updated 5/4/2011 4:16:54 PM ET 2011-05-04T20:16:54

AUSTIN, Texas, May 4, 2011 (GLOBE NEWSWIRE) -- Whole Foods Market, Inc. (Nasdaq:WFMI) today announced a change in its trading symbol to "WFM" from "WFMI" effective May 6, 2011 and reported results for the 12-week second quarter ended April 10, 2011. Sales for the quarter increased 12% to $2.4 billion. Comparable and identical store sales increased 7.8%, or 16.5% and 15.5% on a two-year stacked basis, respectively, including a negative impact of 50 basis points from Easter shifting from the second quarter last year to the third quarter this year. Earnings before interest, taxes, depreciation and amortization ("EBITDA") increased 14% from the prior year to $208.3 million, net income increased 33% to $89.9 million, and diluted earnings per share increased 29% to $0.51. Results included a LIFO charge of $1.0 million versus a credit of $3.0 million in the prior year; a gain of $3.2 million in the prior year from the sale of a non-operating property; net interest income of $0.7 million versus net interest expense of $5.9 million in the prior year; and an effective tax rate of 37.0% versus 40.5% in the prior year.  

"These are the strongest overall results we have reported in the past five years.  Our solid execution is generating consistent cash flow, and with our long-term debt now fully repaid, we are considering other uses for our growing cash balance, including accelerating our growth, raising our dividend and repurchasing stock," said John Mackey co-founder and co-chief executive officer of Whole Foods Market. "We are very proud of our balance sheet and that, despite a much tougher year-ago comparison, we are reporting our sixth consecutive quarter of accelerating two-year identical store sales growth.  Based on our results for the quarter, we have raised our earnings outlook by $0.10 for the year."

The following table shows the Company's comparable and identical store sales results for the last five quarters and for the five weeks ending May 1, 2011.

            Five Weeks
            Ended
  2Q10 3Q10 4Q10 1Q11 2Q11* 5/1/11**
             
Sales growth 13.4% 15.2% 14.7% 13.8% 11.6%  
             
Comparable store sales growth 8.7% 8.8% 8.7% 9.1% 7.8% 8.1%
Two-year comps 3.9% 6.3% 7.7% 12.6% 16.5% 17.2%
             
Identical store sales growth 7.7% 8.4% 8.7% 9.1% 7.8% 7.9%
Two-year idents 1.9% 4.6% 6.4% 11.6% 15.5% 16.0%
 Sequential basis point change 432 272 178 518 392  

 * Comparable and identical store sales growth includes a 50 basis point negative impact from the Easter shift.

** Results include Easter week in both the current and prior year.

For the quarter, the LIFO charge was $1.0 million versus a credit of $3.0 million in the prior year, a negative impact of 18 basis points. Excluding LIFO, gross profit increased 53 basis points to 35.6% of sales driven by an improvement in both occupancy costs and cost of goods sold as a percentage of sales. Direct store expenses improved 31 basis points to 25.9% of sales due to leverage in wages, depreciation and healthcare costs as a percentage of sales.  As a result, store contribution, excluding LIFO, improved 84 basis points to 9.8% of sales.

For stores in the identical store base, gross profit improved 66 basis points to 35.7% of sales, direct store expenses improved 50 basis points to 25.7% of sales, and store contribution improved 116 basis points to 10.0% of sales.

G&A expenses increased 25 basis points to 3.2% of sales due primarily to an increase in salaries and benefits as a percentage of sales.

Pre-opening expenses were $9.5 million versus $11.6 million in the prior year. Relocation, store closure and lease termination costs were $1.0 million versus a credit of $2.7 million in the prior year. Prior-year results included a $3.2 million gain on the sale of a non-operating property. 

Net interest income was $0.7 million versus net interest expense of $5.9 million in the prior year. This change was driven by a $520.8 million decrease in total debt and lower average interest rates compared to the prior year.

The effective tax rate declined to 37.0% versus 40.5% in the prior year due to savings realized by the Company as a result of certain initiatives and investments.

