Publix Boosts Cap-Ex

SN STAFF

LAKELAND, Fla. — Publix Super Markets increased its capital spending by about 15.6% during the first half of 2011, to $259.4 million, compared with a year ago, the company said in a filing with the Securities and Exchange Commission this week.

The 2011 cap-ex funded 11 new supermarkets, including three replacement stores, and 42 remodels. The company closed nine supermarkets during the first half — three of which were replaced and the remaining six of which the company said it planned to replace in the future.

Expenditures were also incurred for the acquisition of shopping centers and for new technology, the company said. Capital expenditures for the remainder of 2011 are expected to be approximately $391 million, which would represent an increase for the full year of nearly 40% over 2010 spending levels.

In addition to new stores, remodels, and technology investments, Publix said it might also acquire certain shopping centers where it leases space as a tenant. Publix also said it has delayed filing its 10-Q report for the second quarter, which ended June 25, as it evaluates whether to classify the value of shares in its employee stock ownership plan, or ESOP, as temporary equity or permanent equity in its condensed consolidated balance sheet.

Publix also said it has delayed filing its 10-Q report for the second quarter, which ended June 25, as it evaluates whether to classify the value of shares in its employee stock ownership plan, or ESOP, as temporary equity or permanent equity in its condensed consolidated balance sheet.