Whole Foods CEO sees profit doubling by 2010
The company plans to open its first Hawaii store in early 2008
AUSTIN » The founder and chief executive of Whole Foods Markets Inc. told shareholders yesterday that the company can reach $12 billion in sales by 2010, more than twice the amount of sales recorded in 2005.
For that to happen, the Austin-based natural foods grocer will have to open about 25 to 30 new stores a year beginning in 2007, John Mackey said at the annual meeting.
One of those stores is expected to be the company's first store in Hawaii, slated to open in early 2008 at Ward Village Shops in Kakaako.
For a man whose company averaged $870 in sales per square foot last year -- exceeding $1 million a week in some cases -- Mackey spoke confidently about reaching that lofty 2010 goal.
"We bring so much business to any market we are in that we are one of the most desirable tenants," he said. "In our top markets -- Los Angeles, New York, and Washington D.C. -- we are able to concentrate stores closer and closer together."
Whole Foods had about $4.7 billion in sales in 2005. The $12 billion goal by 2010 is $2 billion higher than previous projections.
By the end of the company's 2005 fiscal year, which ended Sept. 30, the company added 12 stores to reach 175.
Mackey addressed the group in a hotel ballroom about two miles from one of the company's newest and grandest stores.
It's an 80,000-square-foot store with features such as a place to dip fruit in chocolate or a smoked seafood bar where shoppers stop and eat.
A similar store is under construction in London and is scheduled to open early next year as part of the company's international expansion.
"When it opens, it will be the finest Whole Foods store to that point," Mackey told the group.
"Whatever we've done in New York and here in Austin, we will do better in London because our culture continues to improve."