Whole Foods Market reported profits of $106 million for the quarter ended July 2, down more than 11 percent despite posting a record $3.7 billion in sales.
The results today provide a new window into the state of the Austin, Texas-based upscale grocery chain following its agreement to be acquired by Amazon for $13.7 billion.
Amazon is looking at Whole Foods as a long-term strategic investment, giving the Seattle tech company a large physical retail footprint, but the latest results highlight ongoing struggles in the grocer’s business.
Whole Foods did not hold the customary conference call or update its financial forecasts, citing the pending Amazon deal. The company said in its earnings news release that it still expects the Amazon acquisition to close during the second half of the year.
In the latest quarter, Whole Foods same-store sales dropped 1.9 percent — the eighth straight quarterly decline in that key metric, according to a Reuters report.
The grocery chain’s share price was largely unchanged after the mid-day earnings announcement, finishing the day at $41.81, just under Amazon’s $42/share acquisition price.