Whole Foods Profits Drop 9% in After-Hours Trading

"This time last year, Whole Foods Market Inc. was riding a wave of double-digit store sales increases, its quarterly profit up 27 percent and its stock soaring to more than $65 a share.

But the Austin-based natural and organics food retailer has started to suffer from competition in the organic food market it helped build, posting lower-than-expected revenue and profit Wednesday from its second quarter.

Reaction from Wall Street was swift and brutal: Shares sank nearly 9 percent in after-hours trading to $41.87. In 2006, Whole Foods shares dropped 39 percent, the most significant loss since 1999.

..Whole Foods will likely close down Wild Oats stores that are in competing markets."

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I would laugh in Whole Foods' face if I could right now. If it were possible for supermarkets to have faces anyway.
But I can understand why people don't want to shop there. For one thing, hardly anything useful is ever on sale and if it is, the savings aren't that great. Their regular prices are awful, especially when it comes to produce. To tell you the truth, I'm not a fan of the market, but I do shop there occasionally out of convenience.