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Whole Foods Munches Estimates

Stock quotes in this article: WFMI , OATS , SWY , KR  

Updated from 5:01 p.m. EDT

Whole Foods Market (WFMI Quote) posted an 8.9% decline in third-quarter profits Tuesday as the grocery chain continued to be hit by costs to open new stores.

The results, however, topped analysts' forecasts, sending shares surging $3.66, or 9.9%, to $40.70 in after-hours trading.

The Austin, Texas-based company reported net income of $49.1 million, or 35 cents a share, for the quarter ended July 1, down from $53.9 million, or 37 cents a share, in the same period last year. Analysts projected earnings of 33 cents share, according to Thomson Financial. ...

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