Nov-05-2009Whole Foods Falls as Full-Year Profit Forecast Trails Estimates
(topic overview)
CONTENTS:- Results in the fourth quarter last year included: a LIFO charge of $4.7 million, or $0.02 per diluted share; non-cash asset impairment charges related to two Wild Oats locations of $1.5 million, or $0.01 per diluted share; FTC-related legal expenses of $2.5 million, or $0.01 per diluted share; charges related to lease terminations of Whole Foods Market stores in development and store closure reserve adjustments related to idle Wild Oats properties of $20.2 million, or $0.07 per diluted share; and tax charges resulting from the repatriation of $60 million in cash from the Company's Canadian subsidiary of $6.1 million, or $0.04 per diluted share. (More...)
- The Company expects to open 16 new stores, 10 of which are expected to open in the first half of the year. (More...)
- Already for the first five weeks of the first quarter, total sales jumped 5%, while same-store sales rose 1.6%, the company said. -- Reported by Jeanine Poggi in New York Follow TheStreet.com on Twitter and become a fan on Facebook. (More...)
- The Company expects net interest expense of $28 million to $32 million. (More...)
- Executives said sales comparisons will be easier in the first half of the year, but that expense comparisons will be difficult in the second half. (More...)
SOURCESFIND OUT MORE ON THIS SUBJECTResults in the fourth quarter last year included: a LIFO charge of $4.7 million, or $0.02 per diluted share; non-cash asset impairment charges related to two Wild Oats locations of $1.5 million, or $0.01 per diluted share; FTC-related legal expenses of $2.5 million, or $0.01 per diluted share; charges related to lease terminations of Whole Foods Market stores in development and store closure reserve adjustments related to idle Wild Oats properties of $20.2 million, or $0.07 per diluted share; and tax charges resulting from the repatriation of $60 million in cash from the Company's Canadian subsidiary of $6.1 million, or $0.04 per diluted share. [1] Natural foods grocer hedges forecast for 2010. Whole Foods Market Inc. ended what company executives describe as its most difficult year with another quarterly profit, but the natural foods grocer saw its stock drop after it forecast lower-than-expected earnings for the coming fiscal year. The company on Wednesday reported net income of $36.4 million on sales of $1.83 billion in its fiscal fourth quarter, which ended Sept. 27, with $28.7 million after deducting dividends on preferred shares.
[2] LOS ANGELES, Nov 4 (Reuters) - Upscale grocer Whole Foods Market Inc ( WFMI.O ) warned its 2010 profit would miss Wall Street's target as it grapples with a raging price war and weak consumer spending and its shares tumbled 8 percent. The company, which also reported better-than-expected quarterly profit on Wednesday, said sales trends are improving, but cautioned its own effort to compete on price could drag down earnings in the new fiscal year. The grocery industry has become intensely competitive as rivals such as Wal-Mart Stores Inc ( WMT.N ), Kroger Co ( KR.N ), Safeway Inc ( SWY.N ) and Supervalu Inc ( SVU.N ) battle for customers by slashing prices.
[3] Whole Foods Market Inc.' s fiscal fourth-quarter earnings soared as revenue climbed and unusual items took less of a bite from the bottom line, leading the high-end grocery chain to declare that its sales have "officially turned the corner." The company said it expects sales growth to continue in its new fiscal year, with increases of between 5% and 8% in overall sales and between 1% and 4% in sales at stores open at least a year.
[4] While sales comparisons will be easier in the first half of the year, the Company will have difficult expense comparisons due to the cost savings realized in fiscal year 2009. With 0% to 3% identical store sales growth, the Company does not expect to realize the same year-over-year operating margin improvement in its younger stores as has been produced in the past. For these reasons, and given the likelihood of continued selective, strategic price investments, the Company expects operating margin to be in line with the 4.1% produced in fiscal year 2009 excluding non-cash asset impairment charges, FTC-related legal and settlement costs, and store closure reserve adjustments.
[1] No additional material charges are expected related to the potential sale of the six operating stores, the two non-operating properties for which a lease liability reserve is already recorded, or the trademarks which have been fully amortized. On October 23, 2009, the Company announced that it exercised its right to redeem the $425 million of Series A Preferred Stock issued to Leonard Green & Partners last year. Under the terms of the agreement, the Company has the option to redeem the preferred stock upon 30 days written notice if its common stock closes at or above $28.50 for 20 consecutive trading days. Under the terms of the agreement, Leonard Green & Partners has the right to convert its preferred stock into common stock prior to redemption. Based on the conversion rate and the current trading price of its common stock, the Company anticipates that Leonard Green & Partners will choose to convert the preferred stock into common stock prior to the November 27, 2009 redemption date.
