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Sales climb in third quarter at Publix

Hurricane-related sales helped fuel increase, Southeastern grocer says

Russell Redman

November 1, 2019

2 Min Read
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Publix Super Markets turned in another strong round of sales gains for its fiscal 2019 third quarter.

The Lakeland, Fla.-based supermarket chain said Friday that sales for the quarter ended Sept. 28 rose 6.3% to $9.3 billion from $8.8 billion a year earlier. Same-store sales grew 6.3%.

In the second quarter, Publix posted increases of 6.8% in sales and 4.8% in comparable-store sales.

Publix attributed the third-quarter sales increase, in part, to impact of Hurricane Dorian. The company estimated that the storm, which affected coastal areas in the Southeast in early September, lifted sales by 0.9%.

At the bottom line, third-quarter net income totaled $574 million, or 81 cents per share, compared with $677.7 million, or 94 cents per share, a year ago. Publix noted that net earnings reflect the impact of net unrealized gains and losses on equity securities. Excluding net unrealized losses in 2019 and net unrealized gains in 2018, net earnings for the 2019 quarter were $580.3 million, or 81 cents per share, versus $582 million, or 80 cents per share, in the 2018 period, according to the retailer.

As of Nov. 1, Publix’s stock price was $47.10 per share, up from $44.10 in the second quarter. The employee-owned company’s shares are sold only to Publix associates and board members and aren’t publicly traded.

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“I’m proud of our Publix associates who continue to deliver premier customer service,” Publix CEO Todd Jones said in a statement. “Our good operating results and stock price increase are a result of their hard work and dedication.”

For the year to date, Publix tallied sales of $28.4 billion, up 5.8% from $26.8 billion in the prior-year period. Comp-store sales for the nine months ended Sept. 28 climbed 3.7%.

Net earnings for the year to date were $2.2 billion, or $3.10 per share, compared with $2 billion, or $2.71 per share, a year ago. Backing out the impact of net unrealized gains on equity securities in both periods, net income was $2 billion, or $2.74 per share, for the year to date in 2019 versus $1.9 billion, or $2.55 per share, in the 2018 period.

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

Currently, Publix operates 1,231 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia, compared with 1,207 stores a year ago.

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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