week with losses of over 6%. On Wednesday after the market close, the natural and organic foods supermarket chain reported its fourth quarter results. Shares sold off on the back of a disappointing full year outlook for 2013.
Fourth Quarter Results
Whole Foods Market reported fourth quarter revenues of $2.91 billion, up 24% on the year, and in line with analysts estimates. Sales were positively driven by a 8.5% increase in comparable sales, with the remainder of sales growth driven by new store openings. Gross margins rose 76 basis points to 35.3% on lower occupancy costs and cost of goods sold.
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