Whole Foods Market posted third-quarter earnings on Wednesday that beat analyst expectations.
- EPS: 36 cents adjusted vs. 33 cents expected, according to Thomson Reuters
- Revenue: $3.725 billion vs. $3.72 billion expected, according to Thomson Reuters
- U.S. same-store sales: down 1.9 percent vs. down 2.2 percent expected, according to StreetAccount
Whole Foods said that it earned 36 cents on an adjusted basis per share on $3.725 billion in revenue. The grocery chain was expected to report earnings of 33 cents per share on revenue of $3.72 billion, according to Thomson Reuters estimates.
In addition, the company said its same-store sales fell 1.9 percent in the quarter, a narrower than expected decline. Wall Street estimated that Whole Foods same-store sales would fall 2.2 percent in the quarter.
“Our comparable store sales improved sequentially on a one- and two-year basis in the third quarter, and that momentum has accelerated 220 basis points in the fourth quarter, resulting in positive overall comps for the first three weeks,” John Mackey, co-founder and CEO, said in a statement Wednesday.
Whole Foods declined to comment further and due to the pending acquisition, the company will not be holding a conference call with analysts
Whole Foods made headlines last month after tech retailer Amazon agreed to buy the grocery store chain for $42 a share, in a deal valued at $13.7 billion. The company said that the deal is on track to close during the second half of 2017.
Whole Foods was under pressure from activist investor Jana Partners, which had called on Whole Foods to sell itself. The investor had criticized Whole Foods for its poor performance and have suggested the chain could be merged with another grocer.