NEW YORK (TheStreet) -- Whole Foods Market (WFM) announced today that it has entered into a partnership with free one-hour delivery service Instacart that will allow customers in 15 major American cities to use the service for Whole Foods groceries.
The partnership will also allow customers to purchase Whole Foods products on Instacart via the company's website or mobile app and pick up the groceries in the store.
Instacart currently operates in Boulder, Chicago, Denver, Houston, Los Angeles, New York City, Philadelphia, Portland, San Francisco, San Jose, Seattle and Washington, DC.
Whole Foods shares are down -0.5% to $39.33 in early market trading on Monday.
TheStreet Ratings team rates WHOLE FOODS MARKET INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WHOLE FOODS MARKET INC (WFM) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, increase in net income, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."