NEW YORK (TheStreet) -- Shares of Whole Foods Market (WFM) are slipping -4.88% to $37.20 in pre-market trading after posting weak second quarter earnings that missed sales expectations and a fiscal 2014 outlook below Wall Street expectations.
For the organic grocer's fiscal third quarter, the company reported a 3.9% increase in sales, less than the 4.8% that analysts expected.
The company reported fiscal third quarter earnings of 41 cents per share, up from 38 cents a share one year ago, and beating the consensus estimate of 39 cents a share.
Revenue for the quarter was $3.38 billion, up from $3.06 billion in the same quarter of 2013, but missing analyst expectations of $3.39 billion.
In its fiscal 2014 outlook, the retailer said it expects sales growth of between 9.6% and 9.9%, lower than the consensus estimate of 11% growth in revenue.
Whole Foods was downgraded to "neutral" from "overweight" with a price target of $38 from $48 at JPMorgan Chase (JPM) this morning, due to limited visibility and reduced estimates following the company's earnings results.