During the quarter, the Company produced $149.8 million in cash flow from operations and invested $78.6 million in capital expenditures, of which $43.9 million related to new stores. This resulted in free cash flow of $71.2 million. In addition, the Company repaid $200 million of its term loan and paid $17.3 million in dividends to shareholders. At the end of the quarter, total cash and cash equivalents, restricted cash, and investments were $721.2 million, and total debt was $208.2 million. Subsequent to the close of the second quarter, the Company repaid the remaining $190 million balance on its term loan and paid $17.6 million in dividends to shareholders.

Additional information on the quarter for comparable stores and all stores is provided in the following table. 

    NOPAT # of Average Total
Comparable  Stores Comps ROIC1 Stores Size Square Feet
           
Over 14 years old (18.8 years old, s.f. weighted) 2.7% 106%  61 26,500 1,617,000
Between 11 and 14 years old 8.7% 79%  62 30,500 1,891,500
Between eight and 11 years old 6.7% 72% 46 34,000 1,564,300
Between five and eight years old 6.9% 53% 50 42,600 2,129,500
Between two and five years old 12.4% 14% 54 54,100 2,922,100
Less than two years old (including one relocation) 12.9% 10% 17 46,700 793,400
           
All comparable stores (8.6 years old, s.f. weighted) 7.8% 42% 290 37,600 10,918,000
All stores (8.3 years old, s.f. weighted)   38% 304 37,800 11,478,200

 1Reflects store-level capital and net operating profit after taxes ("NOPAT"), including pre-opening expense

Fiscal Year Results

For the 28-week period ended April 10, 2011, sales increased 13% to $5.4 billion. Comparable and identical store sales increased 8.5%, or 14.3% and 13.2% on a two-year stacked basis, respectively, including a negative impact of 24 basis points from Easter shifting from the second quarter last year to the third quarter this year. EBITDA increased 20% to $442.6 million, income available to common shareholders increased 53% to $178.7 million, and diluted earnings per share increased 42% to $1.02. Fiscal-year results included a LIFO charge of $3.0 million versus a credit of $2.8 million in the prior year; store closure reserve adjustments of $0.5 million versus $8.4 million in the prior year; a gain of $3.2 million in the prior year from the sale of a non-operating property; net interest income of $1.0 million versus net interest expense of $14.6 million in the prior year; and an effective tax rate of 38.5% versus 40.7% in the prior year.   

For the fiscal year, the Company produced $402.8 million in cash flow from operations and invested $169.6 million in capital expenditures, of which $89.5 million related to new stores. This resulted in free cash flow of $233.2 million. Year to date through May 4, 2011, the Company has repaid $490 million of its term loan and paid approximately $35.0 million in dividends to shareholders. 

The following table shows the Company's year-to-date results through the second quarter for certain line items compared to its historical five-year ranges and averages.

   FY06-FY10 Range FY06-FY10 FY11
   Low High Average YTD
         
Sales growth 1.0% 23.6% 14.2% 12.8%
Comparable store sales growth -3.1% 11.0% 5.4% 8.5%
Identical store sales growth -4.3% 10.3% 4.4% 8.5%
Ending square footage growth 6% 46% 15% 5%
Percent of sales from new & relocated stores 7% 9% 7% 4%
         
Gross profit 34.0% 34.9% 34.6% 35.0%
Direct store expenses 25.4% 26.7% 26.3% 26.1%
Store contribution 7.5% 9.6% 8.3% 8.9%
G&A expenses 3.0% 3.4% 3.2% 3.1%

Growth and Development

The Company opened three stores, including one relocation, in the second quarter and has relocated one store so far in the third quarter. The Company expects to open six additional new stores, including two relocations, in the third quarter. The Company currently has 304 stores totaling approximately 11.5 million square feet. 

