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market movers

Whole Foods again cuts profit forecast

Whole Foods faces tougher competition as mainstream players such as Kroger roll out more organic products.
Associated Press/File 2007
Whole Foods faces tougher competition as mainstream players such as Kroger roll out more organic products.

Whole Foods Market’s stock fell more than 7 percent after hours on Wednesday and again Thursday after the chain reported quarterly profit and revenue below analysts’ forecasts. The 373-store chain had profit of $158 million, up from $146 million a year earlier. Revenue rose 10 percent to $4.24 billion. It cut its annual earnings forecast for the second time since November and now expects $1.65 to $1.69 per share. The company says growth is the key: It signed 57 new leases in the past year and will cross the 500-store mark in 2017.