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Whole Foods Co-CEO Walter Robb on the store’s earnings, growth and commodity prices.
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Thank you should bottom -- -- -- stock.
Go any other direction jumping today after earnings beat expectations.
In its latest report yesterday -- Let's Kozey it Walter Robb joining us now to talk about the company's plans moving forward you know when.
Typically comes out with earnings or one of these higher and discretionary income stocks comes out may do well people get a real sense of how the consumers doing and I look at whole foods the same way.
You are -- higher and company and you are hitting it out of the ballpark.
To what do you attribute it right now just as we see commodity prices skyrocketing and the economy slowing down just -- -- Well good afternoon about the again our thanks for having me on.
David -- -- I think you know it's -- We we are seeing we're seeing accelerating growth and it's really across all parts of the country and it's also across.
Even this court of the nice surprise this quarter was seeing -- -- -- store.
To go along with our store or strength in and -- so I think it's our you know I think it's our recipe of on the product side value you know much more value.
Excellent differentiation and local and organic and on the on the -- and the store experience -- just great team members delivering a great experience combination nurse are producing great results.
-- we have several in in in Manhattan area and of course Manhattan is a very rich place but there are some people who are not too well -- -- admit -- I going to subway.
And I see folks who were going and a part of town that is not.
That well heeled.
Holding shopping bags filled with -- close up the fact is is that you guys do we have certain bargains that people -- -- so consumers are becoming very selective.
And they find out that whole foods has specials that their local grocery store doesn't have quite a whole foods worked just about anywhere.
Well I don't know about just about anywhere but it can work and a whole lot more markets and we are right now we only have 329 stores right now as you know data we put -- the goal of a thousand stores.
For the United States I think that it's because a demand for fresh healthy food.
Is really across all categories of any type of people -- community is looking to get healthier -- alternatives not very pretty.
We've got -- 365 brand which would be the whole foods.
I I hesitate to say generic brand because it really is top shelf I buy a lot of it.
Up at looking at this position that this country's in right now we've had our reporter Jeff Flock and a helicopter looking at.
All kinds of fields being fields corn fields that are just completely -- and nothing's really happening.
I -- to a whole foods in Edgewater New Jersey didn't have -- Acorn.
What is going to happen once you do get some will the price have to skyrocket.
Both are concerned as far as obviously and a and a lot of products I think UST AK right yesterday a report saying that if corn went up 50% I think it's up 40% on the futures market right now yes it's gonna raise food fruit prices of percent but.
You know let's hope between now on the in the summer we get some rain and some of this is moderated but.
You know again if you think back a couple years you remember when inflation's jumped up 345%.
We were able to manage shoot out OK so.
You know I think we have we some experience with that what to do with that if that -- if that should occur -- pry.
Icing is so critical you know the Federal Reserve continues to insist that there's no real inflation every and balances out inflation -- -- -- do you have a different opinion.
Well it -- right now for inflation's actually in fact been moderating except in except in -- and maybe a couple of small categories.
Inflation's actually been moderate and so right now -- obviously there's a lot of money sloshing around some point perhaps it has to come home to roost right now for food.
Prices are fairly level.
We like the whole -- Paula and the brownie bites just so you know.
But we're really happy to give them Syria Walter -- by the way how's that cold CEO thing working out for -- which I'm actually you know we get.
Well you know we get along just right in the you know we we we definitely it was able to do.
Push on the ideas with each other come out and a better place I think -- remember were.
Were part of a great executive team there works altogether we get seven of us now on that team and so were a lot about collaboration and -- Whole Foods Market and I think it's worked very well of course thanks lot for having me on today appreciate it and time are watching the stock thank you Walter -- co CE.