[1] Whole Foods leaders say the company never wants to be in the position it was a year ago with too much debt, not enough cash and declining sales. The modest outlook, along with news that its recent investor Leonard Green & Partners is expected to convert $425 million of its preferred stock this month, increasing the number of common shares outstanding by about 29.7 million, left some investors jittery.
[5] Hurt by a decline in consumer spending, Whole Foods had been in a slump for several quarters. In its most recent quarter, same-store sales dropped by 0.9 percent from the year-ago quarter, but that was an improvement from a 2.5 percent drop in its fiscal third quarter and a 4.8 percent drop in its second quarter. The company also discussed the decision by Los Angeles private equity firm Leonard Green & Partners LP to convert its 425,000 shares of preferred stock to common stock, making the firm Whole Foods' biggest shareholder by far, with more than 17 percent of the company.
[2] In the same quarter a year ago, profit, reduced by several one-time items, was $1.5 million on sales of $1.79 billion. Whole Foods made 20 cents a share in its most recent quarter, beating analyst expectations of 18 cents per share.
[2] Austin, Texas-based Whole Foods said fiscal fourth quarter net income available to shareholders was $28.7 million, or 20 cents per share, for the fiscal fourth quarter ended Sept 27. That compared with net income of $1.5 million, or 1 cent per share, in the year-earlier quarter.
[3] For the fourth quarter, income available to common shareholders was $28.7 million, or $0.20 per diluted share, compared to $1.5 million, or $0.01 per diluted share, for the fourth quarter last year.
[1] The results includes a 1 cent per share benefit tied to how the company accounts for inventory. That's up from $1.5 million, or 1 cent per share, for the same quarter last year, which included 15 cents per share impact for several one-time items.
[5] The natural and organic grocer reported Wednesday that it earned $28.7 million, or 20 cents per share, for the quarter. That includes a 1 cent per share benefit tied to how the company accounts for inventory.That's up from just $1.5 million, or 1 cent per share, for the same quarter last year.
[6] The results are up from $1.5 million, or 1 cent per share, for the same quarter last year, which included 15 cents per share impact for several one-time items.
[7] During the quarter, the company earned $28.7 million, or 20 cents a share, compared with $1.5 million, or 1 cents, in the year ago period.
[8] Excluding asset impairment charges of $1.5 million last year, direct store expenses increased 32 basis points to 26.9% of sales driven by increases in health care and depreciation which were partially offset by an improvement in workers' compensation expense as a percentage of sales.
[1] Our comparable store and identical store sales trends improved for the second quarter in a row and, after five quarters of year-over-year declines, so far in the first quarter are up 1.6% and 0.4%, respectively," said John Mackey, chairman, chief executive officer, and co-founder of Whole Foods Market. "We are very pleased with the $273 million of free cash flow we generated this year along with the significant year-over-year improvements we produced in our balance sheet.
[1] Comparable store sales increased 1.6% versus a 2.1% decrease in the prior year, and identical store sales increased 0.4% versus a 3.3% decrease in the prior year. The Company is pleased with its sales trends quarter to date; however, increased price investments could negatively impact our sales going forward, and with no anticipated positive change in the economy over the short term, the Company believes it is reasonable to expect sales results for the fiscal year in line with or slightly better than these quarter-to-date results.
[1] For the fiscal year, the Company expects sales growth of 5% to 8%, comparable store sales growth of 1% to 4%, and identical store sales growth of 0% to 3%.
[1] Citing the down economy, Whole Foods executives forecast sales growth of 5 to 8 percent for the company's fiscal year 2010, including growth in same-store sales -- sales made at stores open at least a year -- of 1 to 4 percent.
[2] In fiscal year 2008, the company had sales of $8 billion and currently has more than 275 stores in the United States, Canada, and the United Kingdom.
[9] The conversion will save Whole Foods about $34 million in preferred cash dividends per year, the company said. The company paid $7.7 million in preferred dividends in its most recent quarter and $28 million in its fiscal year 2009.
[2] For the fiscal year, the tax rate was 41.5%, income available to common shareholders was $118.8 million, and diluted earnings per share were $0.85.
[1] The Company estimates diluted earnings per share, based on approximately 170 million weighted average shares outstanding, in the range of $1.05 to $1.10.
