Business

Nov 6, 2013 10:48 PM by Juice Godfrey

Whole Foods' 4Q profit rises, sales miss Street

NEW YORK (AP) - Whole Foods Market Inc. says its fourth-quarter profit rose 7 percent, as the grocery chain known for its organic offerings benefited from lower costs of goods sold.

But shares are down 8 percent after-hours, after its revenue fell short of Wall Street expectations, and the company trimmed its 2014 outlook.

The chain, based in Austin, Tex., earned $121 million, or 32 cents per share, in the three-month period ended Sept. 29. That compares with $113 million, or 30 cents per share, in the year-ago period.

Revenue rose 2.2 percent to $2.98 billion, from $2.91 billion a year ago.

Analysts, on average, expected 31 cents on revenue of $3.04 billion, according to FactSet.

The company says its sales rose 5.9 percent at locations open at least a year.

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