Publix Posts Strong Sales In Q3

In the third quarter, Publix comparable store sales increased but profits slipped, the retailer reported.

Publix posted third quarter net earnings of $574 million, or 81 cents per share, versus $677.7 million, or 94 cents per share, in the 2018 period.

Net unrealized gains and losses on equity securities affected earnings, the company stated. With the impact of net unrealized losses on equity securities in 2019 and net unrealized gains on equity securities in 2018 excluded, third quarter net earnings would have been $580.3 million, or 81 cents per share, versus $582 million, or 80 cents per share, in the period a year before.

Publix’s sales in the third quarter were $9.34 billion, up 6.3% from the period a year prior. Comparable store sales advanced 4.3% in the quarter year over year. Comps got a 0.9% boost due to the impact of Hurricane Dorian. Operating profit was $612 million versus $583.2 million in the year-past period.