[1] Although Whole Foods will have to issue 29.7 million new shares in the transaction, the company said that should not have a material impact on future earnings per share.
[2] Whole Foods, known for selling local fare, prepared food and pricey gourmet items, forecast 2010 earnings in the range of $1.05 to $1.10 per share, below analysts' call for a per share profit of $1.11.
[3] The company projected earnings of $1.05 to $1.10 per share, below analyst expectations of $1.11 per share.
[2] Given the need to remain focused on pricing and uncertainty of the economy, the company estimated it would earn $1.05 to $1.10 per share for the year, more modest than analyst expectations of $1.11.
[5] Analysts polled by Thomson Reuters expected the company to earn 18 cents per share on revenue of $1.8 billion.
[5] Whole Foods said it earned $118.75 million, or 85 per share for the full year, up from $114.5 million, or 82 cents per share in the prior year.
[7] Whole Foods reported that it earned $28.7 million, or 20 cents per share for the fourth quarter.
[5] The natural and organic grocer, based in Austin, Texas, reported that it earned $28.7 million, or 20 cents per share for the fourth quarter.
[7] PORTLAND, Ore. — Whole Foods Market Inc. said Wednesday that its business has officially turned the corner as sales and profit grew in the fourth quarter, but a weak outlook for next year sent shares tumbling after-hours. The organic grocer was hard hit by the recession as consumers cut back on their spending and focused on more value-oriented stores.
[7] AUSTIN, Texas — Whole Foods Market says its business has officially turned the corner as profit and revenue for its stores grew in the fourth quarter. After being hard hit by the recession's impact on shoppers, Whole Foods made several changes and began to see signs last quarter that its business might be recovering.
[6] AUSTIN, Texas, Nov. 4 /PRNewswire-FirstCall/ -- Whole Foods Market, Inc. (NASDAQ: WFMI) today reported results for the 12-week fourth quarter and 52-week fiscal year ended September 27, 2009.
[1] The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995. These risks include but are not limited to general business conditions, the successful integration of acquired businesses into our operations, changes in overall economic conditions that impact consumer spending, including fuel prices and housing market trends, the impact of competition, changes in the Company's access to available capital, and other risks detailed from time to time in the SEC reports of Whole Foods Market, including Whole Foods Market's report on Form 10-K for the fiscal year ended September 28, 2008. The Company will host a conference call today to discuss this earnings announcement at 4:00 p.m. CT. The dial-in number is 1-800-862-9098, and the conference ID is "Whole Foods."
[1] The average tender period, or length of time between tender date and opening date, will vary depending on several factors, one of which is the number of acquired leases, ground leases and owned properties in development, all of which generally have longer tender periods than standard operating leases. As previously announced on June 1, 2009, the FTC approved a settlement agreement resolving its antitrust challenge to the Company's acquisition of Wild Oats Markets, Inc. Under the terms of the agreement, a third-party divestiture trustee was appointed to market for sale until September 8, 2009: leases and related assets for 19 non-operating former Wild Oats stores; leases and related fixed assets (excluding inventory) for 12 operating acquired Wild Oats stores and one operating Whole Foods Market store; and Wild Oats'' trademarks and other intellectual property associated with the Wild Oats stores.
[1] As of September 30, 2008, the Company operated 275 stores organized into 11 geographic operating regions, 264 stores in 38 United States of America states and the District of Columbia; six stores in Canada, and five stores in the United Kingdom. This includes 55 stores (net of divested locations) acquired from Wild Oats Markets, Inc. (Wild Oats) on August 28, 2007, 52 stores in 20 United States of America states and three stores in Canada. Whole Foods Market'''s product categories include, but are not limited to, produce, seafood, grocery, meat and poultry, bakery, prepared foods and catering, specialty (beer, wine and cheese), Whole Body (nutritional supplements, vitamins, body care and educational products, such as books), floral, pet products and household products.
[9] Results in the prior year included $5.5 million in charges related to lease terminations of Whole Foods Market stores in development and $14.7 million in store closure adjustments related to idle Wild Oats properties.
[1] In the first quarter of fiscal year 2010, the Company has opened three stores in San Francisco, CA; Santa Barbara, CA; and Seattle, WA and closed one former Wild Oats store in Littleton, CO. The Company currently has 286 stores totaling 10.6 million square feet.
[1] The following table provides information about the Company's estimated store openings in fiscal years 2010 through 2013 based on the current development pipeline. These openings reflect estimated tender dates, which are subject to change, and do not incorporate any potential new leases, terminations or square footage reductions. The Company is committed to producing positive free cash flow on an annual basis and is confident it will produce operating cash flow in excess of the capital expenditures needed to open the stores in its current development pipeline.
