Publix Q3 Sales, Comps Grow

Third quarter sales at Publix were up, but the company’s net earnings took a hit during the three month period ended Sept. 24.

Total sales for the quarter were $13 billion, a 9.2% increase from the comparable quarter the previous year when sales were $11.9 billion. Comparable store sales increased 7.6%.

Net earnings for the quarter were $394.1 million, compared to $856.9 million in 2021, a decrease of 54%. Earnings per share decreased to $0.12 per share, down from $0.25 per share in 2021, adjusted for the effect of the 5-for-1 stock split that occurred on April 14, 2022. 

Excluding the impact of net unrealized losses on equity securities in 2022 and net unrealized gains on equity securities in 2021, net earnings for the third quarter would have been $808.9 million, compared to $802.5 million in 2021, an increase of 0.8%. Earnings per share would have been $0.24 per share, compared to $0.23 per share in 2021, adjusted for the effect of the stock split.

Publix’s sales for the nine months ended Sept. 24 were $39.2 billion, a 10.7% increase from $35.4 billion in 2021. Comparable store sales in the same period increased 9%.

Net earnings for the nine months ended Sept. 24 were $1.6 billion, compared to $3.4 billion in 2021, a decrease of 51.2%. Earnings per share for the nine months of the year decreased to $0.48 per share, down from $0.97 per share in 2021, adjusted for the effect of the stock split. 

Excluding the impact of net unrealized losses on equity securities in 2022 and net unrealized gains on equity securities in 2021, net earnings for the first nine months of 2022 would have been $2.8 billion, compared to $2.6 billion in 2021, an increase of 4.7%. Earnings per share would have been $0.81 per share, compared to $0.76 per share in 2021, adjusted for the effect of the stock split.