Whole Foods Market

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COMPANY PROFILE
Whole Foods Market,

Inc.
REFERENCE CODE: BD72666B-7DBD-4CB9-A94F-4FDC7997ECA7

PUBLICATION DATE: 08 Jun 2017
www.marketline.com
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Whole Foods Market, Inc.
TABLE OF CONTENTS
TABLE OF CONTENTS
Company Overview ........................................................................................................3

Key Facts ......................................................................................................................... 3
Tickers ............................................................................................................................. 4
Business Description .....................................................................................................5
History ............................................................................................................................. 6
Key Employees .............................................................................................................24
Key Employee Biographies .........................................................................................26
Major Products & Services ..........................................................................................32
SWOT Analysis .............................................................................................................33
Top Competitors ...........................................................................................................38
Company View ..............................................................................................................39
Locations And Subsidaries .........................................................................................43
Financial Overview .......................................................................................................45
Whole Foods Market, Inc. Page 2

MarketLine
Company Overview
Company Overview
COMPANY OVERVIEW
Whole Foods Market, Inc. (Whole Foods Market or 'the company') is a natural and organic foods
supermarket chain. The company's product portfolio encompasses a range of produce, packaged goods,
bulk, frozen, dairy, meat, bakery, prepared foods, coffee, tea, beer, wine, cheese, nutritional
supplements, vitamins, body care, pet foods, and household goods. Whole Foods Market supermarkets
are located in the US, Canada and the UK. It is headquartered in Austin, Texas.
The company reported revenues of (US Dollars) US$15,724 million for the fiscal year ended September
2016 (FY2016), an increase of 2.2% over FY2015. In FY2016, the companys operating margin was
5.5%, compared to an operating margin of 5.6% in FY2015. In FY2016, the company recorded a net
margin of 3.2%, compared to a net margin of 3.5% in FY2015.
Key Facts
KEY FACTS
Head Office Whole Foods Market, Inc.

550 Bowie Street
Austin
Texas
Austin
Texas
USA
Phone 1 512 4774455
Fax
Web Address
Revenue / turnover (USD Mn) 15,724.0
Financial Year End September
Employees 60,030
NASDAQ Ticker WFM

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Company Overview
Tickers
TICKERS
WFM

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Company Overview
Business Description
BUSINESS DESCRIPTION
Whole Foods Market operated 456 retail stores, of which 436 stores were located in 42 US states and the
District of Columbia, 11 in Canada, and nine in the UK, as of September 25, 2016. The company's stores
average approximately 39,000 square feet in size.
The company operates in one segment: Natural and Organic Foods Supermarkets.
The Natural and Organic Foods Supermarkets offer a broad selection of perishable foods. The company's
products are classified into three groups: non-perishables, prepared foods and bakery, and other
perishables. In FY2016, the Natural and Organic Foods Supermarkets segment reported revenue of
USD15,724 million, which accounted for 100% of the company's total revenue.
The company's product portfolio encompasses a range of produce, packaged goods, bulk, frozen, dairy,
meat, bakery, prepared foods, coffee, tea, beer, wine, cheese, nutritional supplements, vitamins, body
care, pet foods, and household goods. Whole Foods Markets stores carry an average of approximately
35,000 stock keeping units (SKUs); while certain larger stores accommodate up to 55,000 SKUs.
The company offers a variety of natural and organic products including non-GMO, vegan, gluten-free,
dairy-free and other special diet foods under its store brands: Whole Foods Market, 365 Everyday Value
and Whole Catch.
Whole Foods Market purchases products from local, regional, national and international wholesale
suppliers. The company owns one produce procurement center. It also operates three seafood
processing and distribution facilities, and a specialty coffee and tea procurement and roasting operation.
Whole Foods Market has 11 regional distribution centers which mainly distribute a full range of perishable
products to its stores across the US, Canada and the UK. In addition, the company has three regional
commissary kitchens and four bakehouse facilities, all of which distribute products to Whole Foods Market
stores.
Geographically, the company classifies its operations into two segments, namely the US, and Canada
and the UK. In FY2016, the US segment accounted for 97.1% of the company's total revenues, and
Canada and the UK with 2.9%.

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Company Overview
History
HISTORY
Contracts/Agreements
Year: 2017
In July, Amazon signed an agreement to acquire Whole Foods for a consideration of US$13.7 billion.
Corporate Changes/Expansions
Year: 2017
Whole Foods Market opened its first 365 by Whole Foods Market store in Texas, located in Cedar Park.
Year: 2017
The company, in partnership with grocery delivery service Shipt, included delivery services in Wilmington,
North Carolina.
Acquisitions/Mergers/Takeovers
Year: 2017
Jana Partners acquired 9% of stake in Whole Foods.
Year: 2017
The company opened its first store in Prince George's County, Maryland, the US.
Plans/Strategy
Year: 2017
Whole Foods Market plans to close three regional kitchen facilities, the Ready-to-Eat Meal kitchens,
streamlining its operations.

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Company Overview
Year: 2017
The company opened a Bryant Park store located in Manhattan.
Plans/Strategy
Year: 2017
Whole Foods planned to open a Lower-Priced store chain 365 in Brooklyn.
Plans/Strategy
Year: 2017
Whole Foods Market planned to open a new outlet in Washington Road just south of Fort Couch Road
across from South Hills Village.
Plans/Strategy
Year: 2017
Whole Foods Market Inc plans to relocate its corporate heaquarters to Marlborough, Massachusetts, the
US.
Year: 2016
The company opened a new store in Newark, the US.
Year: 2016
The company planned to open its store in new location in Newark, New Jersey in 2017.
Year: 2016
The company announced the opening of Bryant Park location in Manhattan, New York, the US.
Plans/Strategy
Year: 2016

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Company Overview
Whole Foods planned to open shops in low-income areas of the US cities.
Litigation
Year: 2016
Whole Foods Market Inc. faced a lawsuit by a current and former employee of an area store for the issue
of cheating employees out of earned bonuses
Year: 2016
Whole Foods Market opened a new store in Philadelphia.
Year: 2016
The company opened its first 365 by Whole Foods Market location at 2520 Glendale Boulevard in Los
Angeles.
Year: 2016
Whole Foods Market opened an expanded Short Pump, its in-store pub with new features such as 48
taps, a chefs station with a rotating daily special, beer and wine by the bottle or glass, and daily happy
hour specials.
Year: 2016
The company entered into a multi-year partnership with PBS KIDS, to launch of new Aurora plush
animals and PlanToys wooden toys.
Year: 2016
The company opened its first store in the city of Burnaby, British Columbia.

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Company Overview
Year: 2016
Whole Foods Market collaborated with Newburgh Brewing Co. to launch the exclusive range of Rhuby
Soho, a 7% ABV Saison brew featuring Hudson Valley Harvests own local honey and locally grown
rhubarb. The company expanded its partnership with Coalition of Immokalee Workers to launch Fair Food
Program certified strawberries at its stores.
Year: 2016
The company expanded its partnership with Instacart by launching the delivery services in Orange
County. Whole Foods Market customers in Orange County can order groceries through Instacart.com or
the Instacart mobile app, which will be delivered in less than an hour to their destination.
New Products/Services
Year: 2016
The company introduced a new line of plant-based hair care products with key plant-active ingredients.
The product line features shampoos, conditioners as well as four different styling products.
Year: 2016
Whole Foods Market opened its first 365 by Whole Foods Market store in Los Angeles.
Year: 2016
Whole Foods Market entered into an agreement with Rahm Emanuel (Chicago Mayor) to construct
150,000 square feet Whole Foods Market Midwest distribution facility in the Pullman neighborhood on
Chicagos South Side. This distribution center is expected to open by early 2018.
Year: 2016
Whole Foods Market signed leases for six new stores (Santa Monica, California; Vernon Hill, Illinois;
Jersey City, New Jersey; Commack, New York; Nashville, Tennessee; and Miami) and renegotiated
leases for three of its stores under development (Akron and Toledo, Ohio; and Bloomington, Indiana).

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Company Overview
Year: 2016
The company signed another six leases for its 365 by Whole Foods Market stores, bringing the total to 19
leases. The new 365 by Whole Foods Market stores will be located in Akron and Toledo, Ohio;
Bloomington, Indiana; Decatur, Georgia; and North Hollywood and Long Beach, California. Whole Foods
Market signed a lease for a store in downtown Nashville, Tennessee.
Plans/Strategy
Year: 2016
The company announced plans to open its third 365 by Whole Foods Market store in Bellevue,
Washington.
Year: 2016
The company opened its second 365 by Whole Foods Market store in Lake Oswego, Oregon. Audrey
Louise Reynolds, colorist and fashion designer, launched natural dyes at Whole Foods Markets newest
Brooklyn location.
Year: 2016
The company expanded the Instacart grocery delivery service to San Diego.
Year: 2016
Whole Foods Market signed a new lease for a 365 by Whole Foods Market store in Atlanta. The company
also signed a lease for a second East Liberty store in Pittsburgh.
Year: 2016
Macklowe Properties entered into a partnership with the company to provide retail space for the Whole
Foods Market brand at its residential redevelopment of One Wall Street. According to the partnership, the
company will occupy 44,000 square feet over three floors; two for shopping and one for back of house
operations, with public entrances on Broadway, New Street, and Exchange Place. The store is expected

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Company Overview
to open by late 2018.
Year: 2016
Whole Foods Market expanded the Instacart grocery delivery service to Dallas metro. Whole Foods
Market stores in Canada launched Apple Pay, a service that enables shoppers to make mobile payments
with an iPhone.
Plans/Strategy
Year: 2016
Whole Foods Market announced plans to open its second store at 2941 Ygnacio Valley Road in the
Encina Grande shopping center in Walnut Creek, California.
Plans/Strategy
Year: 2015
The company announced plans to open its first store in Kirkland, Washington. This is the 12th store in the
state, which is scheduled to open during 2017.
Plans/Strategy
Year: 2015
Whole Foods Market plans to open these new stores in Cedar Park, Texas; Cincinnati; and San
Francisco.
Year: 2015
The company opened a new store in Alexandria with 45,000 square feet of retail space, to offer variety of
products including meat, produce, cheese and fresh foods, a soup station, an olive bar, a seafood soup
station, a sushi bar, a fresh lobster tank, dry aged beef, freshly made sausage, beer and wine. In addition,
the store featured a Duke Street Bistro (a chef station), West End Seafood Market and seating in the cafe
for 60 people.
Year: 2015

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Company Overview
Whole Foods Market and Instacart, a one-hour grocery delivery service provider, entered into a
partnership to offer one-hour delivery service to customers across 15 major US cities.
Year: 2015
Whole Foods Market partnered with Cravy, a technology company, to test an on-demand delivery
program for residents in West Palm Beach and Palm Beach, Florida.
Year: 2015
The company partnered with The World of Eric Carle, the award winning brand based on works by the
acclaimed childrens author and illustrator, to create a series of 365 Everyday Value cereal boxes
featuring games for children and Carles signature artwork. Whole Foods Market signed a lease to open
its first store in Toledo, Ohio.
Year: 2015
Whole Foods Market opened its first store in The Woodlands, Texas. The company opened its first store
in Olathe, Kansas.
Year: 2015
The company added two exclusive product lines that included High Road Craft Ice Creams new BLVD
Tasty Ice Cream and Daily Greens Half Pint veggie-based smoothies.
Year: 2015
The company signed leases for eight new stores and renegotiated the lease for one of its stores in
development. The new leases include Whole Foods Market stores planned for Akron, Ohio, Charleston,
South Carolina, Exton, Pennsylvania, and Kirkland, Washington, and 365 by Whole Foods Market stores
planned for Bellevue, Washington, Houston, Portland, Oregon, and Santa Monica, California. Additionally,
Whole Foods Market renegotiated a lease for a store in Los Angeles, converting it from a Whole Foods
Market to a 365 by Whole Foods Market store.