[1] During the quarter, the Company produced $113.0 million in cash flow from operations and invested $62.5 million in capital expenditures, of which $51.1 million related to new stores. This resulted in free cash flow of $50.5 million. Cash and cash equivalents, including restricted cash, increased to $501.2 million, and the Company had $335.2 million available on its credit line, net of $14.8 million in outstanding letters of credit.
[1] Twelve weeks ended Fifty-two weeks ended EBITDA and September 27, September 28, September 27, September 28, EBITANCE 2009 2008 2009 2008 Net income $36,410 $1,502 $146,804 $114,524 Provision for income taxes 25,397 14,011 104,138 91,995 Interest expense, net 6,971 7,036 33,407 29,719 Operating income 68,778 22,549 284,349 236,238 Depreciation and amortization 62,404 59,827 266,695 249,213 Earnings before interest, taxes, depreciation & amortization (EBITDA) 131,182 82,376 551,044 485,451 Impairment of assets 2,344 9,096 24,508 9,195 Adjusted EBITDA 133,526 91,472 575,552 494,646 Non-cash expenses: Share-based payments expense 3,966 2,906 12,795 10,505 LIFO expense (benefit) (3,421) 4,651 (5,598) 12,683 Deferred rent 8,732 7,290 37,079 34,874 Total other non-cash expenses 9,277 14,847 44,276 58,062 Earnings before interest, taxes, and non-cash expenses (EBITANCE) $142,803 $106,319 $619,828 $552,708 The following is a tabular reconciliation of the Free Cash Flow non-GAAP financial measure.
[1] Twelve weeks ended Fifty-two weeks ended September 27, September 28, September 27, September 28, EVA 2009 2008 2009 2008 Net income $36,410 $1,502 $146,804 $114,524 Provision for income taxes 25,397 14,011 104,138 91,995 Interest expense and other 15,397 22,336 58,528 64,276 NOPBT 77,204 37,849 309,470 270,795 Income taxes (40%) 30,882 15,140 123,788 108,318 NOPAT 46,322 22,709 185,682 162,477 Capital charge 64,324 55,249 265,869 231,049 EVA $(18,002) $(32,540) $(80,187) $(68,572) The following is a tabular presentation of the non-GAAP financial measures, EBITDA, Adjusted EBITDA and EBITANCE including a reconciliation to GAAP net income, which the Company believes to be the most directly comparable GAAP financial measure.
[1] Management believes EBITANCE is a useful non-GAAP measure of financial performance, helping investors more meaningfully evaluate the Company's cash flow results by adjusting for certain non-cash expenses. These expenses include depreciation, amortization, fixed asset impairment charges, non-cash share-based payments expense, deferred rent, and LIFO charge. Similar to EBITDA, this measure goes further by including other non-cash expenses, primarily those which have arisen since the use of EBITDA became common practice and because of accounting changes due to recent accounting pronouncements.
[1] The Company defines Adjusted EBITDA as EBITDA plus non- cash asset impairment charges.
[1] Pursuant to the FTC's approval of the final consent order in the third quarter, the Company recorded non-cash impairment charges to adjust the carrying value of leases and fixed assets to fair value relating to the potential sales of certain operating stores.
[1] Store contribution, excluding LIFO and asset impairment charges, improved 13 basis points to 7.2% of sales.
[1] For stores in the identical store base, gross profit, excluding LIFO, improved 47 basis points to 34.1% of sales, direct store expenses improved 11 basis points to 26.5% of sales, and store contribution improved 58 basis points to 7.6% of sales.
[1] The Company's results for the last five fiscal quarters and comparable and identical store sales results for the current quarter to date are shown in the following table.
[1] Comparable store sales decreased 3.1% versus a 4.9% increase in the prior year, and identical store sales, excluding 12 relocations and three major expansions, decreased 4.3% versus a 3.6% increase in the prior year.
[1] Excluding the negative impact of foreign currency translation, comparable store sales decreased 0.7%, and identical store sales decreased 2.0%.
[1] The grocer forecast 2010 sales growth of 5 percent to 8 percent, same-store sales growth of 1 percent to 4 percent and identical store sales that are flat to up 3 percent.
[3] Same-store sales increased 1.6 percent and identical store sales, which exclude remodels and relocations, rose 0.4 percent.
