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Whole Foods Working 1M-SF Pipeline

AUSTIN-The grocer's development program is at a record high, but still it's looking for more sites. The goal is 300 stores by 2010. Just this quarter, two stores opened and seven leases were signed. As for the profit margin, it just keeps growing.

By Tim Green | Updated on February 13, 2003

AUSTIN-Whole Foods Market Inc. has one million sf of store space in development, a record amount, and continues to look for more around the country. Its goal: 300 stores generating $10 billion in annual revenue by 2010.

The Austin-based company, with 140 stores and revenues of $2.7 billion in its 2003 fiscal year, is the largest retailer of natural and organic foods. It opened five stores in its first fiscal quarter, ending Jan. 19; has opened two more in the current quarter; and has signed leases for seven more stores.

On Wednesday, it reported another quarter of strong growth. Profit rose 27% to $25.6 million in the first quarter from $20.1 million in the previous first quarter. Revenues increased 18% to $924 million.

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