Publix Q3 Sales, Earnings Rise
Publix Super Markets’ sales for the third quarter of 2010 were $6 billion, a 3.5 percent increase from the $5.8 billion posted in the year-ago period. Comparable-store sales for the quarter rose 2.7 percent.
Third-quarter net earnings were $283.2 million, vs. $254.9 million in 2009, an increase of 11.1 percent. Earnings per share grew to 36 cents for the quarter of 2010, up from 32 cents per share last year.
The Southeastern regional grocer’s sales for the first nine months of 2010 came to $18.8 billion, a 3 percent increase from the $18.2 billion logged in the year-ago period, while comps for the same time period rose 1.9 percent.
Net earnings for the first nine months of 2010 were $996 million, compared with $877.3 million last year, a rise of 13.5 percent. Earnings per share were $1.27 for the same time period, up from $1.11 per share in 2009.
As of Nov. 1, Publix’s stock price went up to $19.85 per share from $18.45 per share. Since the company is privately owned and operated by its 144,000 employees, its stock is sold only to current Publix associates and members of its board of directors.
“I’m very pleased that our good operating performance and improvements in the stock market resulted in an increase in our stock price,” said Publix CEO Ed Crenshaw. “Our associate owners continue to deliver exceptional customer service, the key to our success.”
Lakeland, Fla.-based Publix has 1,031 stores in Florida, Georgia, South Carolina, Alabama and Tennessee.