Whole Foods Cuts Cap-Ex, Dividend as Profits Tumble

Whole Foods Market said yesterday it plans to reduce the number of new stores in fiscal 2009 to approximately 15 — compared with an estimate of 25 to 30 the company mentioned in a May conference call — and cut all discretionary capital spending budgets not related to new stores by 50% as part of a more conservative approach to its growth and business strategy over the short term.

AUSTIN, Texas — Whole Foods Market here said yesterday it plans to reduce the number of new stores in fiscal 2009 to approximately 15 — compared with an estimate of 25 to 30 the company mentioned in a May conference call — and cut all discretionary capital spending budgets not related to new stores by 50% as part of a more conservative approach to its growth and business strategy over the short term. "[But] we remain very bullish on our growth prospects," John Mackey, chairman and chief execu

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