Hurricane Irma Spurs Publix’s Q3 Sales
Hurricane Irma may have wreaked havoc across parts of Publix Super Market’s store base, but the storm was apparently good for business: The Lakeland, Fla.-based company estimated that sales rose 3.1 percent due to the impact of the hurricane for the third quarter of 2017. Publix also reported third-quarter sales of $8.5 billion, a 6.2 percent increase from $8 billion last year, while comparable-store sales for the third quarter of 2017 grew 4.3 percent.
Net earnings for the third quarter of 2017 were $474.9 million, versus $421.1 million in 2016, an increase of 12.8 percent. Earnings per share for the third quarter rose to 63 cents for 2017, from 55 cents per share last year. Publix estimated that the profit on the incremental sales from Hurricane Irma more than offset inventory losses as a result of power outages and other additional expenses.
For the first nine months of 2017, the grocer logged sales of $25.6 billion, a 3 percent increase from 2016’s $24.9 billion. Comps for the same time period edged up 1.2 percent. The company estimated that sales for the first nine months of 2017 increased 1 percent due to Hurricane Irma’s impact.
Publix’s net earnings for the first nine months of 2017 came to $1.53 billion, compared with $1.48 billion in the year-ago period, a 3 percent rise. Earnings per share increased to $2.01 for the first nine months of 2017, up from $1.92 per share in 2016.
As of Nov. 1, Publix’s stock price grew from $36.05 per share to $36.85 per share. The company’s stock isn’t publicly traded and is sold only to current associates and members of its board of directors.
“We have faced many hurricanes in our past, but none with the size and impact of Hurricane Irma,” noted Publix CEO and President Todd Jones. “I could not be more proud of our associates for their passionate service to our customers before and after the hurricane.”
Privately owned and operated by its 188,000 employees, Publix has 1,157 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia.