The quarter was pretty bad, and the turnaround is going to take longer than I would have liked. The square-footage growth in FY2017 is now expected to be 6% rather than 7%.
Still, my bullish thesis in #msg-118338807 is essentially unchanged. As long as WFM can continue expanding its store base using internally-generated cash flow, sales and earnings will continue to grow, even with flattish comps. Under this likely scenario, it's hard to see how the share price won't be considerably higher in a few years.
p.s. I'm not especially concerned with the short-term price action.
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