WASHINGTON (dpa-AFX) - Whole Foods Market Inc. (WFM) Wednesday reported a 33 percent jump in first-quarter earnings as strong demand for its vast spread of consumables drove up revenues by 13 percent from last year. Both earnings and revenues for the quarter topped Street estimates.
Going forward, the specialty retailer lifted its outlook for the full year 2012, citing mainly the inclusion of an extra week in that period.
Austin, Texas-based Whole Foods earned $118.3 million or $0.65 per share in the first quarter, up from $88.77 million or $0.51 per share last year.
On average, 21 analysts polled by Thomson Reuters expected earnings of $0.60 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter were up 13 percent at $3.4 billion, compared to $3 billion last year. Eighteen analysts expected revenues of $3.38 billion.
On a same-store basis, sales grew 8.7 percent.
During the first quarter, Whole Foods opened six stores and expects to open three stores in the second quarter. The company currently has 317 stores.
For 2012, Whole Foods now expects earnings of $2.28 to $2.32 per share, or an increase of 18 to 20 percent from last year. Analysts currently expect earnings of $2.28 per share.
Earlier, the company expected 2012 earnings of $2.21 to $2.26 per share, or a rise of 15 to 17 percent from a year ago.
Whole Foods now expects 2012 sales to grow 13.5 to 15 percent and same store sales to improve 7.3 to 8.8 percent. Earlier it expected sales growth of 13 to 15 percent and same stores growth of 6.8 to 8.8 percent.
Excluding the impact of the extra week that falls in the fourth quarter 2012, the company expects sales to rise 11 to 13 percent.
The retailer still expects to open 24 to 27 stores in 2012.
WFM closed Wednesday's trade on the Nasdaq at $77.93, up $2.13 or 2.81%, on a volume of 4.3 million shares. In after hours, the stock lost $0.92 or 1.18%.
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