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Company Overview
Year: 2015
The company partnered with Infor, an industry specialized business applications provider for cloud
platform. Leveraging this partnership, both the companies will build a new, cloud-based retail
management solution for Whole Foods Market.
Year: 2015
PBS KIDS partnered with Whole Foods Market to offer PlanToys, a new line of educational toys at the
companys stores nationwide.
Year: 2015
The company announced leases for three new 365 by Whole Foods Market stores. Whole Foods Market
signed leases for four new stores in Cleveland and Fort Myers, Florida; Sudbury, Massachusetts; and
Wheaton, Illinois.
Plans/Strategy
Year: 2014
The company, along with Apple Pay (a mobile payment service), announced plans to provide customers
with an easy and secure way to make grocery purchases at checkout registers.
Year: 2014
The company opened its first store in Nashua, New Hampshire.
Year: 2014
Whole Foods Market announced the opening of a new store in Santa Clara. The company also
announced plans to open its first Baltimore County location in downtown Towson. Subsequently, Whole
Foods Market opened a new store in Lansdowne Park, Ottawa, Canada. This is the companys first store
in Canadas capital.

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Company Overview
Year: 2014
The company opened its tiniest store in Chicago. In this store, Whole Foods Market allows children to
push a cart through the food aisles, work at the deli, bake bread in the bakery, receive shipments on the
conveyor belt, restock groceries on the shelves, scan items at the checkout stand and load farm items
into a produce truck.
Year: 2014
The company opened its first store on Cape Cod in Hyannis, Massachusetts. Subsequently, Whole Foods
Market also opened its first store in New York's Capital Region.
Year: 2014
The company partnered with wine.com, one of the largest online wine retailers in the US, to offer Wine
Club members four shipments of six bottles each per year at the price of $125 per shipment, including
shipping costs.
Year: 2014
Whole Foods Market partnered with Crown Finish Caves, a cheese aging facility located in a renovated
and repurposed 1850s lagering tunnel 30 feet below the street in Crown Heights, Brooklyn, to introduce
Crown Dutchess, a new locally produced and aged cheese, in its eight New York City locations.
Year: 2014
Whole Foods Market partnered with Vega, one of the leaders in clean, plant-based nutrition, to launch
Cambie Street Juice Co., a new specialty juice and smoothie bar, at its Cambie store.
Year: 2014
Whole Foods Market partnered with Sun Noodle, a local noodle producer and also known for supplying
noodles to some of the well-known ramen shops in the US. As per the partnership, Sun Noodle will
launch two new packaged, MSG-free ramen kits Shoyu Ramen and Miso Ramen at Whole Foods

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Company Overview
Market stores in New York City. Sun Noodles classic Kaedama Ramen Noodles will also be available.
Year: 2014
Whole Foods Market partnered with Square to create faster payment and checkout experiences with new
on-the-go purchasing options. The two companies will offer new payment and checkout features that
allow customers to make purchases at food venues within select Whole Foods Market stores.
Year: 2013
The company launched a new product, Westminster William and Kate Royal Addition Cheddar cheese, a
natural, white cheddar cheese. Whole Foods Market Edgewater and Cafe Spice launched New Jersey's
first Dosateria, which includes a wide assortment of authentic Indian fare, including dosas, frankies and
lassis.
Year: 2013
The latest edition of special One Wine labels include a pinot gris, a white wine blend, and a variety of
roses and red wines.
Year: 2013
Whole Foods Market introduced Engine 2 Plant-Strong products, a new line of plant-based, minimally
processed snacks, breakfast items and pantry staples.
Year: 2013
The company announced Gotham Greens as its operating partner to build nation's first commercial-scale
rooftop greenhouse above Brooklyn store.
Corporate Awards
Year: 2013
Whole Foods Market featured on the Fortune magazine's '100 Best Companies to Work For' list for the

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Company Overview
16th consecutive year.
Corporate Awards
Year: 2013
Whole Foods Market ranked 19th in Fortune magazine's 'World's Most Admired Companies' list. The only
grocer on the list, the company was also named as the Most Admired Company in the food and drug
store industry. Whole Foods Market was named to the Ethisphere Institute's 'World's Most Ethical
Companies' list. The company announced that all products in its US and Canadian stores will be labeled
to indicate if they contain genetically modified organisms (GMOs) by 2018, as per the full GMO
transparency.
Year: 2013
Whole Foods Market partnered with Santa Barbara County and San Diego County vintners to introduce
the 'One Wine' custom blend.
Year: 2013
The company began offering Whole Foods Market Kitchen selections made with Just Mayo in its Northern
California and Reno stores. Whole Foods Market introduced Whole Paws, a line of premium value pet
food. This product line features 24 products for dogs and cats, including items ranging from grain-free
adult dog food and training treats to indoor cat formula and litter with baking soda.
Year: 2012
The company expanded its offering into organic wines with no sulfites added (NSA). Whole Foods market
is the only national retailer to carry the first US Department of Agriculture (USDA) Certified Organic NSA
wines from Italy and Spain.
Year: 2012
Whole Foods Market announced that it will not carry red-rated wild-caught fish in its seafood
departments. With this move, Whole Foods Market became the first national grocer to stop selling red-
rated seafood.

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Company Overview
Year: 2012
The company purchased six leases from Johnnie's Foodmaster, a family-owned grocery chain based in
Chelsea, Massachusetts.
Year: 2011
The company adopted 5-Step Animal Welfare rating system to provide transparency about the conditions
of farm animals used in the company's products. The rating system is promoted by Global Animal
Partnership, a nonprofit organization. The rating involves auditing and certification of farms by
independent, third-party observers regarding animal welfare practices and conditions using a tiered
system. Whole Foods Market opened its first store in Scotland.
Corporate Awards
Year: 2010
Fortune magazine ranked Whole Foods Market at number 18 on its 2010 list of the '100 Best Companies
to Work For.' The company was recognized on the Ethisphere Institute's 2010 'World's Most Ethical
Companies' list. Whole Foods Market was one of only three companies named in the Food Stores
category.
Product Recall
Year: 2009
Whole Foods Market announced the voluntary recall of its 365 Everyday Value brand in-shell Dry
Roasted and Salted Pistachios due to potential salmonella contamination.
Year: 2009
The company, with Chef Ann Cooper, launched the website www.thelunchbox.org, a first of its kind online
toolbox to support healthier school lunches.
Corporate Awards
Year: 2009
Whole Foods Market received the Natural Products Association's '2009 Socially Responsible Retailer

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Company Overview
Award' for excellence in integrating social responsibility into multiple aspects of business.
Year: 2008
Whole Foods Market developed a new Premium Body Care standard and labeling seal of approval.
Year: 2008
The company opened a new store in Napa, California, which included a wine bar, and another new store
in Scottdale which sized 50,000 square feet in area with a sit-down wine bar, dine-in eateries with carry-
out available, neighborhood-butcher style meat experts, a natural and organic body-care department,
eco-chic clothing for men, women and baby and a wide range of local products.
Year: 2008
The company completed the conversion of all Wild Oats stores to its purchasing and information systems,
transitioned all Wild Oats team members to the company's payroll, benefits and incentive compensation
plans, eliminated all corporate positions at the Wild Oats home office in Boulder, and rebranded 45 Wild
Oat stores with Whole Foods Market store fronts and signage.
Year: 2007
Whole Foods Market launched its weekly online cooking show named Secret Ingredient for home cooks
seeking useful tips and recipe ideas.
Divestiture
Year: 2007
Whole Foods Market sold all 27 Henry's Farmers Market and eight Sun Harvest store locations and a
related distribution center in California to a subsidiary of Smart & Final, a Los Angeles based food retailer.
Year: 2007
The company opened its fourth New York City store. The new store size was 71,000 square feet and it

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Company Overview
had three eateries: Fromageries, featuring 80 exclusive aged cheeses; homemade pies; and foods from
the top-tier local artisans and growers. The company opened its first Whole Foods Market branded store
outside North America in Central London, the UK.
Corporate Awards
Year: 2007
Whole Foods Market was ranked fifth by Fortune magazine in its 2007 '100 Best Companies to Work For'
list. The company made it to the list for the 10th consecutive year and became one of only 18 companies
to be named every year since the list's inception.
Corporate Awards
Year: 2007
The company was awarded the Green Power Partner of the Year award by the EPA.
Year: 2006
Whole Foods Market opened its first store in Tigard, Oregon. The 52,000 square feet store was tailored to
serve the needs of the Tigard, Tualatin and Lake Oswego communities and offered chef-prepared foods,
fresh fruits and vegetables, baked goods, natural meats and seafood.
Year: 2006
Whole Foods Market opened its first store in Greenville, South Carolina with a retail space of 47,000
square feet. During the same year, the company opened a new store with an area of 55,864 square feet
in Redmond, California to cater to the needs of the Redmond community by offering range of fresh
produce, chef prepared foods, baked goods, natural meats and seafood.
Year: 2006
The company opened its First Store in Maine, the US. This 48,000 square feet store offered a coffee bar,
an all-natural taffy-pulling machine, a sit-down sushi bar, and a trattoria with an oven featuring hot Italian
entrees and a variety of items grilled to order. Whole Foods Market acquired Wild Oats Markets, a natural
and organic foods retailer in North America with 109 stores in 23 states in the US and British Columbia,
Canada.

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Company Overview
Year: 2006
The company was awarded Green Power Partner of the Year by the Environmental Protection Agency
(EPA) for its contribution towards the environment.
Year: 2006
Whole Foods Market purchased renewable energy credits from wind farms to offset 100% of the
electricity used in all of its stores, facilities, bake houses, distribution centers, regional offices and national
headquarters in the US and Canada. This was the largest wind energy credit purchase in the history of
the US and Canada that made Whole Foods Market the only Fortune 500 Company to purchase wind
energy credits to offset 100% of its electricity use.
Year: 2004
The company expanded into the UK with the acquisition of Fresh & Wild. Subsequently, Whole Foods
Market opened the largest grocery store in Manhattan at Columbus Circle in the US.
Year: 2003
Whole Foods Market also introduced the 365 Organic Everyday Value brand. The company introduced its
Authentic Food Artisan line of products.
Year: 2003
Whole Foods Market became America's first national certified organic grocer.
Year: 2003
The company acquired Seattle's Select Fish and opened a seafood processing facility in Atlanta.

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Company Overview
Year: 2002
Whole Foods Market expanded outside the US by opening its first international store in Toronto, Canada.
The company was added to the NASDAQ-100 Index.
Stake Sale
Year: 2001
The company returned to its core business when it sold its interest in NatureSmart (formerly Amrion) to
NBTY.
Year: 2001
The company acquired Harry's Farmers Market stores in Atlanta, Georgia.
Year: 2000
The new company information website, www.wholefoodsmarket.com, was also launched.
Year: 2000
Whole Foods Market acquired the Food 4 Thought Natural Food Market and Deli.
Year: 1999
The company launched www.wholefoods.com, its e-commerce web site.
Year: 1999
The company acquired Nature's Heartland of Boston.
Year: 1998

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Company Overview
Whole Foods Market launched the Whole Kids product line.
Year: 1997
Whole Foods Market continued with its acquisition strategy with the takeover of the Bread of Life chain in
Florida; Amrion, a nutraceutical company; The Granary Market; Allegro Coffee Company; and The
Merchant of Vino stores. The company launched its private label brand, the 365 Every Day Value.
Year: 1996
The company purchased Pigeon Cove Trading Company and Fresh Fields Markets located on the East
Coast and in the Midwest.
Year: 1993
Whole Foods Market expanded into the Midwest by opening a Lincoln Park store in Chicago, Illinois.
Stock Listings/IPO
Year: 1992
Whole Foods Market went public and its stock was listed on the NASDAQ.
Corporate Awards
Year: 1992
The International Association of Culinary Professionals named the company as 'Culinary Youth Advocate
of the Year' for its effort to help improve school lunches for children nationwide with its 'School Lunch
Revolution' campaign.
Year: 1992
The company acquired a majority interest in Sourdough, a European bakery.

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Company Overview
Year: 1991
The company launched its Whole Foods Premium Label product line.
Year: 1991
Whole Foods Market acquired Wellspring Grocery based in Chapel Hill and Durham, North Carolina.
Year: 1989
The company opened a store in Palo Alto.
Year: 1988
Whole Foods Market purchased the Whole Food Company in 1988 and started expanding into other
states including California.
Year: 1986
Much of the growth of Whole Foods Market was accomplished through mergers and acquisitions. The
company acquired Bluebonnet Natural Foods Grocery in Dallas, Texas.
Incorporation/Establishment
Year: 1980
Whole Foods Market was founded in Austin, Texas by John Mackey and Renee Lawson Hardy, owners
of Safer Way Natural Foods, and Craig Weller and Mark Skiles, owners of Clarksville Natural Grocery.
Texas Health Distributors was established as the wholesale supplier to the company and other natural
food stores and restaurants.

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Company Overview
Key Employees
KEY EMPLOYEES
Name Job Title Board Compensation

Gabrielle Sulzberger Chairperson Executive Board 168442 USD
John P. Mackey Chief Executive Officer Executive Board
Walter Robb Director Non Executive Board 892280 USD
Mary Ellen Coe Director Non Executive Board
Shahid Hassan Director Non Executive Board 152234 USD
Stephanie Kugelman Director Non Executive Board 152234 USD
Jonathan A. Seiffer Director Non Executive Board 151543 USD
Keith Manbeck Executive Vice President and Senior Management
Chief Financial Officer
Jason Buechel Executive Vice President and Senior Management 1262379 USD
Chief Information Officer
James Sud Executive Vice President, Senior Management
Growth and Business
Development
David Lannon Executive Vice President, Senior Management 896879 USD
Operations
Kenneth Meyer Executive Vice President, Senior Management
Operations
Sam Ferguson Global Vice President, Senior Management
Accounting and Controller
Lee Matecko Global Vice President, Senior Management
Construction and Store
Development
Tien Ho Global Vice President, Culinary Senior Management
and Hospitality
Bart Beilman Global Vice President, Senior Management
Distribution
Brooke Buchanan Global Vice President, Global Senior Management
Communications
Sonya Gafsi Oblisk Global Vice President, Global Senior Management
Marketing
Betsy Foster Global Vice President, Growth Senior Management
and Business Development
Cindy McCann Global Vice President, Investor Senior Management
Relations
Heather Stern Global Vice President, Legal Senior Management
Affairs and General Counsel
Brian O'Connell Global Vice President, Senior Management

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Company Overview
Operational Finance
Don Clark Global Vice President, Senior Management
Procurement, Non Perishables
Karen Christensen Global Vice President, Senior Management
Procurement, Perishables
Martin Tracey Global Vice President, Team Senior Management
Member Services
Ken C. Hicks Independent Director Non Executive Board
Joe Mansueto Independent Director Non Executive Board
Sharon L. McCollam Independent Director Non Executive Board
Scott F. Powers Independent Director Non Executive Board
Ron Shaich Independent Director Non Executive Board
A.C. Gallo President and Chief Operating Senior Management 882241 USD
Officer
Jeff Turnas President, 365 by Whole Foods Senior Management
Market
Juan Nunez President, Florida Region Senior Management
Scott Allshouse President, Mid-Atlantic Region Senior Management
Michael Bashaw President, Midwest Region Senior Management
Laura Derba President, North Atlantic Senior Management
Region
Christina Minardi President, North East Region Senior Management
Rob Twyman President, Northern California Senior Management
Region
Angela Lorenzen President, Pacific Northwest Senior Management
Region
Bill Jordan President, Rocky Mountain Senior Management
Region
Omar Gaye President, South Region Senior Management
Patrick Bradley President, Southern Pacific Senior Management
Region
Mark Dixon President, Southwest Region Senior Management

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Company Overview
Key Employee Biographies
KEY EMPLOYEE BIOGRAPHIES
Gabrielle Sulzberger
Board:Executive Board
Job Title:Chairperson
Since:2017
Age:56
Gabrielle Sulzberger has been the Chairperson at Whole Foods Market since 2017. Ms. Sulzberger has
also been the Principal of a diversified investment fund at Rustic Canyon/Fontis Partners since 2005. She
served as the Chief Financial Officer at the Villanueva Companies from 2002 to 2005. Currently, Ms.
Sulzberger is a member of the Board of Directors at Teva Pharmaceutical Industries and Brixmor
Property Group.
John P. Mackey
Board:Executive Board
Job Title:Chief Executive Officer
Since:2017
Age:63
John P. Mackey has been the Chief Executive Officer at Whole Foods Market since 2017. Previously, Mr.
Mackey served as a Co-Chief Executive Officer at the company from 2010 to 2016. He was the
companys Chief Executive Officer from 1978 to 2010 and the President from 2001 to 2004. Mr. Mackey
has served as a Director at Whole Foods Market since 1978 and served as the Chairman of the Board
from 1978 to 2009.
Walter Robb
Board:Non Executive Board

Job Title:Director
Since:2010
Age:63
Walter Robb has been a Director at Whole Foods Market since 2010. Mr. Robb was the Co-Chief
Executive Officer at the company from 2010 to 2016. He also served as Co-President and Co-Chief
Operating Officer from 2004 to 2010, as Chief Operating Officer from 2001 to 2004, and as Executive
Vice President from 2000 to 2001. Mr. Robb joined the company in 1991 and previously served as Store
Team Leader and President of the Northern California Region. He also serves on the Board of Directors
at The Container Store.
Mary Ellen Coe

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Company Overview

Job Title:Director
Since:2016
Age:49
Mary Ellen Coe has been a Director at Whole Foods Market since 2016. Mr. Coe has served as the Vice
President of Sales and Product Operations at Google since 2012.
Shahid Hassan

Job Title:Director
Since:2005
Age:68
Shahid Hassan has been a Director at Whole Foods Market since 2005. Mr. Hassan has been a General
Partner at Greenmont Capital since 2006. Previously, he served as a Co-Founder, the President and
Chief Executive Officer at Alfalfa's Market. Mr. Hassan was also the President at Wild Oats Marketplace
and founded Fresh & Wild in 1999. He served as the President and Executive Chairman at Fresh & Wild
from 1999 until 2004, when it was acquired by the company.
Stephanie Kugelman

Job Title:Director
Since:2008
Age:69
Stephanie Kugelman has been a Director at Whole Foods Market since 2008. Ms. Kugelman is a
Principal at A.S.O., A Second Opinion, a strategy and branding consultancy founded by her in 2007. She
was previously the Vice Chairperson and Chief Strategic Officer at Young & Rubicam Brands, where she
held positions of increasing responsibility commencing in 1971. Ms. Kugelman also serves on the Board
of Directors at HSNi. Ms. Kugelman has been the Vice Chairman at Solera Capital, a private equity firm,
since 2015.
Jonathan A. Seiffer

Job Title:Director
Since:2008
Age:45
Jonathan A. Seiffer has been a Director at Whole Foods Market since 2008. Mr. Seiffer is a Senior
Partner at Leonard Green & Partners, where he joined in 1994. He has over 20 years of experience in
investment banking and private equity.

MarketLine
Company Overview
Keith Manbeck
Board:Senior Management
Job Title:Executive Vice President and Chief Financial Officer
Since:2017
Keith Manbeck has been the Executive Vice President and Chief Financial Officer at Whole Foods Market
since 2017. Prior to joining the company, Mr. Manbeck served as the Senior Vice President of Digital
Finance, Strategy Management and Business Transformation at Kohls Corporation from 2014. From
2008 until 2014, he worked at NIKE in a number of leadership roles, including as Global Vice President
and Chief Financial Officer of the Direct to Consumer business from 2012 to 2014. Before joining NIKE,
Mr. Manbeck spent three years at Victorias Secret Stores from 2005 to 2008 as Vice President of
Finance and Finance Director. He began his career at Pepsi, holding a number of positions over 12 years
and ultimately rising to Group Finance Manager of Business Performance Management.
Jason Buechel
Job Title:Executive Vice President and Chief Information Officer
Since:2015
Age:38
Jason Buechel has been the Executive Vice President and Chief Information Officer at Whole Foods
Market since 2015. Mr. Buechel joined the company in 2013 and served as the Global Vice President and
Chief Information Officer until 2015. Prior to Whole Foods Market, he was with Accenture for 12 years,
and most recently served as the Managing Director and Partner of its retail operations practice for North
America.
James Sud
Job Title:Executive Vice President, Growth and Business Development
Since:2001
Age:64
James Sud has been the Executive Vice President, Growth and Business Development at Whole Foods
Market since 2001. Mr. Sud joined the company in 1997 and served as a Vice President and the Chief
Operating Officer until 2001. He was a Director at the company from 1980 to 1997.
David Lannon
Job Title:Executive Vice President, Operations
Since:2012
Age:50

MarketLine
Company Overview
David Lannon has been the Executive Vice President, Operations at Whole Foods Market since 2012. Mr.
Lannon served as the President of the Northern California Region. He also served as the President of the
North Atlantic Region from 2001 to 2007. Mr. Lannon has held various positions at the company and at
Bread & Circus, including as the Store Team Leader, as a Director of Store Operations and as the Vice
President of the North Atlantic Region.
Kenneth Meyer
Job Title:Executive Vice President, Operations
Since:2012
Age:48
Kenneth Meyer has been the Executive Vice President, Operations at Whole Foods Market since 2012.
Mr. Meyer served as the President of the Mid-Atlantic Region at the company from 2004 to 2012. He has
held various positions at Whole Foods Market and at Fresh Fields Market, which was acquired by the
company in 1996, including as the Store Team Leader, as the Vice President of the Southwest Region,
and as the President of the South Region.
Ken C. Hicks

Job Title:Independent Director
Since:2017
Age:64
Ken C. Hicks has been an Independent Director at Whole Foods Market since 2017. He is the former
Chairman, President and Chief Executive Officer at Foot Locker, a major athletic apparel retailer. Mr.
Hicks has over 29 years of experience in the retail industry formerly serving as President and Chief
Merchandising Officer at J.C. Penney from 2005 to 2009, as well as serving as a member of its Board of
Directors from 2008 to 2009. From 2002 to 2004, he was J.C. Penneys President and Chief Operating
Officer of Stores and Merchandise Operations. Prior to joining J.C. Penney, Mr. Hicks was President at
Payless ShoeSource. He has served on the Board of Directors at Avery Dennison Corporation since
2007.
Joe Mansueto

Since:2017
Age:60
Joe Mansueto has been an Independent Director at Whole Foods Market since 2017. He founded
Morningstar in 1984 and became Executive Chairman in 2017. He has served as the Chairman of the
Board of Directors for the duration of his tenure, and as Chief Executive Officer from 1984 to 1996 and

MarketLine
Company Overview
again from 2000 to 2016. Before founding Morningstar, Mr. Mansueto was a Securities Analyst at Harris
Associates. He previously served as a Director at TransUnion Corp.
Sharon L. McCollam

Since:2017
Age:53
Sharon L. McCollam has been an Independent Director at Whole Foods Market since 2017. She most
recently served as Executive Vice President, Chief Administrative Officer and Chief Financial Officer at
Best Buy from 2012 to 2017. Ms. McCollam previously served as Executive Vice President, Chief
Operating Officer and Chief Financial Officer at Williams-Sonoma and in 2010 was appointed to the
Board of Directors. She retired from the company in 2012. Prior to her time at Williams-Sonoma, Ms.
McCollam served as the Chief Financial Officer at Dole Fresh Vegetables from 1996 to 2000. She
currently serves as a member of the Board of Directors at Hallmark Cards, Stitch Fix, Art.com, and Sutter
Health. Ms. McCollam previously served on the Boards of Directors at Williams-Sonoma, Del Monte
Foods and OfficeMax Incorporated.
Scott F. Powers

Since:2017
Age:58
Scott F. Powers has been an Independent Director at Whole Foods Market since 2017. Mr. Powers held
leadership positions at State Street Corporation from 2008 to 2015, most recently as Executive Vice
President of State Street Corp. and President and Chief Executive Officer of State Street Global Advisors.
He previously served as the President and Chief Executive Officer at Old Mutual USA and Old Mutual
Asset Management from 2001 to 2008. He also held executive roles at Mellon Financial Corporation and
Boston Company Asset Management. Mr. Powers is a member of the Board of Directors at Sun Life
Financial, where he serves on the Governance, Nomination and Investment Committee and the
Management Resources Committee. Mr. Powers is also a member of the Board of Directors at The
PulteGroup, where he serves as a member of the Nominating and Governance Committee and the
Compensation and Management Development Committee.
Ron Shaich

Since:2017
Age:62
Ron Shaich has been an Independent Director at Whole Foods Market since 2017. Mr. Shaich is the

MarketLine
Company Overview
Founder, Chairman and Chief Executive Officer at Panera Bread Company, as well as the Founder of Au
Bon Pain. He serves as the President of the Panera Bread Foundation and spearheaded the Panera
Cares initiative, through which the Foundation creates non-profit community cafes aimed at addressing
issues related to food insecurity.
A.C. Gallo
Job Title:President and Chief Operating Officer
Since:2010
Age:63
A.C. Gallo has been the President and Chief Operating Officer at Whole Foods Market since 2010. Mr.
Gallo was Co-President and Co-Chief Operating Officer. He also served as the Chief Operating Officer at
the company from 2003 to 2004. Mr. Gallo has held various positions at Whole Foods Market and at
Bread & Circus, which was acquired by the company in 1992, including the Vice President and President
of North Atlantic Region, and as the Executive Vice President of Operations.

MarketLine
Company Overview
Major Products & Services
MAJOR PRODUCTS & SERVICES

Whole Foods Market is a natural and organic foods supermarket chain. The company's key products and
brands include the following:
Products:
Produce and floral

Meat
Seafood
Bakery items
Prepared foods
Frozen items
Coffee
Tea
Beer
Wine
Cheese
Nutritional supplements
Vitamins
Body care products
Pet foods
Household products
Brands:
Whole Foods Market

365 Everyday Value
Allegro Coffee
Engine 2 Plant-Strong
365 by Whole Foods Market
Whole Paws
Whole Catch

MarketLine
Company Overview
SWOT Analysis
SWOT ANALYSIS
Whole Foods Market is a natural and organic foods supermarket chain. The company offers a broad and
differentiated product selection with a strong emphasis on perishable foods designed to appeal to both
natural and organic food and gourmet shoppers. An extensive product offering allows the company to
address multiple customer segments. However, intense competition could erode Whole Foods Markets
market share and affect its margins.
Strength Weakness
Broad Product Offerings Weak International Presence

Leveraging Technology to Enhance the Shopping Product Recalls
Experience Increasing Rental Expenses
Focused Growth Strategy
Opportunity Threat
Increasing Demand for Organic Products Intense Competition

Increasing Popularity of Private Labels Stringent Regulations
Growing Pet Spending In the US Rising Labor Wages in the US
Strength
Broad Product Offerings
Whole Foods Market offers a broad and differentiated product selection with a strong emphasis on
perishable foods designed to appeal to both natural and organic food shoppers. Its product selection in all
of its stores includes produce, packaged goods, bulk, frozen, dairy, meat, bakery, prepared foods, coffee,
tea, beer, wine, cheese, nutritional supplements, vitamins, body care, pet foods, and household goods.
The company's average store carries approximately 35,000 SKUs, and some of its larger stores carry up
to 55,000 SKUs. According to 2015 sales rankings by an industry source, the company is the largest
retailer of natural and organic foods in the US, the fifth largest public food retailer and 10th largest food
retailer overall. An extensive product offering allows the company to address multiple customer segments.
Besides insulating Whole Foods Market from any significant fall in demand for a specific product or
segment, extensive product portfolio also enables the company to attract new customers in addition to
retaining the existing ones.
Leveraging Technology to Enhance the Shopping Experience
Whole Foods Market utilizes various innovative technologies to deliver an enhanced end-to-end shopping
experience to its customers. For instance, in 2014, the company partnered with Apple to improve the
customers ease of shopping through the new Apple Pay service. This service provides an easy, secure
and private way to perform transactions for items purchased at Whole Foods Market stores across the

MarketLine
Company Overview
US. Whole Foods Market is one of the first retailers to accept Apple Pay across all its stores in the US.
In FY2015, the company piloted a new Affinity program in 11 stores across Philadelphia-area. This loyalty
program enables Whole Foods Market card holders to earn reward points that can be redeemed for free
products and dollar-off discounts every time they shop at the companys stores or online. During the
same period, the company launched a new redesigned Whole Foods Market mobile app focusing on
shopping utility, over 3,800 kitchen-tested recipes and store information/events. This new application also
enables the customer to create a personalized shopping list, offers various cooking tips and allows the
user to sync shopping lists and a recipe box between the app and Whole Foods Market website. With an
ultimate goal of establishing a common platform for a seamless buying experience, Whole Foods market
made an initial rollout of its new unified point-of-sale system, during FY2015. Further in the year, the
company also scaled its Instacart embedded-shopper online delivery rollout to more than 60 stores in 16
cities.
In 2015, Whole Foods Market partnered with Infor, a provider of industry specialized business
applications built for cloud, to co-develop Infor CloudSuite Retail, a next-generation retail merchandising
and supply chain management platform. This platform is expected to improve the efficiency of the
companys operations while enhancing customers overall shopping experience. In 2016, the company
expanded the Instacart delivery services to include Orange County, California.
Such innovative and technology driven services have been helping the company to offer seamless
shopping experience to its customers, thereby fueling its sales.
Focused Growth Strategy
Whole Foods Market focuses on expansion, primarily through new store openings in existing trade areas
as well as new areas, including international locations. During FY2016, FY2015 and FY2014, the
company opened 28, 38 and 34 new stores, respectively. The company's strategy to grow through
identical store sales growth, acquisitions and new store openings has enabled it to grow at a significant
growth rate in the past. The sales have grown from nearly USD93 million in FY1991 to about USD15.7
billion in FY2016, representing a compound annual growth rate (CAGR) of approximately 23%.
Furthermore, identical store sales contributed 94.3%, 93.3% and 94% to the total sales in FY2016,
FY2015 and FY2014, respectively. Since the natural foods retailing industry is highly fragmented and
comprises many small local and regional chains, growth through store expansion provides the company
access to desirable markets, apart from enabling it to expand its reach to a wide customer base and
diversify its revenue streams.
Weakness
Weak International Presence
The company generates majority of its revenues from the US. Whole Foods Market has limited presence
in Canada and the UK. The US accounted for 97.1% of the total revenues in FY2016, whereas Canada
and the UK accounted for only 2.9% of the total revenues during the same period. In a competitive
environment, high dependence on few markets not only exposes Whole Foods Market to the vulnerability

