Hurricane Irma dents sales at Publix
Earnings growth keeps accelerating at Publix, although the company did blame a dip in same store sales on Hurricane Irma.
Publix’s net sales for the third quarter ended Sept. 29 were $8.8 billion, a 3.2 percent increase from $8.5 billion in 2017. Same store sales for the quarter increased 0.6 percent. The company says the increase in sales for the three months ended Sept. 29, 2018, compared to the three months ended Sept. 30, 2017, was 3.1 percent lower due to the impact of Hurricane Irma in September 2017. Publix's comparable sales have been decelerating for at least four fiscal quarters.
Net earnings for were $677.7 million, compared to $474.9 million in 2017, an increase of 42.7 percent. Earnings per share increased to 94 cents, up from 63 cents per share in 2017.
Publix’s sales for the nine months ended Sept. 29, 2018, were $26.8 billion, a 4.7 percent increase from $25.6 billion in 2017. Same store sales for the nine months ended Sept. 29, 2018 increased 2.5 percent.
Net earnings for the nine months ended Sept. 29, 2018 were $2 billion, compared to $1.5 billion in 2017, an increase of 29.4 percent. Earnings per share for the nine months ended Sept. 29, 2018 increased to $2.71, up from $2.01 per share in 2017.
Effective Nov. 1, Publix’s stock price increased from $42.55 per share to $42.70 per share.
“In the last six weeks, many of our associates and customers have faced difficult times with Hurricanes Florence and Michael,” said Publix CEO & President Todd Jones. “I’m proud of our associates for their extra efforts and pleased with our team’s results.”
Last month Publix opened its latest iteration of its GreenWise Market concept in Tallahassee, Fla.
Publix is privately owned and operated by its more than 195,000 employees, with 2017 sales of $34.6 billion. Currently Publix has 1,207 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia.