Whole Foods Market, Inc. (Nasdaq:WFM) today reported results for
the 12-week third quarter ended July 6, 2014. For the quarter,
total sales increased 10% to a record $3.4 billion. Comparable
store sales increased 3.9%, including a positive impact of
approximately 60 basis points from Easter shifting from the second
quarter last year to the third quarter this year, on top of a 7.5%
increase in the prior year. A spread of approximately 40 basis
points between comparable store and identical store sales growth
was due to three relocations and one expansion. Average weekly
sales per store were $736,000, translating to another quarter of
sales per gross square foot of over $1,000. Operating income
was $243 million, or 7.2% of sales, and earnings before interest,
taxes, depreciation and amortization ("EBITDA") were $331 million,
or 9.8% of sales. Net income was $151 million, or 4.4% of
sales, diluted earnings per share were $0.41, and return on
invested capital was 16.4%. Results reflect a LIFO charge of
$11 million, or 31 basis points, and the repurchase of
approximately 9.1 million shares of common stock.
"Our business model is producing industry-leading sales per
gross square foot, healthy returns on invested capital and
strong operating cash flow," said Walter Robb, co-CEO of Whole
Foods Market. "We are seeing signs of stability in our sales trends
and believe our strategic initiatives will help generate further
momentum and produce increasing returns on invested capital over
the long term."
During the quarter, the Company produced $240 million in cash
flow from operations and invested $204 million in capital
expenditures, resulting in free cash flow of $36 million. In
addition, the Company returned $44 million in quarterly dividends
to shareholders and repurchased $361 million of common
stock. The Company ended the quarter with total cash and cash
equivalents, restricted cash, and investments of approximately $1.1
billion.
The Company's Board of Directors today announced a new share
repurchase program with $1 billion in authority through August 1,
2016, and canceled the $322 million in remaining authority under
the Company's existing share repurchase program. These changes
are effective as of August 1, 2014. The Board's authorization
does not obligate the Company to acquire any particular amount of
common stock, and the program may be suspended or discontinued at
any time at the Company's discretion.
The following table provides the Company's comparable and
identical store sales results for the third quarter and for the
first three weeks of the fourth quarter through July 27,
2014. Results for the third quarter also are shown excluding
the 60 basis point positive Easter shift impact. Sales of a
store are deemed to be comparable commencing in the 53rd full week
after the store was opened or acquired. Identical store sales
exclude sales from relocated and remodeled stores with square
footage changes greater than 20%.
|
Comparable Store Sales Growth |
Change in Transactions |
Change in Basket Size |
Identical Store Sales Growth |
Q3 ended July 6, 2014 |
3.9% |
2.0% |
1.9% |
3.5% |
Excluding Easter shift |
3.3% |
1.7% |
1.6% |
2.9% |
Q4 through July 27, 2014 |
3.1% |
-- |
-- |
2.9% |
Additional information on the quarter for comparable stores and
all stores is provided in the following table. Comparable
store sales growth includes the 60 basis point positive Easter
shift impact.
Comparable Stores |
Comps |
ROIC* |
# of Stores |
Average Size |
Total Square Feet |
> 15 years old (19 years old, s.f.
weighted) |
2.0% |
117% |
100 |
28,000 |
2,804,000 |
11-15 years old |
1.9% |
100% |
62 |
35,000 |
2,178,000 |
8-11 years old |
0.9% |
96% |
49 |
43,000 |
2,087,000 |
5-8 years old |
4.9% |
49% |
57 |
55,000 |
3,118,000 |
2-5 years old |
7.6% |
35% |
54 |
40,000 |
2,171,000 |
< 2 years old (including 3
relocations) |
15.8% |
15% |
30 |
36,000 |
1,069,000 |
All comp stores (9.8 years old, s.f.
weighted) |
3.9% |
64% |
352 |
38,000 |
13,428,000 |
All stores (9.1 years old, s.f.
weighted) |
|
61% |
386 |
38,000 |
14,642,000 |
* Defined as annualized
store-level income after taxes divided by average invested capital;
does not reflect any as-if effect of capitalizing operating
leases |
For the quarter, the LIFO charge was $11 million versus a credit
of $1 million in the prior year, a negative impact of 33 basis
points year over year. Excluding LIFO, gross profit declined
31 basis points to 36.3% of sales due primarily to an increase in
cost of goods sold as a percentage of sales. Direct store
expenses improved 43 basis points to 25.1% of sales due primarily
to leverage in healthcare costs and wages. As a result, store
contribution improved 12 basis points to 11.1% of sales.