[3] After five quarters of declines, the company said sales at stores open at least a year grew 1.6 percent for the quarter. That is a key metric for retailers because it measures sales at established stores and strips away the impact of new stores. Last quarter, it said it had begun to see signs recently that its business might be improving but said it was to early to tell if that would continue.
[7] After five quarters of year-over-year declines, the company has seen that key figure jump 1.6 percent in the first five weeks of the current quarter. This is considered a key metric for retailers because it measures sales at established stores and strips away the effects of new stores.
[5] The company's sales at stores open at least a year were down 0.9 percent for the quarter, compared a year earlier.
[5] Whole Foods said it expects sales for 2010 to grow 5 to 8 percent and to earn $1.05 to $1.10 per share for the year.
[7] For the full year, the company said sales grew 1 percent to $8.3 billion.
[7] Sales for the quarter increased to $1.83 billion from $1.79 billion in the comparable quarter last year.
[10] For the first five weeks of the first quarter of fiscal year 2010, total sales increased 5%.
[1] Whole Foods noted that total sales are up 5% in the first five weeks of the fiscal year, with comparable-store.
[4] Capital expenditures for the fiscal year are expected to be in the range of $350 million to $400 million. Of this amount, approximately 60% to 65% relates to new stores opening in fiscal year 2010 and beyond.
[1] For the fiscal year, adjusted EBITDA increased 16% to $575.6 million, and EBITANCE increased 12% to $619.8 million.
[1] Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") increased 46% to $133.5 million, and earnings before interest, taxes, depreciation and other non-cash expenses ("EBITANCE") increased 34% to $142.8 million.
[1] Pre-opening expenses were $10.6 million versus $15.2 million in the prior year.
[1] FTC-related legal costs totaled $0.5 million in the fourth quarter versus $2.5 million in the prior year.
[1] Relocation, store closure and lease termination costs were $3.2 million versus $27.2 million last year.
[1] The LIFO adjustment was a $3.4 million credit versus a $4.7 million charge last year, a positive impact of 45 basis points.
[1] Results in the current quarter included a LIFO credit of $3.4 million, or $0.01 per diluted share.
[1] The results includes a 1 cent per share benefit tied to how the company accounts for inventory.
[7] The earnings beat analyst expectations of 18 cents per share, according to a Thomson Reuters poll.
[7] The earnings guidance was below analyst expectations of $1.11 and shares fell $2.80, or nearly 9 percent, in after-hours trading Wednesday.
[7] Whole Foods stock dropped by 7.7 percent, to $29.50, in after-hours trading Wednesday. JPMorgan Chase & Co. analyst Charles Grom said he thought the company was "appropriately conservative" in its forecast. "They're not out of the woods, so it makes sense to be conservative," he said.
[2] Last November, the firm acquired the stock with a $425 million investment in Whole Foods, providing a cash infusion at a time when the grocer was struggling amid the recession.
[2] PORTLAND, Ore. — Whole Foods Market Inc. appears to be adjusting to its new economic reality. The natural and organic grocer, known for its high-end products and similarly high prices, says lower prices are bringing shoppers back in its doors, driving a surge in fourth-quarter profit. Whole Foods said Wednesday that shoppers bought more items in its stores, but continued pressure to compete on price and uncertain economy made some investors nervous about its outlook for the year.
[5] Whole Foods, based in Austin, Texas, was hard hit by the recession as consumers cut spending and turned to lower-priced stores. The company made several strategic changes — cutting costs, tightening inventory, securing a major investor, increasing its store brands and promoting other lower-priced options. It also created a new system to track competitors' prices and help it adjust its own. Those changes, along with lower food commodity prices on some foods that improved profit margins, were a boon to the grocer.
[5] 
The Company expects to open 16 new stores, 10 of which are expected to open in the first half of the year. [1] The following table provides additional information about the Company's store openings in fiscal years 2008 and 2009, leases currently tendered but not opened, and total development pipeline for stores scheduled to open through fiscal year 2013.
[1] The Company also recently signed three new leases in Huntington Beach, CA; Columbus, OH; and Pittsburgh, PA averaging 33,000 square feet in size, all currently scheduled to open after fiscal year 2010.
[1] Already for the first five weeks of the first quarter, total sales jumped 5%, while same-store sales rose 1.6%, the company said. -- Reported by Jeanine Poggi in New York Follow TheStreet.com on Twitter and become a fan on Facebook. [8] For the quarter, gross profit, excluding LIFO, increased 46 basis points to 34.0% of sales, with an improvement in cost of goods sold more than offsetting higher occupancy costs as a percentage of sales.
