Whole Foods will no longer be taking your whole paycheck. To make up for slumping Q3 sales, the organic grocer is introducing bigger discounts.
"We don't think there's anything we can do immediately except increase promotional activity to drive sales," Whole Foods CEO John Mackey said on an earnings call this week. "We think it's basic blocking and tackling."
The organic supermarket's same-store sales decreased by 0.2% last quarter—its first quarterly drop since 2009—and the same metric is down 2.1% so far this quarter.
Mackey said the company needed to do a better job of explaining why Whole Foods is the superior choice out of the increasing competition.
Additionally, Whole Foods will be rolling out up to 13 discounted 365 stores (think what Nordstrom Rack is to Nordstrom) by FY 2017. [BI]
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