Publix Keeps Growing Sales, Footprint
Publix Super Markets is continuing to show the grocery industry how to create sustained, long-term growth after another stellar fiscal report.
The Lakeland, Fla.-based chain reported $9.3 billion in revenue for the third quarter ended Sept. 28, a 6.3% increase from $8.8 billion in 2018. Same-store sales for the period increased 4.3%. The company said that about 0.9% of the comps increase was due to the impact of Hurricane Dorian.
The grocer adopted a new accounting standard in the first quarter of 2019 that changed the accounting for operating leases. The new standard required the company to recognize $2.9 billion of operating lease rights and obligations as assets and liabilities on the balance sheet.
Consequently, net earnings were $574 million, compared with $677.7 million in 2018, a decrease of 15.3%. Earnings per share for the three months ended Sept. 28 decreased to 81 cents per share, down from 94 cents per share in 2018. Net earnings and earnings per share were affected by net unrealized gains and losses on equity securities.
“I’m proud of our Publix associates who continue to deliver premier customer service,” said Publix CEO Todd Jones. “Our good operating results and stock price increase are a result of their hard work and dedication.”
Publix increased its stock price from $44.10 per share to $47.10 per share on Nov. 1. Publix stock isn't publicly traded and is made available for sale only to current Publix associates and members of its board of directors.
The company has opened 22 new supermarkets in 2019, for a footprint of 1,228 stores in seven southeastern states. Publix is No. 5 on Progressive Grocer’s 2019 Super 50 list of the top grocers in the United States.