Whole Foods Higher After Hours (WFMI)

Whole Foods Market, Inc. WFMI is markedly higher in after-hours tonight, after the upscale supermarket reported better than expected earnings, and raised guidance. Whole Foods Inc. said that it earned 33 cents a share 5 cents better than analysts' estimates. Fiscal fourth-quarter net income rose 58% to $57.5 million. Revenues rose 15% to $2.1 billion, also above estimates of $2.07 billion. For fiscal 2011, Whole Foods raised its guidance forecast for earnings and same store sales growth. Whole Foods said it now believes it will earn $1.66-$1.71 per share for the year, up from $1.59-$1.64 per share it previously forecast. "Our ability to perform against tougher sales comparisons has continued to surpass our expectations, translating to better-than-expected identical store sales growth of 8.7% in the fourth quarter, an acceleration to 6.4% on a two-year basis. We are proud to be gaining market share at a faster rate than most public food retailers," said John Mackey, co-chief executive officer and co-founder of Whole Foods Market. "We attribute much of our success to the progress we have made in our relative price positioning and to our initiatives in areas such as healthy eating, animal welfare and sustainable seafood. These initiatives are aligned with our core customer base and reinforce our position as the authentic retailer of natural and organic foods, further differentiating the Whole Foods Market shopping experience and making us the preferred choice for customers aspiring to a healthier lifestyle."