Skip navigation
Retail Traffic

Going down?

Not too long ago, Whole Foods Market looked indomitable. Many owners believed the firm would weather the economic downturn because it caters to the well-heeled.

But during its third quarter Whole Foods shocked observers by reporting a 30 percent drop in net income. CEO John Mackey said the environment is the “most challenging I've experienced in my 30 years in retail.”

As a result, the company plans to cut costs and reduce the number of new stores opening in 2009. Comparable store growth, up 2.9 percent in the quarter, was below expectations.

TAGS: News
Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.