MarketLine
Company Overview
of local market conditions but also limits the growth opportunities. Besides, the company is deprived of
the economies of scale and benefits which its competitors realize because of their global operations.
Product Recalls
Whole Foods Market has been recalling several products in the recent years. For instance, in 2017, the
company recalled tarts because the products contained tree nut (almond flour) allergens that were not
listed on the product labels. During the same year, Bakers of Paris recalled plain, almond, and chocolate
croissants sold in 18 Northern California Whole Foods Market stores due to an undeclared allergen. The
company voluntarily recalled the products from nine stores in Connecticut, Massachusetts, Maine and
New York out of an abundance of caution in 2017. In 2016, the company voluntarily recalled Grassfields
Cheese from select stores in the Midwest and South regions, due to the presence of Shiga toxin-
producing E. coli (STEC), a bacteria that causes serious illness in humans. In the same year, the
company recalled Pesto Pasta Salad with Arugula due to the presence of Listeria monocytogenes, an
organism that causes serious and fatal infections in young children, frail or elderly people, and others with
weakened immune systems. Also in 2016, the company voluntarily recalled one batch of Whole Foods
Market Korean BBQ Sauce due to presence of undeclared allergens (peanut and treenut) on product
packaging. In the same year, the company recalled 10 ounce packages of asparagus, pea and ricotta
salad sold at 14 of its stores across Connecticut, New Jersey, New York, Rhode Island and
Massachusetts due to mislabeling issue. Whole Foods Market noticed that the packages contained
miniature asparagus, sun dried tomato and Swiss frittatas, due to which an egg allergen was not declared
on the label. The company initiated a voluntary recall of its Maytag Raw Milk Blue Cheese across the US
due to possible contamination with Listeria monocytogenes in 2016. During the same year, Whole Foods
Market also recalled Pecorino Aged Cheese in Walnut Leaves sold at one store each in Florida and New
York due to possible contamination with Listeria monocytogenes. Such recurrent product recalls affect the
brand image of the company, which, in turn, leads to low customer loyalty and brand equity.
Increasing Rental Expenses
Whole Foods Market has obligations under certain capital leases for rental of certain buildings, land and
equipment, and certain operating leases for rental of facilities and equipment. Therefore, the change in
rental expenses charged under operating leases affects the company's business. In the recent years, its
rental expenses have increased significantly. Rental expense charged to operations under operating
leases for FY2016, FY2015 and FY2014 totaled approximately USD477 million, USD441 million and
USD407 million, respectively. Increasing rental expenses affect the company's profitability and
consequently have a material adverse impact on its margins.
Opportunity
Increasing Demand for Organic Products
The demand for natural and organic foods has increased over the years due to rising awareness about
the importance of natural foods in the diet. According to MarketLine, the US organic food market grew by
12% in 2015 to reach a value of USD40.2 billion. Furthermore, by 2020, this market is expected to be
worth USD64.6 billion, representing an increase of 60.8% since 2015. With parents focusing on providing

MarketLine
Company Overview
healthier food options to their children, there has been an increase in the frequency of purchase of
organic foods in the country. Furthermore, the awareness of the US Department of Agriculture (USDA)
Organic seal is also contributing to such a surge in these products sales.
Whole Foods Market offers natural and organic foods for special dietary needs. The company is well
positioned to benefit from the expanding organic foods market and improve its market share. This would
enhance the company's revenue base in a lucrative and stable growth potential market.
Increasing Popularity of Private Labels
The demand for private label products has been growing in the US since last few years. According to
industry sources, among all major US retail channels, total annual sales of private label products
surpassed USD110 billion in 2015, an increase of more than USD2 billion over the previous year. In
supermarkets, unit and dollar shares increased to nearly 23% and 18.5%, respectively, and in drug
stores, unit and dollar shares increased to nearly 16.5% and 17%, respectively. The growth trend for
private labels is expected to continue in the coming years with consumers intending to continue
purchasing private labels even after the economy improves.
The company offers a range of products under its store brands such as Whole Foods Market, 365
Everyday Value and Whole Catch. In FY2016, its exclusive brands accounted for approximately 15% of
its total retail sales. Increasing popularity of private label products among consumers and Whole Foods
Markets emphasis on enhancing its value offerings is expected to have a favorable impact on the
company's sales and profit margins.
Growing Pet Spending In the US
The US pet industry, considered to be one of the largest in the world, has been growing at a strong pace.
According to a survey conducted by an industry association, more than 65% of US households own a pet.
Pet food category recorded the highest growth in spending and accounted for over 40% followed by Vet
Care with approximately 24% of the overall market in 2016. In addition, pet spending in the US is
estimated to grow by nearly 4% in 2017 to reach a value of about USD70 billion.
Whole Foods Market provides a variety of choices to pet owners regarding different feeding philosophies.
The company also offers products for pets with specific dietary needs, preferences and sensitivities. Its
pet product offering ranges from natural and organic to grain- or gluten-free diets to special formulas for
weight control, joint support, and urinary tract health. Some of the products include wet and dry pet foods,
organic pet foods, and refrigerated pet food meals, among others. Therefore, Whole Foods Market is well
positioned to capitalize on the growing pet spending in the US.
Threat
Intense Competition
Food retailing is a large, intensely competitive industry. Whole Foods Market competes with local,
regional, national and international conventional and specialty supermarkets, natural foods stores,

MarketLine
Company Overview
warehouse membership clubs, online retailers, smaller specialty stores, farmers' markets, restaurants and
home delivery companies. Each of these competes with the company on the basis of store ambiance and
experience, product selection, quality, customer service, price, convenience or a combination of these
factors. Whole Foods Market's key competitors include Kroger, Winn-Dixie Stores, Wal-Mart Stores,
Trader Joe's and Weis Markets. Some of these competitors have significantly greater financial or
marketing resources than the company. For instance, Kroger generated revenues of USD109,830 million
in the financial year ended January 2016. In comparison, the company generated revenues of
USD15,724 million in FY2016. High level of competition could erode Whole Food Market's share in the
food retailing market and affect its margins.
Stringent Regulations
As Whole Foods Market operates in the natural and organic foods market, its stores and products are
subject to several laws and regulations. The company is required to comply with provisions regulating
health and sanitation standards, food labeling, equal employment, minimum wages, and licensing for the
sale of food and, in some stores, alcoholic beverages. Several federal agencies and departments,
including the US Food and Drug Administration (FDA), the Federal Trade Commission (FTC), the
Consumer Product Safety Commission (CPSC), USDA and the Environmental Protection Agency (EPA)
set critical standards for the manufacturing, processing, formulation, packaging, labeling and advertising
of products. Failure to comply with these standards could result in penalties and seizure of marketing and
sales licenses. These regulations also result in additional compliance costs, which could reflect in
reduced margins for the company.
Rising Labor Wages in the US
Labor costs are rising in the US. Tight labor markets, increased overtime, government mandated
increases in minimum wages and a higher proportion of full-time employees are resulting in an increase
in labor costs for employers in the US. The federal minimum wage rate in the US, which remained at
USD5.15 per hour since 1998, increased to USD5.85 per hour in 2008. It further increased to USD6.55
per hour in 2009 and to USD7.25 per hour in 2010. Moreover, many states and municipalities in the
country have minimum wage rate even higher than USD7.25 per hour due to higher cost of living. For
instance, in Colorado, the minimum wage rate increased from USD8.31 in 2016 to USD9.3 in 2017; and
in Connecticut, the minimum wage rate grew from USD9.6 in 2016 to USD10.1 in 2017. The minimum
wage rate increased from USD10 in 2016 to USD11 in 2017 in Massachusetts. Similarly, in New Jersey,
the minimum wage rate increased from USD8.38 in 2015 to USD8.44 in 2017; and in Vermont, the
minimum wage rate increased from USD9.6 in 2016 to USD10 in 2017. Thus, increasing labor costs
could increase the company's overall costs and affect its margins.

MarketLine
Company Overview
Top Competitors
TOP COMPETITORS
The following companies are the major competitors of Whole Foods Market, Inc.
Asda Stores Limited

Costco Wholesale Corporation
The Fresh Market, Inc.
The Kroger Co.
Trader Joe's Company
Wal-Mart Stores, Inc.
Weis Markets, Inc.
Winn-Dixie Stores, Inc.

MarketLine
Company Overview
Company View
COMPANY VIEW
A joint statement by John P. Mackey, the Chief Executive Officer and Walter Robb, a Director and former
Co-Chief Executive Officer at Whole Foods Market, is given below. The statement has been taken from
the companys Annual Report for FY2016.
Dear Stakeholders,
We are pleased to have made measurable progress over the past year on many of the strategic initiatives
included in the nine-point plan we shared with you in November of 2015. In a year that presented many
headwinds for food retailers, including increased competition from existing as well as new competitors
and business models, deflation, and lackluster consumer demand, we increased sales to a record $15.7
billion, producing industry-leading sales per gross square foot of $915. While sales were lighter than
forecast, we maintained our expense discipline and generated healthy returns with $1.4 billion in EBITDA,
$1.1 billion in cash flow from operations and a 13% return on invested capital.* We invested $716 million
of capital primarily in new and existing stores and technology initiatives, and, in keeping with our new
capital allocation strategy, returned more than $1.1 billion to our shareholders through dividends and
share repurchases.
Our commitment to our Core Values, mission and culture has never been stronger, and we appreciate our
87,000 team members for continuing to deliver a world-class customer experience as we collectively work
to transform our business model in this dynamic and increasingly competitive marketplace. Highlights of
our progress include:
We are more than half way toward our goal of reducing expenses by a $300 million run rate by the end of
fiscal year 2017. Through various cost saving measures, including transitioning our marketing and HR
functions from a store to metro model; reducing buying positions as we restructure our purchasing
operations; and combining certain teams in lowervolume stores, we have been able to focus our store
labor investments on ensuring product availability, maintaining high standards, and serving our
customers.
We made selective price investments on key items and began offering weekly deep discount promotions,
which were supported with an enhanced ad campaign highlighting our quality differences. While the
competitive environment made it difficult to gain market share, we saw some encouraging signs of
customers responding, as reflected in three consecutive quarters of improving items per basket.
Our unified point-of-sale system, including EMV technology, is now up and running across all of our U.S.
stores. This system provides the foundation to enhance our promotional capabilities, including more
dynamic and personalized offers through our mobile app and Rewards (affinity) programs.
We took several big steps forward in our digital efforts to offer more value, convenience and personalized
offers to our customers, including:
Adding digital coupons and a sales flyer to our mobile app, expanding the functionality beyond recipes
and shopping lists.

