Whole Foods Reports Earnings; Shares Soar

Shares of Whole Foods Market WFMI are spiking higher after-hours, currently up by 7.20% to $43.15. The company substantially raised guidance for the year, as well as the up coming quarter. Comp sales for Q2 were up 8.7%. The company reported EPS of $0.39 on $2.11 billion in revenue. The Street was looking for $0.33 EPS on $2.05 billion in revenue. Whole Foods Market said, “Our second quarter results are the best we have reported in several years, with extremely strong growth in comparable store sales, earnings and cash flow.” CEO John Mackey also remarked, “We have successfully emerged from this recession with a healthier balance sheet and better capital disciplines. Our new stores are performing very well, and we look forward to rebuilding our store development pipeline and re-accelerating our square footage growth in the future.”