G&A improved eight basis points to 3.0% of sales due
primarily to leverage in wages at the Company's regional and global
offices, which was partially offset by investments in
technology.
Fiscal Year Results
For the 40-week period ended July 6, 2014, total sales
increased 10% to a record $10.9 billion. Comparable store
sales increased 4.6% on top of a 7.2% increase in the prior
year. Year to date, a spread of approximately 50 basis points
between comparable store and identical store sales growth was due
to six relocations and one expansion. Average weekly sales per
store were $731,000, translating to sales per gross square foot of
approximately $1,000. Operating income was $729 million, or
6.7% of sales, and earnings before interest, taxes, depreciation
and amortization ("EBITDA") were $1.0 billion, or 9.3% of sales.
Net income was $451 million, or 4.1% of sales, diluted earnings per
share were $1.21, and return on invested capital was
14.8%. Results reflect a LIFO charge of $11 million, or 10
basis points, and the repurchase of approximately 11.2 million
shares of common stock.
Year to date, the Company has produced $859 million in cash flow
from operations and invested $566 million in capital expenditures,
resulting in free cash flow of $293 million. In addition, the
Company has returned $126 million in quarterly dividends to
shareholders and repurchased $478 million of common stock.
Growth and Development
In the third quarter, the Company opened eight new stores and
completed its acquisition of four New Frontiers Natural Marketplace
stores, expanding into eight new markets. So far in the fourth
quarter, the Company has opened two new stores and expects to open
11 additional stores. The Company currently has 388 stores
totaling approximately 14.7 million square feet and expects to
cross the 500-store mark in 2017. Longer term, the Company
sees demand for 1,200 Whole Foods Market stores in the United
States.
The Company recently signed 11 new leases, including two
relocations. These leases include five new markets and are
located in Montgomery, AL; Irvine, CA; Los Angeles, CA; Sacramento,
CA; Bloomington, IN; Shrewsbury, MA; Cary, NC; Bedford, NH; Eugene,
OR; Houston, TX; and Richardson, TX.
The following table provides additional information about the
Company's new and acquired stores in fiscal years 2013 and 2014
year to date; leases currently tendered but unopened; and total
development pipeline (including leases currently tendered) for
stores scheduled to open through fiscal year 2018.
New Store Information |
FY13 |
FY14 YTD |
Current Leases Tendered |
Current Leases Signed |
Number of stores (including relocations) |
32 |
27 |
31 |
116 |
Relocations |
5 |
1 |
5 |
14 |
Lease acquisitions, ground leases and owned
properties |
6 |
3 |
8 |
8 |
Percentage in new markets |
31% |
56% |
23% |
19% |
Average store size (gross square feet) |
36,000 |
36,000 |
41,000 |
41,000 |
Total square footage |
1,137,000 |
968,000 |
1,286,000 |
4,707,000 |
Average tender period in months |
8.7 |
|
|
|
Average pre-opening expense per store
(including rent) |
$1.7 mil |
|
|
|
Average pre-opening rent per store |
$0.6 mil |
|
|
|
Outlook for Fiscal Year 2014
The Company is reaffirming its diluted earnings per share
outlook for fiscal year 2014 as shown in the following
table. The Company notes the fourth quarter is seasonally its
weakest quarter of the year in terms of average weekly sales and
store contribution. In addition, store openings in the quarter
will be back-end loaded. The Company's outlook does not
include potential future share repurchases.
