Executive Summary

• Whole Foods reported 1Q16 EPS of $0.46 versus the consensus estimate of $0.40.
• Total revenue was $4.83 billion, an increase of 3.4% over the prior year period, versus expectations of $4.81 billion. Comps declined by 1.8% versus consensus of a 2.1% decline. The decrease was driven by a 0.2% decline in basket and a 1.6% decline in transactions.
• Comps for the first three weeks of 2Q16 declined by 2.8%, following a modest deceleration in trends over the first quarter.