LAKELAND, Fla. (FNS) -- Despite an 8.4% sales increase last year, Publix Super Markets here plans to slow its capital expenditures for this year.
Capital spending is slated to decline to $225 million in 1996 from $256.6 million in 1995, according to the chain's annual filing with the Securities and Exchange Commission. Capital expenditures were $374.2 million in 1994 and $320.2 million in 1993.
Publix did not return calls for comment on the cap-ex plans in the SEC filing, made late last month. Fewer new stores are in the works for this year, the document said. Publix plans to add up to 40 new stores in 1996, down from 44 in 1995 and 50 in 1994. In 1993, 29 new stores were opened.
The company also plans to renovate "several" stores this year, but the filing did not list square footage to be added.
Competition in Publix's markets continues to heighten, particularly from mass merchants that carry food, the document said, noting that "the company intends to continue to pursue vigorously new locations in Florida and other states."
At the end of last year, Publix operated 441 stores in Florida, 56 in Georgia and 11 in South Carolina. Its first two Alabama locations were under construction, as were two new stores in South Carolina, eight in Florida and 15 in Georgia.
The chain also remodeled or expanded 14 stores last year, which -- combined with the new stores -- added 2.2 million square feet of space.
Publix will fund its 1996 capital projects from "internally generated funds and current liquid assets," the document said.
