• February 18, 2009

Whole Foods Market says that while sales in the first quarter of its fiscal year were flat, comparable-store sales fell 4%, compared to a 9% increase in the same period a year ago.

Excluding the impact of foreign currency translation, comparable store sales decreased 3.4%. For the quarter, earnings fell to $27.8 million, down from $39.1 million in the same period a year ago. The quarter's results include $11 million in legal costs related to its ongoing wrangling with the Federal Trade Commission over the acquisition of Wild Oats.

The company says in a release on the results that despite flat sales, "we are demonstrating we can operationally adjust to lower sales volumes and believe that this flexibility, combined with our improved balance sheet, will enable us to emerge stronger and better positioned over the long term."--Sarah Mahoney