[1] For the 52-week period ended September 27, 2009, sales increased 1.0% to $8.0 billion.
[1] Sales rose 2% to $1.83 billion from $1.8 billion, while same-store sales slipped 0.9%.
[8] Analysts expected Whole Foods to earn 84 cents on revenue of $8.04 billion for the year.
[7] Analysts expected the company to report revenue of $1.48 billion for the quarter.
[10] Revenue grew more than 2 percent to $1.8 billion. Whole Foods management said they were happy with the results, which came in just above Wall Street expectations.
[5] Shares of Whole Foods plunged $2.58, or nearly 8 percent, to $29.50 in after-hours trading.
[5] Shares of the organic grocer are tanking 8.9% to $29.20 in after-market trading, despite posting a surge in third-quarter profit.
[8] The supermarket forecasts full-year earnings in the range of $1.05 to $1.10 a share.
[8] If the preferred stock is converted as expected, the Company's common stock outstanding will increase by approximately 29.7 million shares.
[1] The agreement included a provision that allowed Whole Foods to trade the shares for common stock under certain circumstances.
[2] The Whole Foods Market motto, "Whole Foods, Whole People, Whole Planet"(TM) captures the company's mission to find success in customer satisfaction and wellness, employee excellence and happiness, enhanced shareholder value, community support and environmental improvement. Thanks to its 53,000 Team Members, Whole Foods Market has been ranked as one of the "100 Best Companies to Work For" in America by FORTUNE magazine for 12 consecutive years.
[9] Founded in 1980 in Austin, Texas, Whole Foods Market (www.wholefoodsmarket.com) is the leading natural and organic foods supermarket, America's first national certified organic grocer, and was named "America's Healthiest Grocery Store" in 2008 by Health magazine.
[1] NEW YORK (
TheStreet ) -- Has Whole Foods Market ( WFMI Quote ) "turned the sales corner," as its CEO suggests? Investors don't seem to think so.
[8] In addition to the recession, company executives said Whole Foods' continued value push, which includes cutting prices and offering bundle deals to customers, could also affect sales.
[2] The Company expects net interest expense of $28 million to $32 million. [1] The Company expects an annualized effective tax rate in the range of 41% to 42%. Based on these assumptions, the Company estimates EBITDA in the range of $625 million to $650 million and EBITANCE in the range of $675 million to $700 million.
[1] The Company expects total pre-opening and relocation costs in the range of $55 million to $60 million.
[1] Approximately $74.0 million relating to depreciation and amortization, asset impairments, LIFO, share-based payments, and deferred rent was expensed for accounting purposes but was non-cash in the current quarter.
[1] Buttner is required to pay a $1 million penalty, while Henigson is required to pay a penalty of $0.25 million. Robert Khuzami, Director of the SEC's Division of Enforcement, said, "Value Line misappropriated millions of dollars from the mutual funds they managed by artificially allocating fund trades and then charging the funds for phantom brokerage services. Such blatant wrongdoing will not be tolerated." David Rosenfeld, Associate Director of the SEC's New York Regional Office, added, "Investment advisers are required to place their clients' interests ahead of their own.
[11] Our total cash increased $470 million to $501 million, and total debt decreased $190 million to $739 million.
[1] The Company defines Free Cash Flow as net cash provided by operating activities less capital expenditures.
[1] The seven remaining operating stores have been retained by the Company without further obligation to attempt to divest.
[1] Since the Company's third quarter earnings release, the Company has reduced the size of two stores in development by an average of 16,200 square feet each.
[1] Executives said sales comparisons will be easier in the first half of the year, but that expense comparisons will be difficult in the second half. [3] Analyst expectations typically exclude one-time items. Sales also appear to be reversing their trend after slogging through a difficult year.
[5] SOURCES1.
Whole Foods Market Reports Fourth Quarter Results2.
Whole Foods ends toughest year with another profit3.
UPDATE 3-Whole Foods sales, profit rise but outlook misses | Industries | Consumer Goods & Retail | Reuters4.
Whole Foods' Net Jumps on Higher Sales - WSJ.com5.
The Associated Press: Whole Foods profit jumps; outlook weighs on shares6.
The Associated Press: Whole Foods profit jumps in 4Q7.
The Associated Press: Whole Foods profit jumps; outlook weighs on shares8.
Investors Doubt Whole Foods' Claims | Earnings | Financial Articles & Investing News | TheStreet.com9.
FBD: Whole Foods sales increased 2.3% to $1.8 billion in Q410.
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