Publix's Net Earnings Soar Over 100%

It was a banner third quarter for Publix Super Markets, which announced higher sales and earnings. The Florida retailer reported a 7.2% bump in sales for the period ending Sept. 30, reaching $14 billion. Sales comps were also up, edging 4.3% higher. 

The big news was in earnings, as net earnings during Q3 surged 111.4% on a year-over-year basis to reach $833 million. Earnings per share (EPS) more than doubled, increasing to $0.25 per share from $0.12 per share last year.

[Read more: “Wegmans, Publix Recognized as Best Workplaces for Women”]

Looking behind the earnings numbers a bit, earnings excluding the impact of net unrealized losses on equity securities in 2022 and 2023 came in at $940 million for the third quarter. That adjusted figure is still 16.2% higher than the $809 million posted during the same time frame in 2022.

On a nine-month basis, the news was also positive for Publix. Sales during those nine months climbed 8.1% to top $42.4 billion, while sales comps rose 5.6%. 

As of Nov. 1, the company’s stock price went up to $15.10 per share from $14.75 per share. Publix stock is only available for sale to current company associates and members of its board of directors. 

CEO Todd Jones lauded Publix employees for their efforts during the quarter.  “Our associates make a difference in the lives of our customers and communities every day, I’m proud of their efforts and commitment,” he said. 

Publix remains in growth mode in terms of store openings, too. The retailer welcomed shoppers to new locations in Irondale, Ala., and Greenville, S.C., on Nov. 1 and unveiled another store in Maryville, Tenn., on Oct. 25.

Employee-owned and -operated Publix has approximately 1,300 supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee, North Carolina and Virginia. The company is No. 12 on The PG 100, Progressive Grocer’s 2023 list of the top food and consumables retailers in North America. PG also named the company one of its Retailers of the Century and among the Best Regional Grocery Chains in America.