Examine Exhibit 7.4 in detail. What do the financial ratios in Exhibit 7.4 tell you about the past operating performance of Whole Foods relative that of competitors?

B Exhibit 4 M IN 2 WHOLE FOODS MARKET Selected Operating Data for Comparable Companies Average Sales Growth Average 50% EBITDA Margins 40% 10% 9 10 30% 8% T4 4...... 11 20% 12 10% 13 14 0% 1% 15 -10% 2% 16 -20% 0% 17 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 18 19 -Whole Foods Market 20 Whole Foods Market - - Other natural & organic 21 - - Other natural & organic - - Conventional grocer --- Conventional grocer 22 23 ...... Supercenters and wholesalers .... Supercenters and wholesalers 24 25 Other Natural & Organic is composed of Sprouts and Fresh Market. 26 Conventional grocer is composed of Kroger, Safeway, and SuperValu. 27 Supercenters and wholesalers is composed of WalMart and Costco. 28 29 Sales Growth 2011 2012 2013 130 2003 2004 2005 2006 2007 2008 2009 2010 17% 23% 22% 19% 18% 21% 1% 12% 12% 16% 10% 31 Whole Foods Market 13% 14% 41% 2506 32 Other natural & organic 33 Conventional grocer 34% 10% 390 596 0% 5% 1% 5% 19% 15% 6% 39% 34 Supercenters and whole 79% 11% 12% 35 36 EBITDA Margins 2007 2008 2009 2010 2011 2012 2013 37 2003 2004 2005 2006 8% 9% 3.8 Whole Foods Market 90% 6% 8% 8% 9% 8% T% 9%% 8% 39 Other natural & organic 5% 6% 6% 3% 3% 3% 3% 49% 4% 40 Conventional grocer 4% 5% 70% 79% 79% 7% 7% 41 Supercenters and whole 79% 70% 79% 42 43 Source: Company SEC Filings. Title Page Exh 1 Exh 2 Exh 3 Exh 4 Exh 5 Exh 6 Exh 7 Exh 8 Ready O Type here to search e x ]