NEW YORK >> Whole Foods Market Inc., the largest U.S. natural-foods grocer, received a $425 million equity investment from Leonard Green & Partners LP after reporting its eighth straight drop in profit and lowering its 2009 sales forecast.

The company opened its first isle store in Kahala Mall in September, with another three 130% stores planned in the next two years.

The shares surged 22 percent in late U.S. trading after the Austin, Texas-based retailer said it will sell preferred stock equal to a 17 percent stake in the company. The initial conversion price of $14.50 a share is 41 percent more than where the stock closed yesterday.

The grocery chain said 2009 sales would be about $8.3 billion, up 4 percent from $7.95 billion in 2008. Previously, Whole Foods said 2009 sales would increase by 6 percent to 10 percent.

The lower outlook indicates that Whole Foods' efforts to recast itself as a place where shoppers could find bargains hasn't made headway. The cash infusion provides some flexibility for Whole Foods as it seeks ways to attract shoppers and open new stores as sales growth slows.

“;Whole Foods is suffering because of other things in their store, the $50 bottle of wine that consumers are saying they don't need,”; Scott Mushkin, an analyst with Jefferies & Co., said in an interview before results were released.

Whole Foods introduced discount coupons last month and advertised budget recipes for $4 a serving or less in a bid to attract value-conscious shoppers. The retailer is also competing with mainstream supermarket chains such as Kroger Co. and Supervalu Inc. that introduced their own brands of organic food to boost their share of the market.

“;Whole Food Markets still considers itself a growth company,”; Chief Executive Officer John Mackey said in a conference call with analysts. “;We are continuing to grow in this difficult environment, but in a more measured pace and a more prudent way.”;

The retailer said its development of 66 stores on its planning board is “;very manageable.”;

The equity investment, along with cash flow from operations “;gives us the financial flexibility to manage through these difficult economic times while continuing to prudently invest in our long-term growth,”; Mackey said.

The grocery chain said it expects 2009 earnings per share of 95 cents to $1, excluding some costs, compared with an average analyst estimate of $1.04. The company earned 82 cents a share in 2008.

Whole Foods decided against providing further forecasts on sales at stores open at least a year because “;the rapidly changing economic environment”; makes it difficult to determine results.

Net income fell to $1.5 million, or 1 cent a share, in the fourth quarter, from $33.9 million, or 24 cents, a year earlier, the company said. Sales in the three months through September climbed 13 percent to $1.79 billion from $1.74 billion.

The results include 8 cents a share to cancel leases for 13 planned Whole Foods Stores, to idle some Wild Oats properties and to write down the value of some assets.