Folks, if any, there is literally no confidence in this management. Let's not forget we have an upcoming inventory. How about our debt? One billion dollar stock buy- back and another half-billion dollar borrowed on re-volving credit. Total borrowed debt of $1.5 billion dollars! Just where is this money? I know it do you?
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Stock buybacks are usually done to try and boost the stock price but it doesn't seem to be working. I feel bad for all the WFM tm who were duped to buy stock in the same company they work at. Glad I don't work at WFM anymore!
Re: Post ID: @JmgUeol-2tul --I pretty much agreed with your assessment up until the last sentence. Socialism is NOT the answer. Also, we do not live under true capitalism but fascism (definition of fascism = corporations in cahoots with big government and the central banks (in the US it is the Federal Reserve Bank) making laws and imposing taxes to line their own pockets and screw everyone else).
Best of luck to all who are still struggling at Whole Foods. I hope you find someplace better very soon.
Automation is certainly one way that the shareholders are seeking to grab as much money as they can from the workers, but it is not the only way. Any investments in automation are made with the goal in mind that they will pay themselves off tenfold. The majority of the profits gained from share buybacks and risky borrowing go directly to the shareholders themselves, and toward the further monopolization of the market that they are invested in. Automation is certainly a part of that, but so is building new stores, especially in impoverished areas such as Detroit, MI and the Englewood neighborhood in Chicago. The shareholders are desperate for new markets as the profit system spirals toward catastrophe. What this does is simply spread money around; the investments cease to be profitable, as competitors are squeezed out and the workers in all industries are faced with massive cuts to and devastation of living standards that leaves them with little more than what is needed to get by. The capitalist system has reached the point in which there are virtually no more profitable investments to be made; it is not profit and growth that is sought through automation and expansion, but control.
As for the source of the money used to buy back shares and pay off massive debts: this money is extracted by the shareholders directly from the workers. It comes from the cuts to healthcare, full-time positions, and the middle-management, semi-professional and professional jobs that the company once had. The store management will lie to the workers and tell them that their jobs are being cut because they are not working hard enough or well enough. This is a lie! Do not believe in it! We are working harder and more productively than ever now that the staff has been cut to the bare minimum in many stores. Do not believe what store management says about labor and cuts! They are paid to lie to you in order to isolate you!
Across the world, in all industries, from steel to coal to retail to agriculture, in education, healthcare, and social services, workers face the demise of relentless attacks on their living standards as the capitalist class demands ever greater wealth to be concentrated into fewer and fewer hands. It is time to join hands in solidarity with workers around the world against the parasitic system of capitalism! Educate yourselves! The truth is our greatest weapon. Read the World Socialist Website!
Down almost 9% in one week,down like 14% for the year.not good performance.how will they spend this sh-- on the next earnings call..i know my store is barely comping-2%weekly and i think that has more to do with price increases than added foot traffic or basket size cuz i ain t seeing the customers
"Got the keys to the highway, got to leave here running, walking is just way too slow"
Mr. Eric Clapton.
Dont know where the money is going, maybe to pay for self service pastry, bread and pizza cases. Its happening in Norcal region, need your 30 dollar cake, plastic container included no charge. Get out while you can.