Whole Foods Market, Inc. (Nasdaq: WFMI) reported a 32% decrease in profits for its second quarter ending April 12, 2009.
However the company was able to earn $27.3 million by cutting costs. Profits of $0.19 per share beat analysts expectations by 1 cent per share, according to Thomson Reuters.
Revenue for the quarter was down 0.5% to $1.86 billion.
"Despite flat sales year-over-year, we exhibited strong expense control leading to a 10% increase in income from operations excluding non-cash asset impairment charges," said John Mackey, chairman, CEO, and co-founder of Whole Foods Market.
The company maintained its sales target of $8 billion for the year, despite a dip of 4.8% in sales at stores open at least one year.
The company opened three stores in the quarter, and now has a total of 280 stores.
The Company is still waiting final approval of the settlement agreement reached with the Federal Trade Commission (FTC) concerning an antitrust challenge to the Company’s acquisition of Wild Oats Markets, Inc.
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