Whole Foods : Earnings call transcript

No great shakes for Whole Foods 1Q FY09 earnings report released today. Go here for the Whole Foods earnings call transcript from Seeking Alpha.com: From the call:

John Mackey:

Excluding the negative impact of foreign currency translation, comparable store sales decreased 3.4%, and identical store sales decreased 4.2%. Transaction counts drove the year-over-year decline, but average basket size was down slightly as well, with a decrease in the number of items per transaction more than offsetting a small increase in average price per item. Idents in almost every region decelerated from Q4, however, markets with higher foreclosure and jobless rates experienced a greater negative impact.

TK: Go to the transcript for more insight on Whole Foods performance. Mackey and others note that dropping prices for organic apples and pears, among other items, are helping Whole Foods find traction with the value message. Tonnage is also doing good for the produce department, though dollars are down.