Whole Foods Market claims it has the funds to expand its US store network from 300 to 1,000 outlets, according to a report by Just-Food.
Speaking at the Jefferies 2011 Global Consumer Conference, Whole Foods’ co-CEO Walter Robb told delegates that the natural and organic retailer’s success in the last three years is down to the “clean-up” of the company's balance sheet.
In the last four quarters, Whole Foods has generated US$645m in free cash flow and US$166m from stock option exercises, the co-CEO told analysts.
The company has also paid off US$700m in debt and invested US$275 in stores, the report said.
“I feel like we’re in a very strong position to execute against the opportunities that we see right now,” Mr Robb said, adding that the company will use the cash to re-accelerate growth.
“The next big opportunity is to build more stores,” he added.
Next year, Mr Robb revealed that Whole Foods will build around 20 stores or more in the US.
In Canada, theretailer is also on its way to increasing store numbers from six to 35.