|
FY14 Prior Outlook |
FY14 Current Outlook |
Q3 YTD Actual |
Q4 Outlook |
Sales growth |
10.5% - 11.0% |
9.6% - 9.9% |
10% |
8.5% - 9.5% |
Comparable store sales growth |
5.0% - 5.5% |
4.1% - 4.4% |
4.6% |
2.5% - 3.5% |
Two-year comps |
11.9% - 12.4% |
11.0% - 11.3% |
11.9% |
8.4% - 9.4% |
Number of new and acquired stores |
36 - 39 |
38 |
25 |
13 |
% of sales from new and acquired stores |
6.0% - 6.5% |
6.2% |
6.1% |
6.7% |
Ending square footage growth |
9% - 10% |
10% |
10% |
10% |
LIFO charge |
-- |
$20 - $22 mil |
$11 mil |
$9 - $11 mil |
G&A expenses |
3.1% |
3.1% |
3.1% |
3.2% |
Pre-opening and relocation costs |
$75 - $78 mil |
$75 - $77 mil |
$54 mil |
$21 - $23 mil |
EBITDA |
$1.29 - $1.32 bil |
$1.29 - $1.30 bil |
$1.02 bil |
$270 - $284 mil |
EBITDA margin |
9.0% - 9.2% |
9.1% - 9.2% |
9.3% |
8.4% - 8.7% |
Operating margin |
6.5% - 6.6% |
6.4% - 6.5% |
6.7% |
5.6% - 5.9% |
Operating margin excluding LIFO |
6.5% - 6.6% |
6.5% - 6.6% |
6.8% |
5.9% - 6.2% |
Tax rate |
39.0% |
38.8% - 39.0% |
39.0% |
38.0% - 39.0% |
Diluted EPS |
$1.52 - $1.56 |
$1.52 - $1.54 |
$1.21 |
$0.31 - $0.33 |
EPS growth |
3% - 6% |
3% - 4% |
5% |
(4%) - 2% |
Capital expenditures |
$675 - $725 mil |
$725 - $750 mil |
$566 mil |
$159 - $184 mil |
About Whole Foods Market
Founded in 1978 in Austin, Texas, Whole Foods Market
(www.wholefoodsmarket.com) is the leading retailer of natural and
organic foods and America's first national "Certified Organic"
grocer. In fiscal year 2013, the Company had sales of
approximately $13 billion and currently has 388 stores in the
United States, Canada, and the United Kingdom. Whole Foods
Market employs approximately 86,000 team members and has been
ranked for 17 consecutive years as one of the "100 Best Companies
to Work For" in America by Fortune magazine.
Forward-looking statements
The following constitutes a "Safe Harbor" statement under the
Private Securities Litigation Reform Act of 1995. Except for
the historical information contained herein, the matters discussed
in this press release are forward-looking statements that involve
risks and uncertainties, which could cause our actual results to
differ materially from those described in the forward-looking
statements. These risks include general business conditions,
changes in overall economic conditions that impact consumer
spending, including fuel prices and housing market trends, the
impact of competition and other risks detailed from time to time in
the SEC reports of Whole Foods Market, including Whole Foods
Market's report on Form 10-K for the fiscal year ended September
29, 2013. Whole Foods Market undertakes no obligation to
update forward-looking statements.
The Company will host a conference call today to discuss this
earnings announcement at 4:00 p.m. CT. The dial-in number is
(866) 952-1906, and the conference ID is "Whole Foods." A
simultaneous audio webcast will be available at
www.wholefoodsmarket.com.
Whole Foods Market,
Inc. |
Consolidated Statements
of Operations (unaudited) |
(In millions, except per share
amounts) |
|
|
|
|
|
|
12 weeks ended |
40 weeks ended |
|
July 6, 2014 |
July 7, 2013 |
July 6, 2014 |
July 7, 2013 |
Sales |
$ 3,377 |
$ 3,058 |
$ 10,938 |
$ 9,941 |
Cost of goods sold and occupancy
costs |
2,163 |
1,939 |
7,048 |
6,373 |
Gross profit |
1,214 |
1,119 |
3,890 |
3,568 |
Direct store expenses |
849 |
781 |
2,766 |
2,529 |
Store contribution |
365 |
338 |
1,124 |
1,039 |
General and administrative
expenses |
102 |
95 |
341 |
302 |
Operating income before pre-opening and
store closure |
263 |
243 |
783 |
737 |
Pre-opening expenses |
18 |
13 |
45 |
37 |
Relocation, store closure and lease
termination costs |
2 |
2 |
9 |
9 |
Operating income |
243 |
228 |
729 |
691 |
Investment and other income, net of
interest expense |
4 |
2 |
10 |
8 |
Income before income taxes |
