Whole Foods Market's (WFM) shares were sinking Wednesday after the natural-foods grocer missed analysts second-quarter estimates and, even worse, decreased its forecast for the fiscal year yet again.
In recent premarket trading, the Texas-based company's stock was dropping 17.8% to $39.40, setting it up for what likely will be one of its worst days ever in 22 years of trading. It had lost 0.7% to $47.95 by Tuesday's close, and for now, it has a 52-week range of $45.43 to $65.59.
The selling was prompted by Whole Foods saying it earned 38 cents a share in the latest quarter, on sales of $3.32 billion. According to FactSet, Wall Street was expecting 41 cents and revenue of $3.34 billion. Same-store sales were up 4.5%, though Whole Foods indicated comparables would have risen 5% if not for Easter's date. Still, analysts were looking for 5.1% growth.
For the full year, the company now expects sales to increase 10.5% to 11% — its third revision lower in a matter of months. Previously, WholeRead More »from Whole Foods dives after cutting outlook again