Since its first quarter earnings release, the Company has terminated one lease for a 25,000 square foot store in development. The Company also recently signed nine new leases averaging 32,200 square feet in size in Markham, Ontario; Fulham, England; Tampa, FL; Des Moines, IA; Chicago, IL; Riverdale, MD; Wilmington, NC; southern NH; and Knoxville, TN. These stores currently are scheduled to open in fiscal year 2012 and beyond. 

The following table provides additional information about the Company's store openings in fiscal years 2010 and 2011 year to date, leases currently tendered but unopened, and total development pipeline (including leases currently tendered) for stores scheduled to open through fiscal year 2014. For accounting purposes, a store is considered tendered on the date the Company takes possession of the space for construction and other purposes, which is typically when the shell of the store is complete or nearing completion.

 

Stores Stores Current Current
  Opened Opened Leases Leases
New Store Information FY10 FY11 YTD Tendered Signed
 

 
 

 
 

 
 

 
 

 
Number of stores (including relocations) 16 7 20 61
Number of relocations 0 2 5 7
Number of lease acquisitions, ground leases and owned properties 0 0 4 4
New markets 4 0 1 12
Average store size (gross square feet) 42,600 40,900 37,900 36,600
Total square footage 682,200 286,400 757,400 2,249,100
Average tender period in months 10.9      
Average pre-opening expense per store (incl. rent) $2.6 mil      
Average pre-opening rent per store $1.2 mil      
Average development cost (excl. pre-opening) $11.1 mil      
Average development cost per square foot $261      

 Outlook for Fiscal Year 2011

The following table provides additional information on the Company's updated 2011 outlook.

  Prior Current Q2 YTD Q3-Q4
  FY11 Outlook FY11 Outlook Actuals Implied Outlook
         
Sales growth 10.7%  - 12.8% 11.7% - 12.6% 12.8% 10.3% - 12.4%
Comparable store sales growth 7.2% - 9.2% 7.9% - 8.9% 8.5% 7.2% - 9.2%
 Two-year comps 14.3% - 16.3% 15.0% - 16.0% 14.3% 15.9% - 18.0%
Identical store sales growth 7.0% - 9.0% 7.8% - 8.7% 8.5% 7.0% - 9.0%
 Two-year idents 13.5% - 15.5% 14.3% - 15.2% 13.2% 15.5% - 17.5%
Weighted square footage growth 5% 5% 6% 4%
         
LIFO charge $4.5 -- $5.0 mil $5.5 -- $6.0 mil $3.0 mil $2.5 -- $3.0 mil
G&A expenses 3.0% 3.0% 3.1% 3.0%
Pre-opening and relocation costs $50 -- $53 mil $50 -- $53 mil $22 mil $28 -- $31 mil
Operating margin 5.2% 5.4% 5.4% 5.3% - 5.4%
EBITDA $800 -- $815 mil $827 -- $837 mil $443 mil $384 -- $394 mil
Net interest income $1 -- $2 mil $3 -- $4 mil $1 mil $2 -- $3 mil
         
Tax rate 40.0% 38.5% - 38.8% 38.5% 38.5% - 39.0%
Diluted shares outstanding 175 - 176 mil 178 mil 176 mil 181 mil
         
Diluted EPS $1.76 -- $1.80 $1.87 -- $1.90 $1.02 $0.85 -- $0.88
 YOY % change 23% - 26% 31% - 33% 42% 20% - 24%
Capital expenditures $350 -- $400 mil $350 -- $400 mil $170 mil $180 -- $230 mil

For the five-week period ending May 1, 2011, including Easter in both years, identical store sales increased 7.9%.  On a two-year basis, identical store sales increased 16.0%, in line with results for the second quarter excluding the negative impact of the Easter shift.  The low end of the Company's identical store sales guidance for the fiscal year assumes a slight deceleration in identical store sales growth on a two-year basis from the 16.0% two-year idents the Company produced for this five-week period, while the high end assumes an acceleration in two-year identical store sales growth, albeit at a more moderate rate than in the first half of the fiscal year. The Company believes these ranges appropriately reflect marginally tougher comparisons in the second half of the year, while also allowing for the possibility that the Company's 8.5% year-to-date identical store sales growth could be sustained especially given the likelihood of some positive impact from higher inflation.    

