Whole Foods Net Income More Than Doubles In 2Q

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Whole Foods Market Inc.'s second-quarter net income more than doubled on rapid sales growth and fatter profit margins.

The natural and organic grocery chain said Wednesday that its net income rose to $67.5 million, or 39 cents per share. That compares with $27.3 million, or 19 cents per share, earned in the same quarter last year.

Revenue rose more than 13 percent to $2.1 billion.

The results beat analyst expectations of 33 cents per share on revenue of $2 billion, according to a poll by Thomson Reuters.

Whole Foods' business has been on an upward swing recently as the company retooled to cope with the recession. Shares of the company, based in Austin, Texas, rose sharply after hours.

The company also announced that it has promoted President Walter Robb to share the CEO job with company founder John Mackey.

Robb has served as co-president and chief operating officer with A.C. Gallo. Gallo will serve as the company's sole president and chief operating officer.

Shares of Whole Foods rose $1.85, nearly 5 percent, in after-hours trading.

Copyright 2010 The Associated Press.



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