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Whole Foods lower on outlook cut

 (Image source:ksmleadership.com)

Shares Whole Foods Market, Inc. (NASDAQ:WFM) are down big today after the organic grocery chain posted second quarter earnings that missed estimates. The company earned 38 cents a share for the quarter on revenue of $3.32 billion. Analysts were expecting earnings of 41 cents a share on revenue of $3.42 billion. Whole Foods cited increased competition as a reason for the disappointing earnings. Going forward, the organic grocer will reduce prices and expand affordable store based brands. However, the company also cut its full-year earnings and same-store sales growth.