Whole Foods, the biggest retailer of high-priced organic and natural food products in the US, is registering significant growth in the face of a downturn in sales for retailers geared toward less affluent consumers.
International news agency Reuters reported the retailer has raised its 2011 profit outlook following a sharp growth in sales, which caused the value of its shares to increase by nine per cent.
According to the report the upscale grocer’s sales results contrast sharply with those of retailers, such as Walmart, that trade on discounted prices.
Wholefood’s same-store sales were up 8.7 percent so far in the second quarter, reported Reuters.
Executives attributed this to a seven per cent increase in customer visits and a two per cent increase in spending per visit, with shoppers spending more on higher-priced organic produce.
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