247 |
230 |
739 |
699 |
Provision for income taxes |
96 |
88 |
288 |
269 |
Net income |
$ 151 |
$ 142 |
$ 451 |
$ 430 |
|
|
|
|
|
Basic earnings per share |
$ 0.41 |
$ 0.38 |
$ 1.22 |
$ 1.16 |
Weighted average shares
outstanding |
365.0 |
371.4 |
369.9 |
370.9 |
|
|
|
|
|
Diluted earnings per share |
$ 0.41 |
$ 0.38 |
$ 1.21 |
$ 1.15 |
Weighted average shares outstanding,
diluted basis |
367.2 |
374.6 |
372.9 |
374.2 |
|
|
|
|
|
Dividends declared per common
share |
$ 0.12 |
$ 0.10 |
$ 0.36 |
$ 1.30 |
|
|
|
|
|
|
|
|
|
|
A reconciliation of the
numerators and denominators of the basic and diluted earnings per
share calculations follows: |
|
|
|
|
|
|
12 weeks ended |
40 weeks ended |
|
July 6, 2014 |
July 7, 2013 |
July 6, 2014 |
July 7, 2013 |
Net income |
|
|
|
|
(numerator for basic and diluted
earnings per share) |
$ 151 |
$ 142 |
$ 451 |
$ 430 |
Weighted average common shares
outstanding |
|
|
|
|
(denominator for basic earnings per
share) |
365.0 |
371.4 |
369.9 |
370.9 |
Incremental common shares
attributable to dilutive effect of share-based awards |
2.2 |
3.2 |
3.0 |
3.3 |
Weighted average common shares outstanding
and potential additional common shares outstanding |
|
|
|
|
(denominator for diluted earnings per
share) |
367.2 |
374.6 |
372.9 |
374.2 |
|
|
|
|
|
Basic earnings per share |
$ 0.41 |
$ 0.38 |
$ 1.22 |
$ 1.16 |
Diluted earnings per share |
$ 0.41 |
$ 0.38 |
$ 1.21 |
$ 1.15 |
|
|
Whole Foods Market,
Inc. |
Consolidated Statements
of Comprehensive Income (unaudited) |
(In millions) |
|
|
|
|
|
|
12 weeks ended |
40 weeks ended |
|
July 6, 2014 |
July 7, 2013 |
July 6, 2014 |
July 7, 2013 |
Net income |
$ 151 |
$ 142 |
$ 451 |
$ 430 |
Other comprehensive income (loss), net of
tax: |
|
|
|
|
Foreign currency
translation adjustments |
4 |
(6) |
1 |
(11) |
Other comprehensive income (loss), net
of tax |
4 |
(6) |
1 |
(11) |
Comprehensive income |
$ 155 |
$ 136 |
$ 452 |
$ 419 |
|
|
Whole Foods Market,
Inc. |
Consolidated Balance
Sheets (unaudited) |
(In millions) |
|
|
|
Assets |
July 6, 2014 |
September 29, 2013 |
Current assets: |
|
|
Cash and cash equivalents |
$ 264 |
$ 290 |
Short-term investments -
available-for-sale securities |
532 |
733 |
Restricted cash |
109 |
111 |
Accounts receivable |
230 |
188 |
Merchandise inventories |
429 |
414 |
Prepaid expenses and other current
assets |
109 |
93 |
Deferred income
taxes |
166 |
151 |
Total current assets |
1,839 |
1,980 |
Property and equipment, net of accumulated
depreciation and amortization |
2,827 |
2,428 |
Long-term investments - available-for-sale
securities |
166 |
302 |
Goodwill |
708 |
679 |
Intangible assets, net of accumulated
amortization |
82 |
65 |
Deferred income taxes |
87 |
72 |
Other assets |
25 |
12 |
Total assets |
$ 5,734 |
$ 5,538 |
|
|
|
Liabilities and
Shareholders' Equity |
Current liabilities: |
|
|
Current installments of capital lease
obligations |
$ 2 |
$ 1 |
Accounts payable |
269 |
247 |
Accrued payroll, bonus and other benefits
due team members |
395 |
367 |
Dividends payable |
44 |
37 |
Other current
liabilities |
572 |
436 |
Total current liabilities |
1,282 |
1,088 |
Long-term capital lease obligations, less
current installments |
60 |
26 |
Deferred lease liabilities |
538 |
500 |
Other long-term liabilities |
41 |
46 |
Total liabilities |
1,921 |
1,660 |
|
|
|
Commitments and contingencies |
|
|
|
|
|
Shareholders' equity: |
|
|
Common stock, no par value, 600.0 shares
authorized; 377.1 and 375.7 shares issued; and 362.7 and 372.4
shares outstanding |
|
|
at 2014 and 2013, respectively |
2,852 |
2,765 |
Common stock in treasury, at cost, 14.4 and
3.3 shares at 2014 and 2013, respectively |
(624) |
(153) |
Accumulated other comprehensive income |
2 |
1 |
Retained earnings |
1,583 |
1,265 |
Total shareholders'
equity |
3,813 |
3,878 |
