NEW YORK (
) -- Shares of
Whole Foods Market
are spiking after the company reported a 79% surge in first-quarter profit and lifted its full-year outlook.
During the quarter, the grocer earned $88.7 million, or 51 cents a share, compared with a profit of $49.7 million, or 32 cents a share, in the year prior. Analysts were calling for earnings of 46 cents a share.
Revenue rose 14% to $3 billion, ahead of Wall Street's estimates of $2.95 billion. Same-store sales jumped 9.1%, its biggest gain in four years.
Looking ahead, Whole Foods foresees full-year earnings in the range of $1.76 to $1.80 a share, up from prior guidance of $1.66 to $1.71.
Shares of Whole Foods were gaining nearly 10% to $58.90 in early trading Thursday.
--Written by Jeanine Poggi in New York.
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