LAKELAND, Fla. - Publix Super Markets here said Tuesday that its profits rose in double digits for the third fiscal quarter, buoyed by a 4.3% gain in comparable-store sales.
Net income of $311.9 million for the quarter was up 10.1% over year-ago results, and sales were up 5.5%, to $6.4 billion.
Through the first nine months, Publix said net income was up about 10%, to $1.1 billion, on sales of $19.7 billion, a 5.2% increase. Comps for the year-to-date period rose 3.7%.
Effective Nov. 1, Publix's stock price decreased from $22.05 per share to $20.20 per share. Publix stock is not publicly traded and is made available for sale only to current Publix employees and members of its board of directors.
"I'm pleased that our Publix associates delivered strong operating results," said Ed Crenshaw, chief executive officer, Publix, in a prepared statement. "Unfortunately, these results were not enough to offset the continuing challenges in the stock market."
Publix operates 1,042 stores in Florida, Georgia, South Carolina, Alabama and Tennessee.