Whole Foods net income, revenue soar in 2nd quarter; grocer promotes exec to co-CEO job

Whole Foods net income more than doubles in 2Q

AUSTIN, Texas — Whole Foods Market Inc.’s net income more than doubled in its second quarter on rising sales and fatter profit margins, and it raised its full-year earnings guidance.

The natural and organic grocery chain said Wednesday that its earned $67.5 million, or 39 cents per share for the quarter. That’s up sharply from the $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 after the company retooled to cope with the recession.

John Mackey, a founder of Whole Foods, said the results were the best the company has reported in several years and said the company successfully emerged from this recession in a healthier position.

Whole Foods raised its guidance on the strong results, saying it expects to earn $1.33 to $1.37 per share for the year, up from its previous guidance of $1.20 to $1.25.

The company also announced that it has promoted President Walter Robb to share the CEO job with 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, based in Austin, Texas, rose $2.14, more than 5 percent, to $41.75 in after-hours trading.