MarketLine
Company Overview
Launching our new Rewards program in the Dallas and Fort Worth metro area, which built upon our
initial pilot program in Philadelphia, while allowing us to be more strategic in the ways in which customers
earn and redeem rewards.
Expanding our online ordering and home delivery capabilities. Collectively, Whole Foods and Instacart
deliver fresh groceries to more households in the U.S. than anyone else, and customers now have the
added option of ordering Instacart delivery online at wholefoodsmarket.com.
We continued our retail innovation, launching our 365 by Whole Foods Market value format and opening
several new Whole Foods Market flagship stores.
We believe our complementary 365 by Whole Foods Market brand broadens our reach to new
customers and new markets. Designed around affordability and convenience and supported by enhanced
digital experiences, our 365 stores offer a fresh proposition to the marketplace and are firsts for us in
many ways, from a curated assortment, to centralized buying, to auto-replenishment of inventory. We are
incorporating our learnings into the next round of 365 stores, and we are excited about the opportunities
this streamlined operating model presents for our existing and future Whole Foods Market stores as well.
We welcomed three new flagship Whole Foods Market stores in Downtown Los Angeles; Brooklyn, New
York; and Santa Clara, California. Averaging close to 50,000 square feet, these larger stores are
designed to take advantage of their dense, urban locations and offer extensive prepared foods and
unique dining experiences, including wine bars and tap rooms.
We gained valuable talent and expertise on our senior leadership team. We hired five new global vice
presidents, including two newly created positions: Communications (new), Culinary & Hospitality (new),
Marketing, Non-Perishables Procurement, and Team Member Services.
We invested in our team members development and growth, including creating thousands of new jobs.
We are proud to be one of only 11 companies to have earned a spot on FORTUNE magazines annual
list of the 100 Best Companies to Work For for 19 consecutive years.
VALUES MATTER
At Whole Foods Market, "healthy" goes beyond good for you, it also encompasses the greater good. We
believe our support of and leadership in causes that are important to our communities create a loyal core
customer base and attract investors aligned with our mission and Core Values.
This year our charitable donations once again exceeded our goal of 5% of after-tax profits and our
foundations and Local Producer Loan Program continued to expand their good works. Whole Planet
Foundation has partnered with various microfinance institutions to facilitate more than $70 million in
grants to 143 projects in 69 countries where we source products. Through Whole Kids Foundation and
its partners, approximately 4,700 schools have received salad bars, 3,650 schools have received school
garden grants, and over 70 schools have received honey bee hive grants. Whole Cities Foundation,
dedicated to individual and community health through collaborative partnerships, education and broader
access to nutritious food in underserved communities, has invested in partnerships in Englewood

MarketLine
Company Overview
(Chicago), IL; New Orleans, LA; Detroit, MI; and Jackson, MS, with partnerships underway in Newark, NJ
and other cities. And, our Local Producer Loan Program has disbursed $21 million in loans to 260 local
producers.
Outlook and Priorities for Fiscal Year 2017
We remain focused on the metrics we believe are key to the long-term health of our business, and our
outlook includes sales growth of 2.5% to 4.5%, EBITDA margin of approximately 8.2%, diluted EPS of
$1.42 or greater, and ROIC of 11% or greater. We are encouraged that our value and marketing efforts
appear to be gaining traction with customers and believe we will see momentum as our sales-building
initiatives are rolled out throughout the year; however, the competitive landscape is very dynamic, and it
is uncertain how long the deflationary environment will continue.
We are on track to meet our goal of reducing our cost structure by a $300 million run rate by the end of
fiscal year 2017 but expect these savings to be more than offset by our investments to drive sales, as well
as higher occupancy, depreciation and other costs. While our new stores, on average, continue to be
profitable in year one, we believe it is prudent in this ongoing challenging food retailing environment to
lower our year-over-year square footage growth to approximately 6% and our capital expenditures to 4%
of sales.
Our priorities include:
Progressing to an always on unified marketing and media plan, using insights from our customer data
and analytics to improve the relevancy, effectiveness and efficiency of our value and marketing
investments;
Intensifying our personalization efforts, including the roll out of our optimized Rewards program to all U.S.
stores;
Taking a more strategic approach to our assortments, pricing and promotions, including the continued
development of category management tools, processes and capabilities to better inform our investments;
Evolving our purchasing structure to a hybrid model, with global teams leading our category management
efforts and regional teams focused on local products;
Leveraging our new culinary teams leadership and expertise to offer a full spectrum of highest quality
ready-made meal solutions, in-store or delivered to your door, including a pilot for curated meal kits; and
Offering our customers more convenience through expanded online delivery to more cities and additional
zip codes in existing markets.
In closing, we are excited about the fundamental transformation that is taking place within our company
and believe we have the right strategies in place to produce strong returns for our shareholders over the
long term. No one delivers the dynamic and compelling in-store experience that we do, and we will keep
improving, innovating and creating opportunities for people to connect and find a sense of communityin
our stores and in the digital world.

MarketLine
Company Overview
We see a growing market opportunity as customers show greater interest in what they eat, where it
comes from and whos growing it. Whole Foods Market has been a driving force behind this shift in
consciousness, and our mission, industry-leading quality standards, and commitment to transparency are
more relevant than ever. We believe in real foodfood that is naturally beautiful and fresh, delicious and
powerful, and full of nutrientsso there are no artificial colors, no artificial flavors, and no artificial
preservatives in any of the food we sell. We embrace our responsibility to nourish the health and well-
being of people and the planet by being the authentic purveyor of food for the greater good. We look
forward to you continuing on the journey with us.

MarketLine
Company Overview
Locations And Subsidaries
LOCATIONS AND SUBSIDARIES
Head Office

550 Bowie Street
Austin
Texas
Austin
Texas
USA
Phone:1 512 4774455
Other Locations and Subsidiaries
Fresh & Wild Holding Limited WFM IP Investments, Inc.

England Delaware
England Delaware
GBR USA
WFM Northern Nevada, Inc. WFM Purchasing Management, Inc.
Delaware Delaware
Delaware Delaware
USA USA
WFM-WO, Inc. Whole Foods Market California, Inc.
Delaware California
Delaware California
USA USA
Whole Foods Market Canada, Inc. Whole Foods Market Distribution, Inc.
CAN Delaware
Delaware
USA
Whole Foods Market Group, Inc. Whole Foods Market Pacific Northwest, Inc.
Delaware Delaware
Delaware Delaware
USA USA
Whole Foods Market, Inc. Whole Foods Market, Inc.
Whole Foods Market Cambie Whole Foods Market - Camden
510 West 8th Avenue 49 Parkway
Vancouver London NW1 7PN
British Columbia V5Z 1C5 GBR
CAN Phone:44 207 428 7575
Phone:1 778 370 4210

MarketLine
Company Overview
Whole Foods Market Camelback Whole Foods Market - Clapham Junction

4701 North 20th Street 305-311 Lavender Hill
Phoenix Clapham Junction
Arizona 85016 London SW11 1LN
USA GBR
Phone:1 602 761 4750 Phone:44 207 585 1488
Whole Foods Market Folsom Whole Foods Market - Highlands Ranch
270 Palladio Parkway 9366 South Colorado Boulevard
Folsom Highlands Ranch
California 95630 Colorado 80126
USA USA
Phone:1 916 984 8500 Phone:1 303 470 6003
Whole Foods Market - Mountain Brook Whole Foods Market - Square One Mississauga
3100 Cahaba Village Plaza 155 Square One Drive
Birmingham Mississauga
Alabama 35243 Ontario L5B 0E2
USA CAN
Phone:1 205 912 8400 Phone:1 905 275 9393
Whole Foods Market - Stoke Newington Whole Foods Market - Yonge And Sheppard
32-40 Stoke Newington Church Street 4771 Yonge Street
London N16 0LU Toronto
GBR Ontario M2N 5M5
Phone:44 207 254 2332 CAN
Phone:1 416 730 1100

MarketLine
Company Overview
Financial Overview
FINANCIAL OVERVIEW
Summarized Statement
*Note: Eliminations not included, all figures in Million except per share data.
Parameters Currency 2012 2013 2014 2015 2016

Income Statements
Total Revenue USD 11,699.00 12,917.00 14,194.00 15,389.00 15,724.00
Gross Profit USD 4,156.00 4,629.00 5,044.00 5,416.00 5,411.00
Operating Income USD 744.00 883.00 934.00 861.00 857.00
Net Income USD 466.00 551.00 579.00 536.00 507.00
Diluted Normalized EPS USD 1.28 1.49 1.58 1.51 1.58
Balance Sheet
Total Current Assets USD 2,102.63 1,980.00 1,756.00 1,544.00 1,975.00
Total Assets USD 5,294.22 5,538.00 5,744.00 5,741.00 6,341.00
Total Current Liabilities USD 977.19 1,088.00 1,257.00 1,252.00 1,341.00
Total Liabilities USD 1,491.75 1,660.00 1,931.00 1,972.00 3,117.00
Total Equity USD 3,802.47 3,878.00 3,813.00 3,769.00 3,224.00
Total Common Shares USD 370.87 372.40 360.40 348.90 318.30
Outstanding
Cash Flow
Cash from Operating Activities USD 919.72 1,009.00 1,088.00 1,129.00 1,116.00
Cash from Investing Activities USD -1,341.35 -289.00 -484.00 -455.00 -895.00
Cash from Financing Activities USD 297.17 -517.00 -698.00 -622.00 -113.00
Net Change in Cash USD -122.99 201.00 -100.00 47.00 114.00
Detailed Statement
*Note: Eliminations not included, all figures in Million except per share data.
Parameters Currency 2012 2013 2014 2015 2016

Income Statements
Revenue USD 11,699.00 12,917.00 14,194.00 15,389.00 15,724.00
Total Revenue USD 11,699.00 12,917.00 14,194.00 15,389.00 15,724.00
Cost of Revenue, Total USD 7,543.00 8,288.00 9,150.00 9,973.00 10,313.00
Gross Profit USD 4,156.00 4,629.00 5,044.00 5,416.00 5,411.00
Selling/ General/ Admin. USD 3,402.00 3,734.00 4,099.00 4,539.00 4,541.00
Expenses, Total
Unusual Expense (Income) USD 10.00 12.00 11.00 16.00 13.00

