Publix Sees Sales Jump for Third Quarter of 2017
LAKELAND, FL - Publix is closing out the third quarter of its fiscal 2017 on a strong note, with boosted sales and stock price. Part of the impact, according President and CEO Todd Jones, is from Hurricane Irma, which hit the company’s Florida home earlier this fall.
“We have faced many hurricanes in our past, but none with the size and impact of Hurricane Irma,” said Jones in the financial release. “I could not be more proud of our associates for their passionate service to our customers before and after the hurricane.”
In addition to a 6.2% increase from the same time last year’s quarterly sales, from $8 billion to $8.5 billion, comparable-store sales for the third quarter of 2017 increased 4.3%.
Highlights from the statement included:
- Net earnings for the third quarter of 2017 were $474.9 million, an increase of 12.8% compared to $421.1 million in 2016
- Earnings per share for the third quarter increased to $0.63 for 2017, up from $0.55 per share in 2016
- Net earnings for the first nine months of 2017 were $1.53 billion, a 3% increase over $1.48 billion in 2016
- Publix’s sales for the first nine months of 2017 were $25.6 billion, a 3% increase from last year’s $24.9 billion
Comparable-store sales for the first nine months of 2017 increased 1.2%, according to the release, which it estimates the impact of Hurricane Irma resulted in a 1% percent jump for the first nine months of 2017.
Likewise, the company attributes 3.1% of its sales increase to Irma, as well as the profit on the incremental sales having more than offset inventory losses “due to power outages and other additional expenses.”
While Publix is not publically traded, the retailer noted its stock price increased from $36.05 per share to $36.85 per share as of its financial report’s release yesterday, Nov. 1.
The amounts listed in the report are based on unaudited reports that will be filed with the U.S. Securities and Exchange Commission. For the latest in retail and other news that could influence fresh produce, keep checking in with AndNowUKnow.