Based on its second quarter results and updated assumptions, the Company is raising its diluted EPS range for the year to $1.87 to $1.90, an increase of 31% to 33% year over year.  For the second half of the year, the Company does not expect to produce the same level of year-over-year earnings growth that it has produced year to date. While the Company expects the benefit of net interest income and a lower tax rate to continue in the second half of the year, the Company expects a greater year-over-year increase in pre-opening and relocation expenses of approximately $13 to $16 million; a greater negative change in LIFO of approximately $7 to $8 million year over year; and a year-over-year increase in average diluted shares outstanding of approximately eight million.  In addition, the Company expects lower total sales growth on tougher comparisons, which could make it difficult to leverage costs to the extent the Company did in the first half of the year. The Company notes the fourth quarter is seasonally its weakest quarter of the fiscal year in terms of average weekly sales and store contribution.

The Company is committed to producing positive free cash flow on an annual basis, including sufficient cash flow to fund the 61 stores in its current development pipeline. The following table provides information about the Company's estimated store openings through 2014 based on this pipeline. These openings reflect estimated tender dates, which are subject to change, and do not incorporate any potential new leases, terminations or square footage reductions.

 

 
Total   Average Square Ending Square Square Footage
  Openings Relocations Feet per Store Footage1 Growth1
           
FY11 remaining stores in development 10 4 36,500 11,786,200 5%
FY12 stores in development 20 0 35,900 12,503,300 6%
FY13 stores in development 22 3 36,300 13,228,900 6%
FY14 stores in development 9 0 39,800 13,582,500 3%
Total 61 7      

1 Reflects seven openings and one expansion year to date, plus two additional expansions in fiscal year 2011

About Whole Foods Market

Founded in 1980 in Austin, Texas, Whole Foods Market ( www.wholefoodsmarket.com ) is the leading natural and organic foods supermarket, and America's first national certified organic grocer. In fiscal year 2010, the Company had sales of approximately $9.0 billion and currently has 304 stores in the United States, Canada, and the United Kingdom. Whole Foods Market employs approximately 61,000 Team Members and has been ranked for 14 consecutive years as one of the "100 Best Companies to Work For" in America by Fortune magazine.

The Whole Foods Market, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6063

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, changes in the Company's access to available capital, 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 26, 2010.  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 1-800-862-9098, 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 thousands, except per share amounts)
         
  Twelve weeks ended Twenty-eight weeks ended
  April 10, 2011 April 11, 2010 April 10, 2011 April 11, 2010
Sales  $ 2,350,518 $ 2,106,061  $ 5,354,173  $ 4,745,219
Cost of goods sold and occupancy costs  1,513,699 1,363,632  3,479,115  3,096,574
Gross profit 836,819 742,429 1,875,058  1,648,645
Direct store expenses  608,484 551,705  1,398,867  1,254,511
Store contribution  228,335  190,724  476,191  394,134
General and administrative expenses  75,661 62,540  164,172  138,476
Operating income before pre-opening and store closure  152,674  128,184  312,019  255,658
Pre-opening expenses  9,543 11,636  18,183  24,445
Relocation, store closure and lease termination costs  1,003 (2,688)  4,149  9,724
Operating income  142,128  119,236  289,687  221,489
Interest expense  (1,283) (7,783)  (3,616)  (18,336)
Investment and other income  1,941 1,910  4,593  3,693
Income before income taxes  142,786  113,363  290,664  206,846
Provision for income taxes  52,851 45,912  111,999  84,240
Net income  89,935  67,451  178,665  122,606
Preferred stock dividends  --  --  --  5,478
Income available to common shareholders  $ 89,935  $ 67,451  $ 178,665  $ 117,128
         
Basic earnings per share  $ 0.51  $ 0.39  $ 1.03  $ 0.73
Weighted average shares outstanding  174,686  170,893  173,606  161,476
         
