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Publix says pandemic’s impact fueled 18% third-quarter sales gain

Year-to-date comparable-store sales up nearly 17%

Russell Redman

November 2, 2020

2 Min Read
Publix_supermarket-exterior_photo.jpg
Southeastern grocer Publix estimated that the impact from the coronavirus crisis lifted its overall sales in the quarter by 13.4%.Publix Super Markets

Publix Super Markets said the COVID-19 pandemic continued to spur sales in its fiscal 2020 third quarter, with net and comparable sales rising by double digits.

For the quarter ended Sept. 26, net sales totaled $11.1 billion, up 18.3% from $9.3 billion a year earlier, Publix reported Monday. Comp-store sales jumped 16.5% year over year. The Lakeland, Fla.-based grocer estimated that the impact from the coronavirus crisis lifted its overall sales in the quarter by about $1.25 billion, or 13.4%.

The gains followed increases of 21.8% in net sales and 19.9% in same-store sales for the second quarter ended June 27.

“Our associates’ efforts to serve our customers, our communities and each other during this challenging time continues to be extraordinary,” Publix CEO Todd Jones said in a statement on Monday. “I couldn’t be more proud of their hard work and dedication.”

On the earnings side, third-quarter net income rose to $917.6 million, or $1.31 per share, from $574 million, or 81 cents per share, a year ago. Adjusted net earnings, excluding the impact of net unrealized gains on equity securities in 2020 and net unrealized losses on equity securities in 2019, were $836.2 million, or $1.20 per share, versus $580.3 million, or 81 cents per share, in the prior-year period.

Related:Publix expands distribution center project in Greensboro, N.C.

Fiscal year-to-date net sales climbed 18.7% to $33.7 billion, with comp-store sales for the nine months up 16.9%. Publix said the COVID-19 pandemic boosted sales in the period by an estimated 13.2%, or roughly $3.75 billion.

Year-to-date net earnings surged to $3 billion, or $4.20 per share, from $2.2 billion, or $3.10 per share, in the year-ago period. On an adjusted basis, net income for the nine months was $2.8 billion, or $3.94 per share, up from $2 billion, or $2.74 per share, in the fiscal 2019 period.

Publix said its stock price rose to $57.95 per share, as of Nov. 1, from $54.35 per share on Aug. 1. An employee-owned company, the supermarket chain doesn’t publicly trade its shares, which are available for sale only to current Publix associates and board members.

Overall, Publix now operates 1,253 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia, up from 1,231 stores a year ago.

For our most up-to-date coverage, visit the coronavirus homepage.

Read more about:

Publix Super Markets

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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