PUBLIX PROFIT RISES 8%, SALES UP 12% IN YEAR

CAROL EMERT

LAKELAND, Fla. (FNS) -- Publix Super Markets here said net earnings increased 8.3% to $180.3 million in the year ended Dec. 25, according to a recent filing with the Securities and Exchange Commission.

Publix reported net income of $166.5 million in 1992.

Sales rose 12.2% last year to $7.47 billion from $6.66 billion. Same-store sales increased 6.4%. Fourth-quarter results were not listed in the SEC filing.

Bob McDermott, a Publix spokesman, said strong financial results were due in part to a competitive pricing strategy. "It was a wonderful year," he said. "We're all very proud."

In the filing, Publix said it expects to open 60 new stores in Florida, Georgia and South Carolina this year. The retailer opened 29 new stores and closed four last year, for a 9% net increase in retail square footage.

At the end of 1993, Publix said 21 stores were under construction in Georgia, where it operates 15 existing units. Five stores were being built in South Carolina, where Publix first opened a store last year, and 14 new stores were planned for Florida. The new Florida stores raise the company's store count in its home state to 423.

The company also is building new distribution centers in Lakeland and Lawrenceville, Ga., the filing said. Store openings and other capital expenditures are budgeted at $400 million in 1994, a 25% increase.

Publix said gross margins, which have fallen since 1991 as a result of competitive pressures, totaled 21.9% of sales in 1993, a decline of about 30 basis points. Operating and administrative expenses have declined during the same period, dropping to 19.1% of sales last year from 19.3% in 1992.

According to the SEC filing, the Equal Employment Opportunity Commission is continuing actions against Publix. In 1992, EEOC charged the company with discriminating against women in job assignments and promotions.

YEAR-END RESULTS

Qtr. Ended 12/25/93 12/26/92

Sales $7.47 billion $6.66 billion

Change 12.2%

Same-store 6.4%

Net Income $180.3 million $166.5 million