Last updated on November 5th, 2018 at 09:40 am
Publix’s sales for the three months ended Sept. 29, 2018, were $8.8 billion, a 3.2 percent increase from $8.5 billion in 2017. Comparable store sales for the three months increased 0.6 percent.
The company estimates the increase in sales for the three months ended Sept. 29, compared to the three months ended Sept. 30, 2017, was 3.1 percent lower due to the impact of Hurricane Irma in September 2017. Excluding the impact of the hurricane, sales for the three months ended Sept. 29 would have increased 6.3 percent and comparable store sales would have increased 3.7 percent.
Net earnings for the third quarter were $677.7 million, compared to $474.9 million in 2017, an increase of 42.7 percent. Earnings per share for the three months ended Sept. 29 increased to $0.94, up from $0.63 per share in 2017. Net earnings and earnings per share were positively impacted by the decrease in the federal statutory income tax rate from 35 percent to 21 percent effective in 2018 due to the Tax Cuts and Jobs Act of 2017, says Publix.
Net earnings and earnings per share also were impacted by a new accounting standard requiring equity securities be measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings. Excluding the impact of the new accounting standard, net earnings would have been $582 million, an increase of 22.6 percent, and earnings per share would have been $0.80.
Publix’s sales for the nine months ended Sept. 29, 2018, were $26.8 billion, a 4.7 percent increase from $25.6 billion in 2017. Comparable store sales for those nine months increased 2.5 percent.
The company estimates the increase in sales for the nine months ended Sept. 29, 2018, compared to the nine months ended Sept. 30, 2017 was 1 percent lower due to the impact of Hurricane Irma. Excluding the impact of the hurricane, sales for the nine months ended Sept. 29, 2018, would have increased 5.7 percent and comparable store sales would have increased 3.5 percent.
Net earnings for the nine months ended Sept. 29, 2018 were $2 billion, compared to $1.5 billion in 2017, an increase of 29.4 percent. Earnings per share increased to $2.71, up from $2.01 per share in 2017.
“In the last six weeks, many of our associates and customers have faced difficult times with Hurricanes Florence and Michael,” said Publix President and CEO Todd Jones. “I’m proud of our associates for their extra efforts and pleased with our team’s results.”
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