Whole Foods' income up in 2nd quarter
Whole Foods Market Inc. said stronger sales helped more than double its second-quarter net income as shoppers flocked to the natural and organic grocery chain.
The company opened a store in Maui in February, the second store in Hawai'i, joining the Whole Foods at Kahala Mall. A 40,000-square-foot store in Kailua is expected to open in fall 2011.
Whole Foods had been hit hard during the recession as shoppers cut back on spending. The company retooled — cutting costs, limiting its growth and adding lower-priced offerings to draw shoppers.
A previously planned flagship at Victoria Ward Centers in Kaka'ako was canceled after construction delays by Ward Centers.
Whole Foods, based in Austin, Texas, reported net income of $67.5 million, or 39 cents per share for the second quarter. That's up 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 Thompson Reuters.
Whole Foods says shoppers are still focused on getting good deals but they are realizing how much value they can get in its stores, which have been known primarily for high-end goods and prices to match. Shoppers also are showing signs of loosening purse strings as they buy a wider array of products and trade up to higher-priced items in certain categories.
SYNEDGEN GETS $2.73M ARMY GRANT
Synedgen Inc. said it has received $2.73 million in funding by the U.S. Army for the development of life-saving products and therapies, including those that will be manufactured at its Honolulu facilities.
The products will help treat drug-resistant bacteria including those that threaten troops injured on the battlefield.
Synedgen was formed last year through the merger of Honolulu-based Hawaii Chitopure and Claremont, Calif.-based BioSTAR West.