Whole Foods Expects Slow Growth in 2014

Whole Foods Market Inc. (Austin, Texas) has announced that its fiscal 2014 profits will be less than previously forecast and that its same-stores sales growth will be slow.

Same-store sales rose just 5.9 percent in the company’s fourth quarter, ended Sept. 29, 2013, its slowest growth in 15 quarters.

There is increased competition in the organic and natural food grocery segment, which is bringing emphasis to Whole Foods’ reputation for high prices. In response, reports Bloomberg News, the  chain has been adding more private-label brand items to attract price-conscious shoppers.

The company said it plans to open as many as 38 new stores in fiscal 2014 after opening 32 in 2013. It’s also testing smaller markets, having recently signed leases in Dayton, Ohio, and Germantown, Tenn.