Publix Sales Up, Net Earnings Fall Slightly in Quarter

While privately-held Publix Super Markets realized a 5.6 percent sales increase in its fiscal third quarter, its net earnings fell slightly.

Lakeland, Fla.-based Publix, which operates more than 1,000 grocery stores in the U.S., said sales for the third quarter rose to $7 billion and its comparable-store sales rose 4.1 percent.

However, the grocery chain's net earnings fell 2.3 percent to $359.9 million, and earnings per share for the third quarter fell from 47 cents per share in the third quarter last year to 46 cents a share for 2013. For the first nine months of 2013, though, net earnings rose 6.3 percent to $1.23 billion.

In other good news for Publix, its stock price increased from $27.55 to $30.00 per share. While Publix stock is not publicly traded, it is available for sale to current Publix associates and its board of directors.

"I'm very pleased we had another significant increase in our stock price, resulting in a 33 percent increase in our stock price over the last year," CEO Ed Crenshaw said in a Publix statement. "Our associates continue to deliver premier customer service, the key to our success." 

For more see:
This Progressive Grocer article
This Publix statement

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