Publix Reports Solid Q3 Results Despite Hurricanes
LAKELAND, FL - Publix announced the results of its third quarter fiscal 2018 this week. The company reported growth in sales and earning despite the adverse impact of back-to-back hurricanes on the Southeast U.S. retailer’s outlook.
“In the last six weeks, many of our associates and customers have faced difficult times with Hurricanes Florence and Michael,” said CEO and President Todd Jones. “I’m proud of our associates for their extra efforts and pleased with our team’s results.”
Highlights from the three-month period ending September 29, include:
- Sales of $8.8 billion, a 3.2 percent increase from $8.5 billion in 2017. Comparable store sales increased 0.6 percent
- Net earnings of $677.7 million, compared to $474.9 million in 2017, an increase of 42.7 percent
The company estimated that its increased sales for the quarter were 3.1 percent lower than would otherwise be anticipated due to the impact of Hurricane Irma on sales in September 2017. Excluding the impact of the hurricane, Publix estimated, sales for the company’s Q3 2018 would have increased 6.3 percent and comparable store sales would have increased 3.7 percent.
Though not publicly traded (ironically?), Publix also announced that, effective November 1, the company’s stock price increased from $42.55 per share to $42.70 per share; Publix stock is made available for sale only to current associates and members of its Board of Directors.
For more information, read Publix’s press release in its entirety here.