Whole Foods Falls Shy of Profit Estimate

Whole Foods Market Inc., the largest U.S. natural-foods grocer, said first-quarter profit rose 26% on gains from new store openings and sales of prepared meals, but the results were below Wall Street’s expectations.

Net income climbed to $58.3 million, or 40 cents a share, from $46.2 million, or 34 cents, a year earlier, the Austin, Texas-based company said. Sales surged 22% to $1.7 billion.

The average estimate of analysts surveyed by Thomson Financial was for profit of 41 cents.

The company’s shares fell $2.35 to $69.70 in after-hours trading following the report. The stock had closed down 39 cents to $72.05 in regular trading.