Whole Foods profits leap

First-quarter profits at US food specialist Whole Foods Markets leapt by 26 per cent, with total sales up 22 per cent to US$1.67 billion (£958.9 million).

Profits at the group - which owns the UK's organic store chain Fresh & Wild - rose to US$58.3 million (£33.5 million) in the quarter to January 15.

Like-for-like sales increased by 13 per cent, representing the ninth straight quarter of double-digit same-store sales growth.

The 181-store organic and upscale food retail chain has become a household name in the US, creating a hugely successful niche for itself. It has signed leases on 10 more sites and plans to open an additional two stores in the second quarter.

'Our average weekly sales were a record US$585,000 [£335,900] for all stores and US$623,000 [£357,720] for new stores,' said John Mackey, chairman, CEO and co-founder of Whole Foods. 'Despite the fact that our average store size continues to grow, our annualised sales per gross square foot increased to an all-time high of just over US$900 [£520].'

Whole Foods is opening a UK superstore next year on the site of Barkers department store in London's Kensington. It also plans to phase out the Fresh & Wild stores it acquired in the UK as it locates new Whole Foods stores in the same areas.