Whole Foods officials reported revenue and earnings for the fiscal third quarter that fell below the expectations of many financial analysts.
The major supermarket chain reported a revenue of $3.6 billion with $0.43 earnings per share during the same period, Fox Business reports. Although the company's revenue went up annually, it felt short approximately $60 million of the total amount analysts were expecting.
Whole Foods is moving forward with expansion plans, reporting that 30 new stores have been opened this year. The company also expects sales to continue increasing by seven percent annually.
Los Angeles remains one of the metropolitan areas which Whole Foods is looking to continue expanding into. The supermarket chain is set to open a new location in downtown Los Angeles, an area that is already home to health-conscious retailers.
"It's going to be one of the fiercest food retail battles in decades in natural and organic and healthy high-volume food retail," Strategic Resource Group managing director Burt Flickinger III told the Los Angeles Times.
"Trader Joe's has been uniquely successful in consistently having success competing against Whole Foods in every single market where they're in the same trading area."
Whole Foods was founded in 1980 in Austin, Texas.
