Whole Foods Q2 Beats Street, Ends Share Buybacks

Whole Foods Market shares moved lower in after-hours trading on Wednesday despite reporting strong second quarter numbers. The super market chain told investors it would end its current stock buyback program and begin a larger $1 billion buyback program through August 1, 2016. Second quarter profits came in at 41 cents a share, that was above estimates of 39 cents a share and last year's earnings of 38 cents a share. Revenues of $3.4 billion were as expected and also showed a $400 million increase from the prior year’s third quarter. Whole Foods reaffirmed its full-year guidance for fiscal 2014. Whole Foods CEO Walter Robb was optimistic about the company’s ability to maintain its current upward sales momentum despite being one of the worst stocks in the S&P 500. Shares have fallen 37% since January. Whalen MacHale reports for TheStreet in New York.