WASHINGTON — The head of Whole Foods Market Inc. on Monday addressed shareholder concerns that the natural foods grocer's deal to buy Boulder-based Wild Oats Markets Inc. is part of a strategy to meet a long-term sales target.

Chairman and CEO John Mackey said at a shareholders meeting here he was "not going to do anything stupid" to meet the company’s stated objective of reaching $12 billion in sales by 2010.

"We’re not going to destroy shareholder wealth or value to hit some arbitrary goal we made up," Mackey said.

Mackey's response came after an investment adviser at the meeting said he was "baffled" by the objective.

"It is almost as if you are saying, ’We need to get big,"’ said Tim Medley, who owns Whole Foods stock. Medley said he represents clients who own about 8,000 shares.

Since opening its first store in Austin in 1980, Whole Foods, which opened in Austin, Texas, in 1980, has 193 stores across the country. Mackey recently told shareholders the chain expects to more than double last year’s sales of $5.6

billion over the next four years.

Whole Foods last month said it would acquire Boulder-based Wild Oats Markets and its 110 stores for $565 million and $106 million in debt.