Whole Foods Market Inc. reported fiscal first-quarter earnings that fell below analysts' estimates.
Net income declined for the ninth consecutive quarter to $32.3 million, or 20 cents a share, from $39.1 million, or 28 cents, a year earlier, the Austin, Texas, company said.
Excluding legal costs, Whole Foods earned 25 cents a share, exceeding the 17-cent average of analyst estimates compiled by Bloomberg. Sales rose to $2.47 billion from $2.46 billion.
The operator of 278 stores projected profit of 71 cents to 76 cents, including legal costs, for the year ending September. Analysts predicted 69 cents.
Whole Foods rose 11% to $10.32 in late trading after the earnings were announced. Earlier, the shares fell 3 cents to $9.29.