Publix touts strong Q3, fueled by pandemic
Publix Super Markets has logged another stellar quarterly performance, reporting an 18.3% increase in sales and a nearly 60% jump in earnings for the three months ended Sept. 26.
Sales at the Lakeland. Fla.-based grocer reached $11.1 billion for the third quarter, while comparable-store sales increased by an impressive 16.5%.
The company estimates that its sales for the three months increased approximately $1.25 billion, or 13.4%, due to the impact of the coronavirus pandemic.
The grocer's net earnings were $917.6 million, compared with $574 million in 2019, an increase of 59.9%. Excluding the impact of net unrealized gains on equity securities in 2020 and net unrealized losses on equity securities in 2019, net earnings would have been $836.2 million, an increase of 44.1% over the same period last year.
Publix CEO Todd Jones lauded the performance of store associates for helping the employee-owned company achieve its outstanding results. “Our associates’ efforts to serve our customers, our communities and each other during this challenging time continues to be extraordinary,” he said. “I couldn’t be more proud of their hard work and dedication.”
Publix’s sales for the nine months ended Sept. 26 were $33.7 billion, an 18.7% increase from $28.4 billion in 2019. Comparable-store sales increased 16.9%. The company estimates that its sales for this period increased approximately $3.75 billion or 13.2% due to the impact of the coronavirus pandemic.
Net earnings for the nine months ended Sept. 26 were $3 billion, compared with $2.2 billion in 2019, an increase of 33.2%.
Effective Nov. 1, Publix’s stock price increased from $54.35 per share to $57.95 per share. Publix stock isn't publicly traded and is made available for sale only to current Publix associates and members of the company's board of directors.
Privately owned and operated by its more than 225,000 employees, Publix has 1,251 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia.