Whole Foods boosts 2011 outlook

Upscale grocer Whole Foods Market Inc. (WFM-Q) reported quarterly profit that rose 35 percent from a year ago and raised its full-year profit forecast on the strong result.

Net income for the fiscal third quarter ended July 3 rose to $88.5 million US, or 50 cents per share, from with $65.7 million, or 38 per share, in the year-earlier period.

Sales for the quarter rose 11 percent to $2.4 billion. Closely watched identical-store sales, which exclude relocations and expansions, jumped 8.1 percent.

Based on the strong results, Whole Foods raised its full-year earnings forecast to $1.91 to $1.92 per share from $1.87 to $1.90 per share previously.