Diluted earnings per share  $ 0.51  $ 0.39  $ 1.02  $ 0.72
Weighted average shares outstanding, diluted basis  177,124  171,826  175,614  170,953
         
Dividends declared per common share  $ 0.10  $ --   $ 0.20  $ -- 
         
A reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations follows:  
         
  Twelve weeks ended Twenty-eight weeks ended
  April 10, 2011 April 11, 2010 April 10, 2011 April 11, 2010
Income available to common shareholders        
(numerator for basic earnings per share)  $ 89,935  $ 67,451  $ 178,665  $ 117,128
Preferred stock dividends  --   --   --   5,478
Adjusted income available to common shareholders        
(numerator for diluted earnings per share)  $ 89,935  $ 67,451  $ 178,665  $ 122,606
Weighted average common shares outstanding        
(denominator for basic earnings per share)  174,686  170,893  173,606  161,476
Potential common shares outstanding:        
Assumed conversion of preferred shares  --  --  --  8,823
Incremental shares from assumed exercise of stock options  2,438  933  2,008  654
Weighted average common shares outstanding and         
potential additional common shares outstanding        
(denominator for diluted earnings per share)  177,124  171,826  175,614  170,953
         
Basic earnings per share  $ 0.51  $ 0.39  $ 1.03  $ 0.73
Diluted earnings per share $ 0.51 $ 0.39 $ 1.02 $ 0.72
 
Whole Foods Market, Inc.
Consolidated Balance Sheets (unaudited)
April 10, 2011 and September 26, 2010
(In thousands)
     
     
Assets 2011 2010
Current assets:    
Cash and cash equivalents  $ 162,103  $ 131,996
Short-term investments - available-for-sale securities  391,846  329,738
Restricted cash  86,785  86,802
Accounts receivable  155,092  133,346
Merchandise inventories  341,539  323,487
Prepaid expenses and other current assets  62,127  54,686
Deferred income taxes  103,394  101,464
Total current assets  1,302,886  1,161,519
Property and equipment, net of accumulated depreciation and amortization  1,933,764  1,886,130
Long-term investments - available-for-sale securities  80,437  96,146
Goodwill  661,483  665,224
Intangible assets, net of accumulated amortization  67,093  69,064
Deferred income taxes  81,549  99,156
Other assets  9,362  9,301
Total assets  $ 4,136,574  $ 3,986,540
     
Liabilities And Shareholders' Equity
Current liabilities:    
Current installments of long-term debt and capital lease obligations  $ 435  $ 410
Accounts payable  233,991  213,212
Accrued payroll, bonus and other benefits due team members  254,334  244,427
Dividends payable  17,572  --
Other current liabilities  338,072  289,823
Total current liabilities  844,404  747,872
Long-term debt and capital lease obligations, less current installments  207,741  508,288
Deferred lease liabilities  321,986  294,291
Other long-term liabilities  59,708  62,831
Total liabilities  1,433,839  1,613,282
     
Shareholders' equity:    
Common stock, no par value, 300,000 shares authorized;    
175,713 and 172,033 shares issued and outstanding    
 in 2011 and 2010, respectively  1,954,250  1,773,897
Accumulated other comprehensive income  6,408  791
Retained earnings  742,077  598,570
Total shareholders' equity  2,702,735  2,373,258
Commitments and contingencies    
Total liabilities and shareholders' equity  $ 4,136,574  $ 3,986,540
 
Whole Foods Market, Inc.
Consolidated Statements of Cash Flows (unaudited)
April 10, 2011 and April 11, 2010
(In thousands)
     
