Soft Start to Fiscal 2017 Reflects Intensifying Competition for Whole Foods; Outlook Intact
We do not plan to meaningfully alter our $31 per share valuation for narrow-moat Whole Foods, with a time value of money adjustment offsetting soft first-quarter earnings. Comparable-store sales fell 2.4% alongside a 7.3% EBITDA margin, trailing our full-year expectations for a 1% dip and 8.2% mark, respectively. Furthermore, the firm recanted its long-term 1,200-store target, instead announcing it will close nine locations in the second quarter and moderate new lease signings. We had been more ...
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