Whole Foods (WFM) is trying to change its
reputation as a grocery with fresh food at high prices by opening a separate chain of
lower-priced stores aimed at Millennials. The new stores will cater to a younger generation
of shoppers who are still interested in organic and natural foods but want a different shopping
experience, executives said. The company made the announcement Wednesday
as part of its second-quarter earnings release. Whole Foods shares fell after the earnings
announcement missed analyst expectations and continued to trend down Thursday, slumping
nearly 10% to $43.07. Whole Foods, known for its organic, natural
food selection, clean stores and large displays of bright, fresh produce, has been losing
traction recently as organic and fresh foods have become more popular at mainstream grocery
chains. Whole Foods has more than 400 stores in the
U.S., Canada and the United Kingdom, and has plans to open at least 100 more. The company reported sales at stores open
at least a year increased 3.6%, below analyst expectations for an increase of 5.3%. Total
sales increased 10% to $3.65 billion. But analysts targeted sales of $3.71 billion. News From Earth.
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