What do the financial ratios in Exhibit 4 tell you about the past operating performance of Whole Foods? How informative are the historical ratios for Whole Foods prospective performance?

Exhibit 4 WHOLE FOODS MARKET Selected Operating Data for Comparable Companies 3 Average Sales Growth Average EBITDA Margns 50% 40% 30% 10% 10 10% 0% 10% , 16 17 18 19 20 21 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Whole Foods Market -Whole Foods Market -Other natural & organic -Conventional grocer --Other natural & organic Conventional grocer Supercenters and wholesalers Supercenters and wholesalers Other Natural & Organic is composed of Sprouts and Fresh Market 27 Supercenters and wholesalers is composed of WalMart and Costco. 23 24 Conventional grocer is composed of Kroger, Safeway, and SuperValu 28 29 Sales Crowth 2011 1296 14% 2012 1696 4196 1596 2013 10% 25% 2003 17% 2005 22% 2006 19% 2007 1896 2008 21% 2010 12% 13% 1% 31 Whole Foods Market 23% Other natural & organic 33 Conventional grocer 4 Supercenters and whole 34% 12% 1% 5%% 11% 35 2010 2011 2012 2013 2007 2003 37 38 Whole Foods Market 39 Other natural & organic 40 Conventional grocer 41 Supercenters and whole 42 43 Source. Company SEC Filings 896 496 5% 996 6% 3% 496 890 | Title Page | Exh 1 | Exh 2 | Exh 3 : Exh4 | Exh5 | Exh6 | Exh7 | Exh8(9 , Ready @ex] Type here to search