Publix's Q3 Earnings Show Impressive Rise
Publix Super Markets’ sales for its third quarter ended Sept. 28 were $14.6 billion, a 4.9% increase from $14 billion in 2023. Comparable-store sales grew 3.4%. The company estimated that sales inched up 0.6% due to the impact of Hurricane Helene.
“During the last several weeks, many of our associates and customers have faced difficult times with Hurricanes Helene and Milton,” said Publix CEO Kevin Murphy. “I’m so proud of our associates for the comfort they bring to our customers and their fellow associates.”
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Net earnings in Q3 were $1.1 billion, compared to $833 million in 2023, an impressive jump of 31.7%. Earnings per share increased to 33 cents per share, up from 25 cents per share in 2023. Excluding the impact of net unrealized gains on equity securities in 2024 and net unrealized losses on equity securities in 2023, net earnings for Q3 would have been $930 million, compared with $940 million in 2023, a decrease of 1.1%. Earnings per share for the three months ended Sept. 28 and Sept. 30 would have been 28 cents per share.
Publix’s sales for the nine months ended Sept. 28 were $44.2 billion, a 4.3% increase from $42.4 billion in 2023. Comparable-store sales during the nine months grew 2.5%.
Net earnings for the most recent nine months were $3.4 billion, compared with last year's $3.2 billion, an increase of 8.3%. Earnings per share also rose to $1.04 per share, up from last year's 95 cents per share. Excluding the impact of net unrealized gains on equity securities in 2024 and 2023, net earnings for the nine months ended Sept. 28, 2024 would have been $2.9 billion, compared with $3 billion in 2023, a decrease of 3%. Earnings per share for the nine months ended Sept. 28 would have been 90 cents per share, compared with 91 cents per share in 2023.
These amounts are based on unaudited financial statements that will be filed Nov. 1 with the U.S. Securities and Exchange Commission and made available on Publix’s website at corporate.publix.com/stock.
Effective Nov. 1, Publix’s stock price rose from $16.46 per share to $18.05 per share. Company stock is not publicly traded and is made available for sale only to current employees and members of its board of directors.
Employee-owned and -operated Publix has 255,000-plus associates and more than 1,300 supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee, North Carolina, Virginia and Kentucky. The Lakeland, Fla.-based company is No. 12 on The PG 100, Progressive Grocer’s 2024 list of the top food and consumables retailers in North America. PG also named the company one of its Retailers of the Century.