Total liabilities and
shareholders' equity |
$ 5,734 |
$ 5,538 |
|
|
Whole Foods Market,
Inc. |
Consolidated Statements
of Cash Flows (unaudited) |
(In millions) |
|
|
|
|
40 weeks ended |
|
July 6, 2014 |
July 7, 2013 |
Cash flows from operating
activities |
|
|
Net income |
$ 451 |
$ 430 |
Adjustments to reconcile net income to net
cash provided by operating activities: |
|
|
Depreciation and amortization |
286 |
257 |
Share-based payment expense |
51 |
43 |
LIFO expense |
11 |
2 |
Deferred income tax benefit |
(30) |
(24) |
Excess tax benefit related to exercise of
team member stock options |
(8) |
(30) |
Accretion of premium/discount on
marketable securities |
22 |
23 |
Deferred lease liabilities |
28 |
36 |
Other |
8 |
13 |
Net change in current assets and
liabilities: |
|
|
Accounts receivable |
(46) |
15 |
Merchandise inventories |
(24) |
(18) |
Prepaid expenses and other current
assets |
(13) |
(12) |
Accounts payable |
22 |
(16) |
Accrued payroll, bonus and other benefits
due team members |
28 |
49 |
Other current liabilities |
76 |
54 |
Net change in other
long-term liabilities |
(3) |
(4) |
Net cash provided by
operating activities |
859 |
818 |
Cash flows from investing
activities |
|
|
Development costs of new locations |
(329) |
(226) |
Other property and equipment
expenditures |
(237) |
(151) |
Purchase of intangible assets |
(19) |
-- |
Purchases of available-for-sale
securities |
(648) |
(1,104) |
Sales and maturities of available-for-sale
securities |
959 |
1,393 |
Decrease (increase) in restricted cash |
2 |
(7) |
Payment for purchase of acquired entities,
net of cash acquired |
(32) |
(22) |
Other investing activities |
(17) |
(7) |
Net cash used in
investing activities |
(321) |
(124) |
Cash flows from financing
activities |
|
|
Common stock dividends paid |
(126) |
(471) |
Issuance of common stock |
35 |
61 |
Purchase of treasury stock |
(478) |
(88) |
Excess tax benefit related to exercise of
team member stock options |
8 |
30 |
Payments on capital lease
obligations |
(1) |
(1) |
Net cash used in
financing activities |
(562) |
(469) |
Effect of exchange rate changes on cash
and cash equivalents |
(2) |
(3) |
Net change in cash and cash equivalents |
(26) |
222 |
Cash and cash equivalents at beginning
of period |
290 |
89 |
Cash and cash equivalents at end of
period |
$ 264 |
$ 311 |
|
Supplemental disclosure of cash
flow information: |
Federal and state income
taxes paid |
$ 329 |
$ 296 |
|
|
Whole Foods Market,
Inc. |
Non-GAAP Financial
Measures (unaudited) |
(In millions) |
|
|
|
|
|
In addition to reporting
financial results in accordance with generally accepted accounting
principles, or GAAP, the Company provides information regarding
Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA"), Adjusted EBITDA and Free Cash Flow in the press release
as additional information about its operating results. These
measures are not in accordance with, or an alternative to,
GAAP. The Company's management believes that these
presentations provide useful information to management, analysts
and investors regarding certain additional financial and business
trends relating to its results of operations and financial
condition. In addition, management uses these measures for
reviewing the financial results of the Company as well as a
component of incentive compensation. |
|
The Company defines Adjusted
EBITDA as EBITDA plus non-cash share-based payment expense and
deferred rent. The following is a tabular reconciliation of
the non-GAAP financial measure Adjusted EBITDA to GAAP net income,
which the Company believes to be the most directly comparable GAAP
financial measure. |
|
|
|
|
|
|
12 weeks ended |
40 weeks ended |
EBITDA and Adjusted
EBITDA |
July 6, 2014 |
July 7, 2013 |
July 6, 2014 |
July 7, 2013 |
Net income |
$ 151 |
$ 142 |
$ 451 |
$ 430 |
