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Publix closes out 2019 fiscal year on up note

Southeastern grocery chain sees net gain of 30 stores from 2018

Russell Redman

March 2, 2020

2 Min Read
Publix-Trowbridge Crossing-Sandy Springs GA
Publix reported strong same-store sales growth for both the fourth quarter and full year.InvenTrust Properties

Publix Super Markets turned in solid sales and comparable-store gains for 2019 fourth quarter and fiscal year.

Lakeland, Fla.-based Publix said Monday that sales for the quarter ended Dec. 28 climbed 5.1% to $9.8 billion from $9.3 billion a year earlier. Comp-store sales in the period rose 3.6% year over year.

Publix finished fiscal 2019 with sales of $38.1 billion, a gain of 5.6% from $36.1 billion in 2018. Same-store sales grew by the same percentage as in the final quarter, up 3.6%.

As of March 1, Publix’s stock price rose to $48.90 per share from $47.10. As an employee-owned company, the grocer doesn’t publicly trade its shares, which are available for sale only to current Publix associates and board members.

“I'm delighted we had another increase in our stock price,” Publix CEO Todd Jones said in a statement. “I'm proud of our Publix associates for continuing to make us a leader in our industry and providing legendary customer service.”

At the bottom line, Publix posted increased earnings for the quarter and full year, but results were lower for both periods on an adjusted basis.

In the fourth quarter, net income totaled $789.3 million, or $1.11 per share, compared with $407 million, or 57 cents per share, a year ago. Publix noted that, excluding the impact of net unrealized gains on equity securities in 2019 and net unrealized losses in 2018, net earnings would have dipped to $656.6 million, or 93 cents per share, in the quarter versus $660.3 million, or 92 cents per share, in the 2018 quarter.

Related:Publix to build distribution center in Greensboro, N.C.

For fiscal 2019, Publix tallied net income of nearly $3.01 billion, or $4.21 per share, up from $2.4 billion, or $3.28 per share, in 2018. Backing out net unrealized gains/losses for both periods, the supermarket chain would have ended up with net earnings of $2.6 billion, or $3.67 per share, compared with $2.5 billion, or $3.47 per share, a year earlier.

Publix added that, in the 2019 first quarter, it adopted a new accounting standard that changed the accounting for operating leases, which required the company to recognize $2.9 billion of operating lease rights and obligations as assets and liabilities on its balance sheet.

Overall, Publix currently operates 1,243 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia, up from 1,213 a year ago.

This year, the retailer so far has opened Publix supermarkets in Tampa, St. Johns and Brandon, Fla., and Buford, Ga. Publix also is bidding for five leased stores in Florida from Lucky’s Market. Another GreenWise Market location is slated to open this year in Ponte Vedra Beach, Fla., as well.

Related:Instacart pilots online meal ordering/delivery with Publix

About the Author

Russell Redman

Senior Editor
Supermarket News

Russell Redman has served as senior editor at Supermarket News since April 2018, his second tour with the publication. In his current role, he handles daily news coverage for the SN website and contributes news and features for the print magazine, as well as participates in special projects, podcasts and webinars and attends industry events. Russ joined SN from Racher Press Inc.’s Chain Drug Review and Mass Market Retailers magazines, where he served as desk/online editor for more than nine years, covering the food/drug/mass retail sector. 

Russell Redman’s more than 30 years of experience in journalism span a range of editorial manager, editor, reporter/writer and digital roles at a variety of publications and websites covering a breadth of industries, including retailing, pharmacy/health care, IT, digital home, financial technology, financial services, real estate/commercial property, pro audio/video and film. He started his career in 1989 as a local news reporter and editor, covering community news and politics in Long Island, N.Y. His background also includes an earlier stint at Supermarket News as center store editor and then financial editor in the mid-1990s. Russ holds a B.A. in journalism (minor in political science) from Hofstra University, where he also earned a certificate in digital/social media marketing in November 2016.

Russell Redman’s experience:

Supermarket News - Informa
Senior Editor 
April 2018 - present

Chain Drug Review/Mass Market Retailers - Racher Press
Desk/Online Editor 
Sept. 2008 - March 2018

CRN magazine - CMP Media
Managing Editor
May 2000 - June 2007

Bank Systems & Technology - Miller Freeman
Executive Editor/Managing Editor
Dec. 1996 - May 2000

Supermarket News - Fairchild Publications
Financial Editor/Associate Editor
April 1995 - Dec. 1996 

Shopping Centers Today Magazine - ICSC 
Desk Editor/Assistant Editor
Dec. 1992 - April 1995

Testa Communications
Assistant Editor/Contributing Editor (Music & Sound Retailer, Post, Producer, Sound & Communications and DJ Times magazines)
Jan. 1991 - Dec. 1992 

American Banker/Bond Buyer
Copy Editor
Oct. 1990 - Jan. 1991 

This Week newspaper - Chanry Communications
Reporter/Editor
May 1989 - July 1990

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