Lakeland-based Publix Super Markets Inc. announced last week a slight gain in sales thanks to hurricane supply shopping in its third-quarter report.
The super market giant also reported an increase in its stock price increase.
Publix’s sales for the quarter ending Sept. 28 were $14.6 billion, a 4.9% increase compared with $14 billion in 2023, Publix said in a news release. Comparable store sales for the same period increased 3.4%.
The company estimates third quarter sales increased 0.6% because of 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,” Publix CEO Kevin Murphy said in the release. “I’m so proud of our associates for the comfort they bring to our customers and their fellow associates.”
Publix also reported net earnings for the three-month period at $1.1 billion, compared with $833 million in 2023, an increase of 31.7%.
Earnings per share for the three months ended Sept. 28 increased to 33-cents per share, up from $0.25 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 the three months ended Sept. 28 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 fiscal year so far were $44.2 billion, a 4.3% increase from $42.4 billion in 2023. Comparable store sales for the nine months ending on Sept. 28 increased 2.5%.
Net earnings for the year to Sept. 28 were $3.4 billion, compared with $3.2 billion in 2023, an increase of 8.3%.
Earnings per share for the nine months increased to $1.04 per share, up from 95-cents per share in 2023. Excluding the impact of net unrealized gains on equity securities in 2024 and 2023, net earnings for the nine months ended Sept. 28 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.
On Nov. 1, Publix’s stock price increased from $16.46 per share to $18.05 per share. Publix stock is not publicly traded is sold only to current Publix employees and its board of directors.
Publix has continued to add additional stores in multiple states where it operates with 23 Florida stores of the 45 new stores added in 2023, according to a grocerydive.com report.
“Publix increased its capital budget to approximately $2.5 billion for 2024 − a 25% increase over the $2 billion it spent in 2023 − to support store openings and remodels, warehouse construction, technology improvements and acquisition or development of company-operated shopping centers,” the report said.
Further, for the past two years, Publix has been rolling out a new store prototype that is larger than its traditional supermarkets, grocerydive reported.
Founded in 1930 in Winter Haven, Publix is the largest employee-owned company in the United States with 255,000 workers and 1,383 stores throughout eight states.