AUSTIN, Texas -- Whole Foods Market here reported that sales, net income and comparable-stores sales surged in the third quarter and 40-week period ended June 30.
stores were up 6.2%, the company said.
For the 40-week period, sales rose to $463 million, a 23% increase over last year's $375.9 million. Net income grew 29% to $9.45 million from $7.33 million in 1995. Comparable-store sales climbed 8.4%.
Earnings figures exclude a $2.3 million charge for the relocation of Austin, Texas, stores and the corporate offices in fiscal 1995's third quarter, plus a $2.4 million charge associated with the restructuring in the southern California region and the relocation of a store in fiscal 1996's second quarter.
Whole Foods noted that its acquisition of Fresh Fields, Rockville, Md., slated to be completed in September, is expected to dilute earnings for the fourth quarter. The earnings may be augmented in fiscal 1997 by 10 cents to 20 cents per share depending on actual operating results and the number of shares issued in the sale. Also, Whole Foods expects a $10 million charge in the fourth quarter for severance, professional fees and other merger-related expenses, plus an additional charge for store closings associated with the acquisition.