MarketLine
Company Overview
Total Operating Expense USD 10,955.00 12,034.00 13,260.00 14,528.00 14,867.00

Operating Income USD 744.00 883.00 934.00 861.00 857.00
Net Income Before Taxes USD 752.00 894.00 946.00 878.00 827.00
Provision for Income Taxes USD 286.00 343.00 367.00 342.00 320.00
Net Income After Taxes USD 466.00 551.00 579.00 536.00 507.00
Net Income Before Extra. Items USD 466.00 551.00 579.00 536.00 507.00
Net Income USD 466.00 551.00 579.00 536.00 507.00
Total Adjustments to Net USD 0.00 0.00 0.00 0.00 0.00
Income
Income Available to Com Excl USD 466.00 551.00 579.00 536.00 507.00
ExtraOrd
Income Available to Com Incl USD 466.00 551.00 579.00 536.00 507.00
ExtraOrd
Dilution Adjustment USD 0.00 0.00 0.00 0.00 0.00
Diluted Net Income USD 466.00 551.00 579.00 536.00 507.00
Diluted Weighted Average USD 368.90 374.50 370.50 360.80 326.90
Shares
Diluted EPS Excluding USD 1.26 1.47 1.56 1.49 1.55
ExtraOrd Items
Diluted Normalized EPS USD 1.28 1.49 1.58 1.51 1.58
DPS - Common Stock Primary USD 0.26 0.37 0.46 0.51 0.54
Issue
Balance Sheet
Cash & Equivalents USD 89.02 290.00 190.00 237.00 351.00
Short Term Investments USD 1,131.21 733.00 553.00 155.00 379.00
Cash and Short Term USD 1,220.23 1,023.00 743.00 392.00 730.00
Investments
Accounts Receivable - Trade, USD 196.50 188.00 198.00 218.00 242.00
Net
Total Receivables, Net USD 196.50 188.00 198.00 218.00 242.00
Total Inventory USD 374.27 414.00 441.00 500.00 517.00
Prepaid Expenses USD 76.51 93.00 97.00 108.00 167.00
Other Current Assets, Total USD 235.12 262.00 277.00 326.00 319.00
Total Current Assets USD 2,102.63 1,980.00 1,756.00 1,544.00 1,975.00
Property/ Plant/ Equipment, USD 4,048.65 4,512.00 5,309.00 5,854.00 6,414.00
Total - Gross
Accumulated Depreciation, USD -1,855.97 -2,084.00 -2,386.00 -2,691.00 -2,972.00
Total
Property/ Plant/ Equipment, USD 2,192.68 2,428.00 2,923.00 3,163.00 3,442.00
Total - Net
Goodwill, Net USD 662.94 679.00 708.00 710.00 710.00

MarketLine
Company Overview
Intangibles, Net USD 62.40 65.00 81.00 79.00 74.00

Long Term Investments USD 221.43 302.00 120.00 63.00 0.00
Other Long Term Assets, Total USD 52.14 84.00 156.00 182.00 140.00
Total Assets USD 5,294.22 5,538.00 5,744.00 5,741.00 6,341.00
Accounts Payable USD 247.09 247.00 276.00 295.00 307.00
Accrued Expenses USD 307.16 367.00 379.00 436.00 407.00
Notes Payable/ Short Term USD 0.00 0.00 0.00 0.00 0.00
Debt
Current Port. of LT Debt/ USD 1.01 1.00 2.00 3.00 3.00
Capital Leases
Other Current liabilities, Total USD 421.92 473.00 600.00 518.00 624.00
Total Current Liabilities USD 977.19 1,088.00 1,257.00 1,252.00 1,341.00
Capital Lease Obligations USD 23.11 26.00 60.00 62.00 1,048.00
Total Long Term Debt USD 23.11 26.00 60.00 62.00 1,048.00
Total Debt USD 24.12 27.00 62.00 65.00 1,051.00
Other Liabilities, Total USD 491.45 546.00 614.00 658.00 728.00
Total Liabilities USD 1,491.75 1,660.00 1,931.00 1,972.00 3,117.00
Common Stock, Total USD 2,592.37 2,765.00 2,863.00 2,904.00 2,933.00
Retained Earnings USD 1,233.43 1,265.00 1,668.00 2,017.00 2,349.00
(Accumulated Deficit)
Treasury Stock - Common USD -28.60 -153.00 -711.00 -1,124.00 -2,026.00
Other Equity, Total USD 5.27 1.00 -7.00 -28.00 -32.00
Total Equity USD 3,802.47 3,878.00 3,813.00 3,769.00 3,224.00
Total Liabilities & Shareholders' USD 5,294.22 5,538.00 5,744.00 5,741.00 6,341.00
Equity
Total Common Shares USD 370.87 372.40 360.40 348.90 318.30
Outstanding
Cash Flow
Net Income/ Starting Line USD 465.57 551.00 579.00 536.00 507.00
Depreciation/ Depletion USD 311.55 339.00 377.00 439.00 498.00
Deferred Taxes USD -8.04 -51.00 -78.00 -43.00 47.00
Non-Cash Items USD 85.32 113.00 150.00 156.00 98.00
Changes in Working Capital USD 65.31 57.00 60.00 41.00 -34.00
Cash from Operating Activities USD 919.72 1,009.00 1,088.00 1,129.00 1,116.00
Capital Expenditures USD -456.25 -537.00 -730.00 -854.00 -718.00
Other Investing Cash Flow USD -885.10 248.00 246.00 399.00 -177.00
Items, Total
Cash from Investing Activities USD -1,341.35 -289.00 -484.00 -455.00 -895.00
Financing Cash Flow Items USD 50.35 37.00 9.00 9.00 -4.00
Total Cash Dividends Paid USD -94.51 -508.00 -170.00 -184.00 -177.00

MarketLine
Company Overview
Issuance (Retirement) of Stock, USD 341.63 -44.00 -536.00 -447.00 -925.00

Net
Issuance (Retirement) of Debt, USD -0.31 -2.00 -1.00 0.00 993.00
Net
Cash from Financing Activities USD 297.17 -517.00 -698.00 -622.00 -113.00
Foreign Exchange Effects USD 1.48 -2.00 -6.00 -5.00 6.00
Net Change in Cash USD -122.99 201.00 -100.00 47.00 114.00
Cash Interest Paid USD 2.84 2.00 0.00 0.00 27.00
Cash Taxes Paid USD 201.77 378.00 429.00 383.00 377.00
Summarized Interim Statement
Income Statements Currency Apr-2016 (12 Jul-2016 (12 Sep-2016 Jan-2017 (16
Weeks) Weeks) (12 Weeks) Weeks)
Gross Profit USD 1,290.00 1,286.00 1,194.00 1,650.00
Diluted Normalized EPS USD 0.44 0.38 0.28 0.38
Operating Income USD 241.00 209.00 155.00 171.00
Total Revenue USD 3,696.00 3,703.00 3,497.00 4,918.00
Net Income USD 142.00 120.00 88.00 95.00
Balance Sheet Currency Apr-2016 Jul-2016 Sep-2016 Jan-2017
Total Common Shares Outstanding USD 324.80 318.80 318.30 318.50
Total Assets USD 6,362.00 6,275.00 6,341.00 6,382.00
Total Liabilities USD 3,077.00 3,090.00 3,117.00 3,090.00
Total Current Assets USD 2,084.00 1,925.00 1,975.00 1,987.00
Total Current Liabilities USD 1,329.00 1,324.00 1,341.00 1,300.00
Total Equity USD 3,285.00 3,185.00 3,224.00 3,292.00
Cash Flow Currency Apr-2016 (28 Jul-2016 (40 Sep-2016 Jan-2017 (16
Net Change in Cash USD 568.00 235.00 114.00 2.00
Cash from Investing Activities USD -184.00 -477.00 -895.00 -244.00
Cash from Operating Activities USD 575.00 764.00 1,116.00 284.00
Cash from Financing Activities USD 174.00 -57.00 -113.00 -38.00
Detailed Interim Statement
Income Statements Currency Apr-2016 (12 Jul-2016 (12 Sep-2016 Jan-2017 (16
Income Available to Com Excl USD 142.00 120.00 88.00 95.00
ExtraOrd

MarketLine
Company Overview
Net Income Before Extra. Items USD 142.00 120.00 88.00 95.00
Gross Profit USD 1,290.00 1,286.00 1,194.00 1,650.00
Diluted Normalized EPS USD 0.44 0.38 0.28 0.38
Total Operating Expense USD 3,455.00 3,494.00 3,342.00 4,747.00
Income Available to Com Incl USD 142.00 120.00 88.00 95.00
ExtraOrd
Diluted Net Income USD 142.00 120.00 88.00 95.00
Operating Income USD 241.00 209.00 155.00 171.00
Selling/ General/ Admin. Expenses, USD 1,046.00 1,075.00 1,034.00 1,438.00
Total
Unusual Expense (Income) USD 3.00 2.00 5.00 41.00
Total Revenue USD 3,696.00 3,703.00 3,497.00 4,918.00
Diluted EPS Excluding ExtraOrd Items USD 0.44 0.37 0.28 0.30
Diluted Weighted Average Shares USD 325.40 321.20 319.70 318.70
Revenue USD 3,696.00 3,703.00 3,497.00 4,918.00
Net Income After Taxes USD 142.00 120.00 88.00 95.00
DPS - Common Stock Primary Issue USD 0.14 0.14 0.14 0.14
Net Income Before Taxes USD 235.00 196.00 147.00 156.00
Cost of Revenue, Total USD 2,406.00 2,417.00 2,303.00 3,268.00
Provision for Income Taxes USD 93.00 76.00 59.00 61.00
Net Income USD 142.00 120.00 88.00 95.00
Dilution Adjustment USD 0.00 0.00 0.00 0.00
Balance Sheet Currency Apr-2016 Jul-2016 Sep-2016 Jan-2017
Total Common Shares Outstanding USD 324.80 318.80 318.30 318.50
Long Term Investments USD 0.00 0.00 0.00 0.00
Other Liabilities, Total USD 699.00 717.00 728.00 742.00
Goodwill, Net USD 710.00 710.00 710.00 710.00
Current Port. of LT Debt/ Capital USD 3.00 3.00 3.00 3.00
Leases
Other Current Assets, Total USD 323.00 311.00 319.00 335.00
Other Equity, Total USD -28.00 -29.00 -32.00 -33.00
Intangibles, Net USD 77.00 76.00 74.00 72.00
Prepaid Expenses USD 162.00 147.00 167.00 123.00
Notes Payable/ Short Term Debt USD 0.00 0.00 0.00 0.00
Total Long Term Debt USD 1,049.00 1,049.00 1,048.00 1,048.00
Total Liabilities & Shareholders' Equity USD 6,362.00 6,275.00 6,341.00 6,382.00
Other Long Term Assets, Total USD 194.00 188.00 140.00 153.00
Total Inventory USD 521.00 523.00 517.00 554.00
Short Term Investments USD 43.00 153.00 379.00 374.00
Total Receivables, Net USD 230.00 319.00 242.00 251.00

