Whole Foods Market Corporation
Whole Foods Market experienced tremendous growth in sales during the fiscal year of 2006. For the 52 week period in 2006, Whole Foods Market increased their sales 19% to approximately $5.6 billion, while on the other hand; comparable stores only grew at a rate of 11%. In addition to their increased sales margin, Whole Foods Market produced $453 million in cash flow and received $222 million in proceeds from stock options. Also, they were able to improve their (EVA) from $38.6 million to $64 million and they were capable of returning approximately $358 million in cash dividends to their shareholders.
Strategic Posture The mission, policies, objectives, and strategies of Whole Foods Market are clearly stated in their 2006 Annual Report.
Mission. Whole Foods Market’s mission is to promote the vitality and well-being of all individuals by supplying the highest quality, most wholesome foods available. Their primary goal is devoted to the promotion of organically grown foods, food safety concern, and the sustainability of our entire ecosystem. Whole Foods Market is a corporation within the Natural Foods Industry operating in the segment of natural and organic food supermarkets.
Objectives. The corporate objectives of Whole Foods Market is to branch out in becoming an international brand synonymous with not just natural and organic foods, but also with being the best food retailer in every community in which they are located. “Our motto- Whole Foods, Whole People, Whole Planet- emphasizes that our vision reaches far beyond just being a food retailer.” Whole Foods Market believes that all shoppers, not just natural and organic food shoppers, appreciate great produce, dairy, meat, seafood, bakery and prepared foods. It is their business and functional objective to provide supreme customer service in addition to the products they offer to give their customers a complete satisfactory experience shopping their stores.
Strategy and Policy. Whole Foods Market is a mission-driven company. They believe in providing exceptional quality products. Their motto is a restatement of their mission “Whole Foods, Whole People, Whole Planet.” Their success is fulfilling their vision and measured by customer satisfaction, team member excellence and happiness, return on capital investment, improvement in the state of the environment, and local and larger community support. Their ability to instill a clear sense of interdependence among various stakeholders is contingent upon their efforts to communicate more often, more openly, and more compassionately. Better communication equals better understanding and more trust.
Mission Consistency. Whole Foods Market is an amazing company, from the founder all the way down to the customers. Relevant to their mission statement, WFI is not just an ordinary food chain; they are looked at as an extraordinary food chain. Their beliefs and values stay consistent with their mission statement throughout every intricate part of their company. They sell the highest quality natural and organic products available; they believe that their customers is the most important and vital stakeholder in the company; they support team member excellence and happiness; they create wealth through profits and growth; they support communities and encourage local involvement; and they also promote environmental stewardship.
WFI’s mission statement isn’t just a set of guidelines; it is a way of life for them. John Mackey, co-founder of WFI, is working to create a better lifestyle for people and their environment. He is helping to create a healthier and better lifestyle for all people by being committed to customers and our environment.
Board of Directors
The Board of Directors of Whole Foods Market is comprised of both internal and external members that contribute a wealth of experience and knowledge.
Board Members. John P. Mackey,