Whole Foods Q3 profit jumps 88%, but tempers expectations going forward
Austin, Texas Whole Foods Market on Tuesday said third-quarter net income almost doubled as sales rose and costs fell. But the retailer tempered its sales expectations for the July to September period, citing the competitive grocery environment and uncertain economy. The chain also announced six new leases.
Whole Foods said it earned $65.7 million, up 88% from $35 million a year earlier. Revenue grew 15% to $2.16 billion. Same-store sales rose 8.4%, the third consecutive quarter of gains.
“We are pleased with our results, which compare very favorably to most other food retailers and show we are continuing to gain market share,” said John Mackey, co-chief executive officer and co-founder of Whole Foods Market.
The company also said it recently signed six new leases averaging 33,900 sq. ft. each in San Francisco; Boise, Idaho; Minneapolis; Austin, Texas (two sites); and Washington, D.C., for stores currently scheduled to open in fiscal year 2012 and beyond.
“We have eight leases in negotiation and expect an accelerated pace of lease signings to translate into a higher number of new store openings starting in 2012,” Mackey said.
Safeway names SVP government affairs
PLEASANTON, Calif. Safeway announced that it has appointed 16-year veteran Jonathan Mayes to SVP government relations, public affairs, corporate social responsibility and philanthropy.
“Jonathan is an exceptional leader and has successfully represented the company and its stakeholders in his role as our key Government Affairs person,” said Larree Renda, EVP, chief strategist and administrative officer. “Certainly he will bring the same level of excellence and commitment to these other functions that interact on a daily basis with our customers and communities.”
Mayes joined Safeway in 1994 as a senior attorney focused on employment law, business litigation, and consumer protection matters. In 1996, he joined the company’s government relations team as a director and was promoted to VP of that function in 1999. In 2008, Mayes was named group VP government relations in charge of the team of professionals that focus on local, state and federal government matters in the geographies in which Safeway operates in the United States and Canada.
Before joining Safeway, Mayes was senior corporate counsel for Lucky Stores, and an attorney at Donahue Gallagher Woods LLP.
Diddy goes green for M&M’s
HACKETTSTOWN, N.J. Mars Chocolate North America announced that Ms. Green is officially America’s favorite M&M’S character, and Sean “Diddy” Combs will produce a special M&M’s Green party in her honor.
Diddy will plan the party for “Party Like Diddy” Sweepstakes winner B.C. Ashmall-Liversidge and 20 of her friends. The party will take place in New York City this summer.