Whole Foods sales continue to struggle with the company reporting its forth consecutive quarter of declining sales at stores open at least a year.
Just a year since the grocer was accused of price-gouging, profits have dropped 22 percent from 2015 and sales, while growing overall 2 percent, were still below expectations, leading to Wednesday’s 5 percent drop in stocks in after-hours trading. Whole Foods stock is also down 16 percent from last year.
The New York City Department of Consumer Affairs in June 2015 accused the company of some of the worst “systematic overcharging for pre-packaged foods” inspectors had ever seen.
Whole Foods has since tried to change perceptions, lowering prices and launching the more wallet-friendly Whole Foods 365 stores in certain markets geared toward millennials.
[Source:- UPI]
