Whole Foods Markets (WFMI) after the closing bell reported that fiscal-third quarter net income plunged 30% versus a year ago, missing estimates badly due mostly to costs associated with the Wild Oats merger. Pinched consumers also hurt the company due to the weak economy. WFMI earned 24 cents per share, missing estimates by seven cents.

The company also dramatically lowered its 2009 outlook. It now expects sales growth of 6-10%, way down from the 25-30% it expected before. The stock is plummeting almost 15% to a new 52-week low after hours on the news. Another blow to the company and shareholders comes in the form of its dividend being suspended. It previously had a fat 3.7% yield. This stock is going lower.

Our subscribers profited greatly from our call that the stock was going to miss estimates. Check out what we said yesterday in our Trading Earnings premium content:

“With the rise in food prices, we believe the average consumer is looking to lower their food bill, placing a premium on price and possibly forgoing organic brands. The grocer hasn’t grown its year-over-year quarterly earnings in 18 months. WFMI has missed 3 straight quarters and we expect them to make it four. It won’t help that one of their biggest stores in Chicago was closed by the city for a pest control problem. As a result, we expect Whole Foods to announce earnings below Wall Street’s consensus profit of 31 cents.”