Whole Foods Market plans to cut $300 million in costs by fiscal 2020 through more effective labor scheduling and supply chain efficiencies. The company's same-store sales fell 2.8 percent during its latest quarter, while transactions fell 3 percent. It also plans to accelerate the launch of its "affinity program" nationwide, which includes coupons. Tests of the program have resulted in more trips to its stores.

Additionally, the company named Keith Manbeck CFO and appointed five new board members, including Panera Bread CEO Ron Shaich. The chain has posted seven consecutive quarters of declining same-store sales, reports The Washington PostFull Story

Related: Changes at Whole Foods Could Mean Fewer Local Products; Whole Foods Opens "365 2.0".