Updated from 4:40 p.m. EDT
Shares of Whole Foods Market(WFMI Quote) slid in late trading Wednesday after the organic-foods chain posted an unexpected drop in profits and cautioned of potential troubles in its pending purchase of Wild Oats(OATS Quote).
For the quarter ended April 8, the Austin, Texas-based grocer earned $46 million, or 32 cents a share, down from $51.8 million, or 36 cents a share a year earlier. Analysts polled by Thomson Financial expected earnings of 36 cents a share for the most recent quarter.
The profit drop reflected in part a surge in costs for store relocations and openings. Those costs more than doubled to $15.6 million from $7.3 million a year earlier, as Whole Foods opened a record six stores in the quarter. The company currently has 194 stores. ...
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