Whole Foods cuts construction budget

Did we dodge the bullet with Whole Foods? The company announced yesterday that it is cutting the number of new and renovated stores it will open next year to 15 from 22 this year, eliminating its dividend, and slashing capital spending not related to construction by half. Said Whole Foods boss John Mackey: "We’re going through a tough time here."

So it’s probably a good thing -– a very good thing –- that we’re seeing progress on our Whole Foods web cam this afternoon. There are a couple of dumpsters in the parking lot and various workers and tractors large and small scurrying around.

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Comments

[Lee G.]

A lousy report today. They're cutting back other expenses besides spending for new stores and they're suspending the dividend.

[DK]

"dodge the bullet"?

I'm sure going to love the new store and they're going to drain my wallet with my patronage. But the store on Greenville still a wonderful place to shop in the meantime.