Provision for income taxes |
96 |
88 |
288 |
269 |
Investment and other income, net of
interest expense |
(4) |
(2) |
(10) |
(8) |
Operating income |
243 |
228 |
729 |
691 |
Depreciation and amortization |
88 |
78 |
286 |
257 |
EBITDA |
331 |
306 |
1,015 |
948 |
Share-based payment expense |
15 |
13 |
51 |
43 |
Deferred rent |
13 |
9 |
30 |
27 |
Adjusted EBITDA |
$ 359 |
$ 328 |
$ 1,096 |
$ 1,018 |
|
|
|
|
|
|
|
|
|
|
The Company defines Free Cash
Flow as net cash provided by operating activities less capital
expenditures. The following is a tabular reconciliation of the Free
Cash Flow non-GAAP financial measure. |
|
|
|
|
|
|
12 weeks ended |
40 weeks ended |
Free Cash Flow |
July 6, 2014 |
July 7, 2013 |
July 6, 2014 |
July 7, 2013 |
Net cash provided by operating
activities |
$ 240 |
$ 228 |
$ 859 |
$ 818 |
Development costs of new locations |
(122) |
(69) |
(329) |
(226) |
Other property and equipment
expenditures |
(82) |
(44) |
(237) |
(151) |
Free Cash Flow |
$ 36 |
$ 115 |
$ 293 |
$ 441 |
|
|
Whole Foods Market,
Inc. |
Non-GAAP Financial
Measures (unaudited) |
(In millions) |
|
|
|
|
|
In addition to reporting
financial results in accordance with generally accepted accounting
principles, or GAAP, the Company provides information regarding
Return on Invested Capital ("ROIC") as additional information about
its operating results. This measure is not in accordance with,
or an alternative to, GAAP. The Company's management believes
that this presentation provides useful information to management,
analysts and investors regarding certain additional financial and
business trends relating to its results of operations and financial
condition. In addition, management uses this measure for
reviewing the financial results of the Company as well as a
component of incentive compensation. The Company defines ROIC
as annualized adjusted earnings divided by average invested
capital. Earnings are annualized on a 52-week
basis. Adjustments to earnings are defined in the following
tabular reconciliation. Invested capital reflects an average
of the trailing four quarters. |
|
|
|
|
|
|
12 weeks ended |
40 weeks ended |
ROIC |
July 6, 2014 |
July 7, 2013 |
July 6, 2014 |
July 7, 2013 |
Net income |
$ 151 |
$ 142 |
$ 451 |
$ 430 |
|
|
|
|
|
Total rent expense, net of tax1 |
57 |
52 |
182 |
169 |
Estimated depreciation on capitalized
operating leases, net of tax2 |
(39) |
(35) |
(122) |
(113) |
Adjusted earnings,
including interest related to operating leases |
169 |
159 |
511 |
486 |
|
Annualized earnings |
$ 651 |
$ 614 |
$ 586 |
$ 559 |
Annualized adjusted
earnings, including interest related to operating leases |
$ 734 |
$ 689 |
$ 665 |
$ 632 |
|
|
|
|
|
Average working capital, excluding current
portion of long-term debt |
$ 805 |
$ 945 |
$ 805 |
$ 945 |
Average property and equipment, net |
2,607 |
2,249 |
2,607 |
2,249 |
Average other assets |
1,119 |
1,033 |
1,119 |
1,033 |
Average other liabilities |
(563) |
(511) |
(563) |
(511) |
Average invested
capital |
$ 3,968 |
$ 3,716 |
$ 3,968 |
$ 3,716 |
Average estimated asset base of
capitalized operating leases3 |
3,081 |
2,895 |
3,081 |
2,895 |
Average invested capital,
adjusted for capitalization of operating leases |
$ 7,049 |
$ 6,611 |
$ 7,049 |
$ 6,611 |
|
|
|
|
|
ROIC |
16.4% |
16.5% |
14.8% |
15.0% |
ROIC, adjusted for capitalization of
operating leases |
10.4% |
10.4% |
9.4% |
9.6% |
|
|
|
|
|
1 Total rent includes minimum
base rent of all tendered leases |
2 Estimated depreciation equals
two-thirds of total rent expense |
3 Estimated asset base equals
eight times total rent expense |
CONTACT: Cindy McCann
VP of Investor Relations
512.542.0204
Whole Foods Market, Inc. (NASDAQ:WFM)
Historical Stock Chart
From Apr 2024 to May 2024
Whole Foods Market, Inc. (NASDAQ:WFM)
Historical Stock Chart
From May 2023 to May 2024