3 Red-Hot Summer Stocks
Whole Foods Market
Another luxury brand of sorts that’s not feeling any pressures from a slowing economy is Whole Foods Market (NASDAQ: WFM). The upscale grocery and health-food retailer recently ported a 31% rise in fiscal second-quarter profit. It also said that it would pass on the cost of higher food prices to shoppers. This brazen announcement hasn’t deterred buyers from doing their shopping at Whole Foods, as same-store sales rose 9.5% during the quarter. As for the shares, nothing seems to be deterring buyers from wanting to own WFM. The shares are up nearly 38% year to date. The gains in Whole Foods business proves once again that high earners will spend their money on living and eating well, regardless of economic conditions — and that’s a trend that will never go out of style.