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Whole Foods Market Reports Third Quarter Results

For stores in the identical store base, gross profit improved 79 basis points to 36.7% of sales, direct store expenses increased one basis point to 25.3% of sales, and store contribution improved 78 basis points to 11.4% of sales .

G&A expenses improved eight basis points to 3.1% of sales due primarily to leverage in wages at the Company's regional and global offices.

During the quarter, the Company produced $228 million in cash flow from operations and invested $113 million in capital expenditures, of which $69 million related to new stores. This resulted in free cash flow of $115 million. In addition, the Company paid $37 million in quarterly dividends to shareholders and repurchased $25 million of its common stock. The Company ended the quarter with total cash and cash equivalents, restricted cash, and investments of approximately $1.5 billion. Total debt (capital lease obligations) was $27 million.

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) 5.8% 140% 84 28,300 2,375,200
Between 11 and 15 years old 6.9% 96% 69 33,000 2,274,900
Between eight and 11 years old 5.8% 103% 46 38,200 1,758,400
Between five and eight years old 7.9% 53% 53 54,000 2,863,800
Between two and five years old 9.3% 31% 51 46,100 2,351,000
Less than two years old (including four relocations) 17.2% 19% 25 37,500 937,900
           
All comparable stores (9.5 years old, s.f. weighted) 7.5% 64% 328 38,300 12,561,300
All stores (9.0 years old, s.f. weighted)   58% 351 38,000 13,355,000
           
*Defined as annualized store-level income after taxes divided by average invested capital; does not reflect any as-if effect of capitalizing operating leases

Fiscal Year-to-Date Results

For the 40-week period ended July 7, 2013, sales increased 13% to $9.9 billion. Comparable store sales increased 7.2%, and identical store sales, excluding four relocations and three expansions, increased 6.9%. EBITDA increased 18% to $948 million or 9.5% of sales, net income increased 22% to $430 million, and diluted earnings per share increased 20% to $1.15. 

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