Publix Cuts Cap-Ex for 2009

LAKELAND, Fla. — Publix Super Markets here plans to cut capital expenditures by nearly 50% in 2009, according to the 10-K filing yesterday with the Securities and Exchange Commission.

Cap-ex for the current fiscal year is projected to be $665 million, vs. $1.29 billion in 2008, which included $498 million for the acquisition of 49 Florida Albertsons locations.

Publix reopened 24 of those stores last year and plans to open 11 more this year, part of the total of 40 new stores estimated for 2009. That compares with 67 new openings in 2008. It remodeled another 93 stores in 2008.

The company this week reported a 20% decline in fourth-quarter net income, to 249 million, on a 2.6% increase in sales, to $6 billion. Comparable-store sales fell 0.9%.

For the full year, net income was down 8%, to $1.1 billion, on a 4% gain in sales, to $23.9 billion. Comparable-store sales for the year were up 1.3%. The company’s fiscal year ended Dec. 27.

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