Publix’s same-store sales increase 4.3%
Publix Super Markets reported a revenue increase, but also a net earnings decrease for the third quarter ending Sept. 28.
The Lakeland, Fla.-based grocer, well known by its shoppers for its consumer packaged goods and fresh private brands, reported a revenue increase of 6.3%, spiking to $9.3 billion compared to $8.8 billion in 2018. Its net earnings were $574 million, compared with $677.7 million in 2018, a decrease of 15.3%.
Publix said same-store sales for the period increased by 4.3%, and that about 0.9% of the comps increase was due to the impact of Hurricane Dorian.
Publix said the earnings decrease was caused through the adoption of a new accounting standard in the first quarter of 2019 that changed the accounting for operating leases. The new standard required the company to recognize $2.9 billion of operating lease rights and obligations as assets and liabilities on the balance sheet.
The company’s earnings per share for the quarter decreased to 81 cents per share, down from 94 cents per share in 2018.