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Whole Foods Market Reports First Quarter Results

For stores in the identical store base, gross profit improved 31 basis points to 35.0% of sales, direct store expenses improved 65 basis points to 25.0% of sales, and store contribution improved 96 basis points to 10.0% of sales .

During the quarter, the Company produced $303 million in cash flow from operations and invested $155 million in capital expenditures, of which $96 million related to new stores. This resulted in free cash flow of $148 million. In addition, the Company paid $397 million in quarterly and special dividends to shareholders, and repurchased $26 million of its common stock.

Additional information on the quarter for comparable stores and all stores is provided in the following table.

Comparable Stores Comps ROIC # of Stores Average Size Total Square Feet
Over 15 years old (19 years old, s.f. weighted) 5.7% 143% 76 27,800 2,115,500
Between 11 and 15 years old 7.3% 79% 70 32,200 2,250,700
Between eight and 11 years old 5.3% 89% 45 37,300 1,680,000
Between five and eight years old 6.8% 43% 55 52,400 2,879,800
Between two and five years old 9.2% 23% 48 48,500 2,326,500
Less than two years old (including one relocation) 13.4% 14% 23 37,300 858,600
           
All comparable stores (9.4 years old, s.f. weighted) 7.2% 54% 317 38,200 12,111,100
All stores (8.8 years old, s.f. weighted)   46% 344 38,000 13,078,300

The following table shows the Company's results for the fiscal year for certain line items compared to its historical five-year ranges and averages. Results for fiscal years 2008 and 2012 are presented on a 52-to-52 week basis.

  FY08-FY12 Results    
  Low High Average 1Q13
Sales growth 1.0% 23.6% 12.5% 13.7%
Comparable store sales growth -3.1% 8.7% 5.2% 7.2%
Identical store sales growth -4.3% 8.4% 4.5% 7.1%
Ending square footage growth 5.3% 7.6% 6.5% 8.5%
Percent of sales from new & relocated stores 4.2% 8.8% 6.2% 5.4%
         
Gross profit 34.0% 35.5% 34.8% 35.0%
Direct store expenses 25.5% 26.7% 26.2% 25.4%
Store contribution 7.5% 10.0% 8.6% 9.6%
G&A expenses 3.0% 3.4% 3.1% 3.0%

Growth and Development

The Company opened ten stores in the first quarter and has opened one store so far in the second quarter. The Company expects to open five additional stores in the second quarter. The Company currently has 345 stores totaling approximately 13.1 million square feet. 

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