From: Nichole Brandenburg, nbrandenburg@kroger.com
Subject: “Whole Foods Market, Inc. 2011 & 2012 Annual Report Review”
Date: October 23, 2013
Dear David:
In response to your request, I have reviewed Whole Foods Market, Inc. Annual Stakeholders’ Reports for 2011 and 2012. Please review this email report for my findings on tone, theme, content, format and financials; my recommendation is to explore Whole Foods, Inc. further for potential purchase by The Kroger Co.
Tone of The Whole Foods, Inc. 2011 & 2012 Annual Reports
The Annual Stakeholders’ Reports are located on the company webpage within the Company Relations tab under Investor Relations, Annual Reports. http://www.wholefoodsmarket.com/company-info/investor-relations/annual-reports.
The Annual Stakeholders’ Reports are listed year by year, and each report is bulleted with four similar titles: Form 10-K, Annual Stakeholders Report, Letter to Stakeholders, and Notice of Yearly Annual Meeting & Proxy Statement. The Form 10-K contains a title page, a table of contents, and the content of the report that is organized as Part I – Part IV with Items 1 – 15 within the Parts. The Form 10-K is an analytic report written with a formal tone, and the theme is consistent throughout the report. The Form 10-K offers information and analysis; the content within the annual report (Form 10-K) is written in paragraph form with bold topic headings and italicized subheadings. The Annual Stakeholders’ Report includes graphics and tables to clarify financial data for the corresponding year. After reading the Letter to Stakeholders, located at the front of the report, I have gathered a positive message of company growth.
Review of Management Letters and other Front Matter
The Letter to Stakeholders is written by Whole Foods, Inc. Co-CEO’s, John Mackey and Walter Robb. The 2011 letter starts with the CEO’s describing Fiscal 2011