Whole Foods Market (WFM) Stock Slides Ahead of Q2 Earnings
NEW YORK (TheStreet) -- Whole Foods Market (WFM) shares are tumbling 1.7% to $28.26 on Wednesday morning ahead of the food retailer's fiscal 2016 second quarter financial results due out today after the market close.
Profit is projected to decline while revenue is poised for growth.
For the recent period, Wall Street is looking for earnings of 41 cents, down from 43 cents it earned the year prior. Revenue is expected to increase 3% to $3.74 billion.
Overall, the grocer continues to be challenged by growing competition from rivals like Sprouts Farmers Market (SFM) and Kroger Co. (KR).
But the company has been making progress to meet consumer demand and is set to open the first output of its lower-cost chain, called 365, on May 25.
Oppenheimer analysts anticipate the company to post another soft comp for the latest quarter however, some positives are digital coupons and other promotions that seem to be working, MarketWatch reports.
Separately, TheStreet Ratings currently has a "Hold" rating on the stock with a letter grade of C.
The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.
You can view the full analysis from the report here: WFM