  Twenty-eight weeks ended
  April 10, 2011 April 11, 2010
Cash flows from operating activities    
Net income  $ 178,665  $ 122,606
Adjustments to reconcile net income to net cash provided    
by operating activities:    
Depreciation and amortization 152,903 146,795
Loss (gain) on disposition of fixed assets 914 (2,172)
Impairment of long-lived assets 581 1,875
Share-based payment expense 12,848 9,173
LIFO expense (benefit) 3,000 (2,805)
Deferred income tax expense (benefit) 15,747 (7,773)
Excess tax benefit related to exercise of team member stock options (9,251) (1,844)
Deferred lease liabilities 24,110 19,954
Other (379) (3,895)
Net change in current assets and liabilities:    
Accounts receivable (24,991) (17,581)
Merchandise inventories (20,474) (2,734)
Prepaid expenses and other current assets (7,310) 10,370
Accounts payable 20,176 17,565
Accrued payroll, bonus and other benefits due team members 9,580 14,980
Other current liabilities 46,457 33,342
Net change in other long-term liabilities 241 5,127
Net cash provided by operating activities 402,817 342,983
Cash flows from investing activities    
Development costs of new locations (89,451) (110,966)
Other property and equipment expenditures (80,130) (36,055)
Purchase of available-for-sale securities (780,154) (615,492)
Sale of available-for-sale securities 731,306 192,685
Decrease (increase) in restricted cash 17 (16,184)
Other investing activities (1,576) (1,048)
Net cash used in investing activities (219,988) (587,060)
Cash flows from financing activities    
Common stock dividends paid (17,348) -- 
Preferred stock dividends paid --  (8,500)
Issuance of common stock 153,067 34,321
Excess tax benefit related to exercise of team member stock options 9,251 1,844
Payments on long-term debt and capital lease obligations (300,123) -- 
Other financing activities --  (110)
Net cash provided by (used in) financing activities (155,153) 27,555
Effect of exchange rate changes on cash and cash equivalents 2,431 1,601
Net change in cash and cash equivalents 30,107 (214,921)
Cash and cash equivalents at beginning of period 131,996 430,130
Cash and cash equivalents at end of period  $ 162,103  $ 215,209
     
Supplemental disclosure of cash flow information:    
Interest paid  $ 14,002  $ 28,653
Federal and state income taxes paid  $ 109,611  $ 76,616
Non-cash transaction:    
Conversion of redeemable preferred stock into common stock  $ --   $ 418,247
     
Whole Foods Market, Inc.
Non-GAAP Financial Measures (unaudited)
(In thousands)
         
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 asset impairment charges. The Company defines Free cash flow as net cash provided by operating activities less capital expenditures. 



The following is a tabular presentation of the non-GAAP financial measures, EBITDA and Adjusted EBITDA including a reconciliation to GAAP net income, which the Company believes to be the most directly comparable GAAP financial measure. 
         
  Twelve weeks ended Twenty-eight weeks ended
EBITDA and Adjusted EBITDA April 10, 2011 April 11, 2010 April 10, 2011 April 11, 2010
Net income  $ 89,935  $ 67,451  $ 178,665  $ 122,606
Provision for income taxes  52,851  45,912  111,999  84,240
Interest expense, net  (658)  5,873  (977)  14,643
Operating income  142,128  119,236  289,687  221,489
Depreciation and amortization  66,212  63,094  152,903  146,795
Earnings before interest, taxes, depreciation & amortization (EBITDA)  208,340  182,330  442,590  368,284
Impairment of assets  22  145  581  1,875
Adjusted EBITDA  $ 208,362  $ 182,475  $ 443,171  $ 370,159
         
The following is a tabular reconciliation of the Free cash flow non-GAAP financial measure. 
         
  Twelve weeks ended Twenty-eight weeks ended
Free cash flow April 10, 2011 April 11, 2010 April 10, 2011 April 11, 2010
Net cash provided by operating activities  $ 149,832  $ 181,506  $ 402,817  $ 342,983
Development costs of new locations  (43,890)  (51,693)  (89,451)  (110,966)
Other property and equipment expenditures  (34,694)  (12,798)  (80,130)  (36,055)
Free cash flow  $ 71,248  $ 117,015  $ 233,236  $ 195,962
         
CONTACT: Cindy McCann 
         VP of Investor Relations
         512.542.0204

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