Friday, November 4, 2011

Whole Foods, Wakefern reach sales milestones; A&P has deal to exit bankruptcy

Whole Foods Market announced earlier this week that sales for the fiscal year ending September 25 rose 12.2% compared to the previous year and passed the $10 billion mark. During the fiscal year comparable-store sales rose 8.4% and net income increased 39.4% to over $343 million.

For the fourth quarter, the company's sales rose 12.2% compared to the same period one year ago. In addition, net income climbed 31% to over $75 million, and comp-store sales rose 8.7%.

Wakefern Food Corp. (ShopRite, PriceRite) also reached new sales heights. The company announced last week that it reached $12.8 billion in retail sales for the fiscal year ending October 1. Wakefern's sales numbers reflect an 8.5% increase compared to the previous year. Ten new ShopRite stores and two new PriceRite stores opened during the fiscal year.

As for A&P (Super Fresh, Pathmark), the company announced yesterday that it has entered into an agreement to receive almost $500 million in debt and equity financing from private investors. The agreement, which is subject to approval from the U.S. Bankruptcy Court, will enable A&P to emerge from Chapter 11 as a private company early next year. This announcement comes nearly a year since the 152-year old company filed for Chapter 11 bankruptcy.

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