Whole Foods Market Inc. The largest U.S. natural-foods grocer said fourth-quarter profit fell because of costs related to its purchase of Boulder-based Wild Oats Markets Inc.
Net income dropped to $33.9 million, or 24 cents a share, from $39.8 million, or 28 cents, a year earlier, Whole Foods said Tuesday in a statement. Sales rose to $1.74 billion, exceeding analysts’ estimates.
The chain spent more to integrate Wild Oats stores, which it purchased in August for $565 million. Whole Foods bought the chain to help counter slowing growth and compete with Safeway Inc. and Trader Joe’s, which sell organic and prepared food.
Target Corp. The discount retailer said Tuesday that third-quarter earnings dipped 4 percent, missing Wall Street forecasts, because of weak sales in high-margin categories such as clothing and home furnishings.
Target also said its board has authorized a new $10 billion share buyback program that at current prices would cover 20 percent of its outstanding shares. Target said the buyback would be funded partially by additional debt. Third-quarter earnings fell to $483 million, or 56 cents per share, from $506 million, or 59 cents per share, in the prior year.
Quarterly sales grew 9 percent to $14.84 billion, from $13.57 billion in the third quarter of 2006.
Barnes & Noble Inc. The book retailer boosted its earnings outlook on Tuesday and recorded strong third-quarter profits on sales of new releases, sending shares up 10 percent.
The company recorded a profit of $4.38 million, or 7 cents per share, for the three months ended Nov. 3. That compared with a $2.77 million loss, or 4 cents per share in the year-ago period.
The company recorded a 5.7 percent increase in sales to $1.2 billion, from $1.11 billion in the year-ago period. Analysts polled by Thomson Financial expected an 8 cent loss on sales of $1.145 billion. Shares jumped 6 percent, or $1.95, to $34.57 at the open of trading.
