Market Overview

Whole Foods Rejects Popular Yogurt Brand Because of GMO

Related WFM
#PreMarket Primer: Friday, August 29: Japanese Economy Proves Resilient
Markets Reverse Early Morning Losses; Still Lower On The Day
Whole Foods Beats Views, But Shares Slip (Fox Business)

Whole Foods Market (NASDAQ: WFM) will reportedly stop selling America's most popular brand of Greek yogurt, Chobani, early next year,  because the yogurt contains genetically modified ingredients.

The Wall Street Journal reports Whole Foods is removing Chobani to make room for other brands of yogurt that don't contain genetically modified organisms or GMOs. The high-end food chain will reportedly require that, by 2018, any products in its stores containing GMOs will disclose that fact on the product's labels.
According to the Journal, privately-held Chobani now has annual retail sales of around $1 billion annually. The company is facing intense competition from Groupe Danone (OTC: GPDNF), the maker of Dannon, as well as from General Mills Inc. (NYSE: GIS) in the rapidly-growing Greek yogurt market.

Whole Foods currently has more than 365 stores worldwide, but its executives tell CNBC they want to expand to 1,200 locations in the U.S. alone. 

The chain is making a strong effort to distinguish itself from traditional grocers such as Safeway (NYSE: SWY) and Kroger (NYSE: KR), which stock many of the same products.

Posted-In: CNBC Long Ideas News Wall Street Journal Politics Psychology Topics Hot Best of Benzinga

 

Related Articles (GIS + GPDNF)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters