Publix Sales Soar in Q3

Publix Super Markets is continuing to see benefits of consumer shopping changes that came with the pandemic, saying sales in its fiscal third quarter soared by 18.3%, with comps rising by 16.5%.

For the period that ended Sept. 26, the Lakeland, Fla.-based retailer reported net earnings of $917.6 million on sales of $11.1 billion. Net earnings in the period increased by 59.9%.

Publix said about $1.25 billion in sales, or 13.4% during the quarter, were attributable to the pandemic.

“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. “I couldn’t be more proud of their hard work and dedication.”

By means of comparison, Publix’ comp figures in the quarter were higher than the 13.8% posted recently by Albertsons Cos. during a similar period, and came on top of an industry-beating 4.3% comp in last year’s third quarter.

Earnings per share for the three months ending Sept. 26 increased to $1.31 per share, up from 81 cents per share in 2019. Excluding the impact of net unrealized gains on equity securities in 2020 and net unrealized losses on equity securities in 2019, net earnings would have been $836.2 million, compared to $580.3 million in 2019, an increase of 44.1%. Earnings per share would have been $1.20 per share, compared to 81 cents in 2019.

Publix’s sales for the nine months ending Sept. 26 were $33.7 billion, an 18.7% increase with comps increasing by 16.9%. Sales were up by about 13.2% due to the impact of the coronavirus pandemic.

Net earnings for the nine months were $3 billion, compared to $2.2 billion in 2019, an increase of 33.2%.

Effective Nov. 1, Publix’s stock price increased from $54.35 per share to $57.95 per share. Publix stock is not publicly traded and is made available for sale only to current Publix associates and members of its board of directors.