NEW YORK (TheStreet) -- Shares of Whole Foods Market (WFM) were rising in after-hours trading on Wednesday after posting better-than-anticipated earnings for the 2016 fourth quarter and announcing that it would eliminate its current co-CEO structure.
After the market close, the Austin, TX-based supermarket reported adjusted earnings of 28 cents per share, beating analysts' expectations of 24 cents per share.
Revenue rose to $3.50 billion from $3.44 billion a year ago, meeting analysts' estimates.
Same-store sales were down 2.6% in the period. Analysts surveyed by FactSet were modeling a 2.0% drop.
The company's board has increased Whole Foods's dividend to 14 cents per share from 13.5 cents per share. The dividend will be payable on January 24 to shareholders of record as of January 13.
Additionally, Whole Foods announced that it will eliminate its co-CEO structure. John Mackey, a co-founder of the company, will be the sole CEO beginning December 31. Whole Foods's other co-CEO, Walter Robb, will remain on the company's board as a senior adviser.
Additionally, CFO Glenda Flanagan will retire at the end of fiscal 2017.
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.
Whole Food's strengths such as its revenue growth, notable return on equity and largely solid financial position with reasonable debt levels by most measures are countered by weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself.
You can view the full analysis from the report here: WFM