What is in this article?:
- Whole Foodsâ€™ Comp Trends Slow
- Decelerating Comps
"The Northeast region was comping over 20%, clearly indicating customers are continuing to restock.”
— John Mackey, Co-CEO, Whole Foods
AUSTIN, Texas — Whole Foods Market here said last week it was continuing to feel the impact of Hurricane Sandy in its Northeast stores roughly 10 days after the storm hit.
The storm impacted 91 stores and four distribution facilities in four regions, John Mackey, chairman and co-chief executive officer, said during a conference call with analysts to discuss financial results for the fiscal year that ended Sept. 30.
Whole Foods expects to record a one-time charge in the first quarter for estimated uninsured losses, he said.
While the chain saw comparable-store sales exceeding 11% chainwide during the first two days of last week, “the Northeast region was comping over 20%, clearly indicating customers are continuing to restock,” Mackey pointed out.
For the fourth quarter, which included an extra week, net income increased 49.7% to $112.7 million, while sales jumped 23.6% to $2.9 billion, and comparable-store sales rose 8.5%.
For the 53-week year, net income increased 35.9% to $465.6 million, while sales rose 15.7% to $11.7 billion, and comps were up 8.7%.
The company said comps for the first six weeks of the first quarter are up 7.3% — an indication, said Scott Mushkin, an analyst at Jefferies & Co., New York, that comps are showing signs of slowing down.