Publix Announces Q3 2016 Financial Report; Lowers Stock Prices
LAKELAND, FL - In just the third financial report since new President and CEO Todd Jones assumed leadership, Publix has once again reported a drop in stock prices. Despite seeing boosted revenues and sales, the company’s Q3 2016 report saw stocks fall 4.2 percent to $41.90 a share, down from $45.20.
"Unfortunately, our results were not enough to offset the challenges in the stock market," explained Jones upon the announcement. "I continue to be proud of our associates for delivering a premier customer shopping experience."
Although this is the third consecutive quarter that stocks saw a dip, the chain was able to boost both sales and profits. Q3 sales were up 2.4 percent to $8 billion, while net earnings rose 2.1 percent to reach $421.1 million. Earnings per share for the third quarter increased to $0.55 for 2016, up from $0.53 per share in 2015.
The company also reported its results for the first nine months of the financial year in total, revealing a 2.6 percent increase in net earnings to reach $1.5 billion, while warnings per share increased to $1.92, up from $1.86 per share in 2015.
Publix' stock is privately traded and available only to employees and members of its board of directors. According to a report by the Orlando Sentinel, Publix has the ability to set its own stock price based on such economic indicators as its own financial figures and the value of publicly traded supermarkets.
Publix currently operates 1,129 stores nationwide with around 186,000 employees.