The Ratings Game: Whole Foods says it’s focusing on price because no one wants to feel ‘cheated’

Bloomberg News

Whole Foods is closing stores and focusing on core customers

Whole Foods Market Inc. Chief Executive John Mackey directly addressed the company’s biggest issue, price, on the fiscal first-quarter earnings call, saying the company must be conscious about the cost of its merchandise because “nobody wants to feel like they’re being cheated.”

Whole Foods WFM, +3.58% has continuously struggled with a “Whole Paycheck” reputation. While Mackey doesn’t think the grocer always has to be the least expensive option, he does think that the company has to be “price relevant” in order to keep up with the competition.

“[We] can’t have too big of a gap or people will feel like we’re trying to take advantage of them,” he said on the late Wednesday fiscal first-quarter earnings call, according to a FactSet transcript.

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