MarketLine
Company Overview
Total Debt USD 1,052.00 1,052.00 1,051.00 1,051.00

Accounts Receivable - Trade, Net USD 230.00 319.00 242.00 251.00
Property/ Plant/ Equipment, Total - USD 3,297.00 3,376.00 3,442.00 3,460.00
Net
Total Assets USD 6,362.00 6,275.00 6,341.00 6,382.00
Total Liabilities USD 3,077.00 3,090.00 3,117.00 3,090.00
Common Stock, Total USD 2,922.00 2,924.00 2,933.00 2,944.00
Total Current Assets USD 2,084.00 1,925.00 1,975.00 1,987.00
Total Current Liabilities USD 1,329.00 1,324.00 1,341.00 1,300.00
Retained Earnings (Accumulated USD 2,227.00 2,304.00 2,349.00 2,399.00
Deficit)
Total Equity USD 3,285.00 3,185.00 3,224.00 3,292.00
Accrued Expenses USD 397.00 409.00 407.00 421.00
Capital Lease Obligations USD 1,049.00 1,049.00 1,048.00 1,048.00
Treasury Stock - Common USD -1,836.00 -2,014.00 -2,026.00 -2,018.00
Other Current liabilities, Total USD 630.00 620.00 624.00 588.00
Cash & Equivalents USD 805.00 472.00 351.00 350.00
Accounts Payable USD 299.00 292.00 307.00 288.00
Cash and Short Term Investments USD 848.00 625.00 730.00 724.00
Cash Flow Currency Apr-2016 (28 Jul-2016 (40 Sep-2016 Jan-2017 (16
Cash Interest Paid USD 0.00 27.00 27.00 26.00
Issuance (Retirement) of Debt, Net USD 994.00 993.00 993.00 0.00
Financing Cash Flow Items USD -7.00 -5.00 -4.00 0.00
Net Change in Cash USD 568.00 235.00 114.00 2.00
Non-Cash Items USD 51.00 75.00 98.00 36.00
Depreciation/ Depletion USD 259.00 376.00 498.00 189.00
Foreign Exchange Effects USD 3.00 5.00 6.00 0.00
Net Income/ Starting Line USD 299.00 419.00 507.00 95.00
Other Investing Cash Flow Items, USD 154.00 44.00 -177.00 1.00
Total
Changes in Working Capital USD -39.00 -122.00 -34.00 -12.00
Capital Expenditures USD -338.00 -521.00 -718.00 -245.00
Issuance (Retirement) of Stock, Net USD -723.00 -912.00 -925.00 5.00
Cash from Investing Activities USD -184.00 -477.00 -895.00 -244.00
Cash from Operating Activities USD 575.00 764.00 1,116.00 284.00
Cash Taxes Paid USD 229.00 357.00 377.00 76.00
Deferred Taxes USD 5.00 16.00 47.00 -24.00
Total Cash Dividends Paid USD -90.00 -133.00 -177.00 -43.00
Cash from Financing Activities USD 174.00 -57.00 -113.00 -38.00

MarketLine
Company Overview
Capital Market Ratios
Key Ratios July 10,2017

P/E (Price/Earnings) Ratio 27.04
EV/EBITDA (Enterprise Value/Earnings Before Interest, Taxes, Depreciation 17.05
and Amortization)
Enterprise Value/Sales 0.90
Enterprise Value/Operating Profit 16.46
Enterprise Value/Total Assets 2.22
Dividend Yield 0.01
Market Cap 13,402.54
Enterprise Value 14,103.54
Note: The above ratios are based on

the share price as of July 10,2017,
they are absolute numbers
Annual Ratios
Key Ratios Unit Currency 2012 2013 2014 2015 2016

Growth Ratios
Sales Growth % 15.74 10.41 9.89 8.42 2.18
Operating Income Growth % 35.86 18.68 5.78 -7.82 -0.46
EBITDA Growth % 36.30 18.88 5.82 -7.19 -5.81
Net Income Growth % 36.01 18.24 5.08 -7.43 -5.41
EPS Growth % 30.22 16.49 6.03 -4.32 4.14
Working Capital Growth % 96.14 -20.74 -44.06 -41.48 117.12
Equity Ratios
EPS (Earnings per Share) USD 1.26 1.47 1.56 1.49 1.55
Dividend per Share USD 0.26 0.37 0.46 0.51 0.54
Dividend Cover Absolute 4.86 3.98 3.40 2.91 2.90
Book Value per Share USD 10.25 10.41 10.58 10.80 10.13
Cash Value per Share USD 0.24 0.78 0.53 0.68 1.10

MarketLine
Company Overview
Profitability Ratios
Gross Margin % 35.52 35.84 35.54 35.19 34.41
Operating Margin % 6.36 6.84 6.58 5.59 5.45
Net Profit Margin % 3.98 4.27 4.08 3.48 3.22
Profit Markup % 55.10 55.85 55.13 54.31 52.47
PBT Margin (Profit Before Tax) % 6.43 6.92 6.66 5.71 5.26
Return on Equity % 12.26 14.21 15.18 14.22 15.73
Return on Capital Employed % 17.23 19.84 20.82 19.18 17.14
Return on Assets % 8.80 9.95 10.08 9.34 8.00
Return on Fixed Assets % 23.31 24.82 23.42 20.51 19.63
Return on Working Capital % 66.11 98.99 187.17 294.86 135.17
Cost Ratios
Operating Costs (% of Sales) % 93.64 93.16 93.42 94.41 94.55
Administration Costs (% of Sales) % 29.08 28.91 28.88 29.50 28.88
Liquidity Ratios
Current Ratio Absolute 2.15 1.82 1.40 1.23 1.47
Quick Ratio Absolute 1.77 1.44 1.05 0.83 1.09
Cash Ratio Absolute 1.25 0.94 0.59 0.31 0.54
Leverage Ratios
Debt to Equity Ratio Absolute 0.01 0.01 0.02 0.02 0.33
Net Debt to Equity Absolute -0.02 -0.07 -0.03 -0.05 0.22
Debt to Capital Ratio Absolute 0.01 0.01 0.01 0.01 0.21
Efficiency Ratios
Asset Turnover Absolute 2.21 2.33 2.47 2.68 2.48
Fixed Asset Turnover Absolute 5.34 5.32 4.86 4.87 4.57
Inventory Turnover Absolute 20.15 20.02 20.75 19.95 19.95
Current Asset Turnover Absolute 5.56 6.52 8.08 9.97 7.96
Capital Employed Turnover Absolute 3.08 3.33 3.72 4.08 4.88
Working Capital Turnover Absolute 10.40 14.48 28.44 52.70 24.80
Revenue per Employee USD 0.00 0.00 0.00 0.00 261,935.70
Net Income per Employee USD 0.00 0.00 0.00 0.00 8,445.78
Capex to Sales % 3.90 4.16 5.14 5.55 4.57
R&D to Sales % 0.00 0.00 0.00 0.00 0.00
Interim Ratios
Key Ratios Currency April July September January Ratio Type

01,2016 01,2016 01,2016 01,2017
EPS (Earnings per USD 0.44 0.37 0.28 0.30 Equity Ratios

MarketLine
Company Overview
Share)
Dividend per Share USD 0.14 0.14 0.14 0.14 Equity Ratios
Book Value per Share USD 10.11 9.99 10.13 10.34 Equity Ratios
Current Ratio Absolute 1.57 1.45 1.47 1.53 Liquidity Ratios

MarketLine
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John Carpenter House, John Carpenter Street, London, United Kingdom, EC4Y 0AN
T: +44 (0) 203 377 3042 | F: +44 (0) 870 134 4371 | E: reachus@marketline.com | W: www.marketline.com

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A Progressive Digital Media business

Whole Foods Market,

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Company Overview ........................................................................................................3

Whole Foods Market, Inc. Page 2

Head Office Whole Foods Market, Inc.

Whole Foods Market, Inc. Page 3

Whole Foods Market, Inc. Page 4

Whole Foods Market, Inc. Page 5

Jana Partners acquired 9% of stake in Whole Foods.

Whole Foods Market, Inc. Page 6

The company opened a Bryant Park store located in Manhattan.

Whole Foods planned to open a Lower-Priced store chain 365 in Brooklyn.

The company opened a new store in Newark, the US.

Whole Foods Market, Inc. Page 7

Whole Foods planned to open shops in low-income areas of the US cities.

Whole Foods Market opened a new store in Philadelphia.

Whole Foods Market, Inc. Page 8

Whole Foods Market, Inc. Page 9

Whole Foods Market, Inc. Page 10

to open by late 2018.

Whole Foods Market, Inc. Page 11

Whole Foods Market, Inc. Page 12

The company opened its first store in Nashua, New Hampshire.

Whole Foods Market, Inc. Page 13

Whole Foods Market, Inc. Page 14

Whole Foods Market, Inc. Page 15

16th consecutive year.

Whole Foods Market, Inc. Page 16

Whole Foods Market, Inc. Page 17

Whole Foods Market, Inc. Page 18

Whole Foods Market, Inc. Page 19

Whole Foods Market, Inc. Page 20

The company acquired Harry's Farmers Market stores in Atlanta, Georgia.

The new company information website, www.wholefoodsmarket.com, was also launched.

The company launched www.wholefoods.com, its e-commerce web site.

The company acquired Nature's Heartland of Boston.

Whole Foods Market, Inc. Page 21

Whole Foods Market launched the Whole Kids product line.

The company acquired a majority interest in Sourdough, a European bakery.

Whole Foods Market, Inc. Page 22

The company opened a store in Palo Alto.

Whole Foods Market, Inc. Page 23

Name Job Title Board Compensation

Whole Foods Market, Inc. Page 24

Whole Foods Market, Inc. Page 25

Key Employee Biographies

KEY EMPLOYEE BIOGRAPHIES

Board:Non Executive Board

Mary Ellen Coe

Whole Foods Market, Inc. Page 26

Board:Non Executive Board

Board:Non Executive Board

Board:Non Executive Board

Board:Non Executive Board

Whole Foods Market, Inc. Page 27

Whole Foods Market, Inc. Page 28

Board:Non Executive Board

Board:Non Executive Board