Sales for Publix for the three months ended Sept. 28 were $9.3 billion, a 6.3 percent increase from $8.8 billion in 2018. Comparable store sales increased 4.3 percent. The Lakeland, Florida-based grocer estimates that 0.9 percent of the sales increase was due to the impact of Hurricane Dorian.
Net earnings for the three-month third quarter were $574 million vs. $677.7 million in 2018, a decrease of 15.3 percent.
Publix’s sales for the nine months ended Sept. 28 were $28.4 billion, a 5.8 percent increase from $26.8 billion in 2018. Comparable store sales increased 3.7 percent.
Net earnings for the nine months were $2.2 billion vs. $2 billion in 2018, an increase of 12.3 percent.
Publix said it adopted a new accounting standard in the first quarter of 2019 that changed the accounting for operating leases. The new standard required the company to recognize $2.9 billion of operating lease rights and obligations as assets and liabilities on the balance sheet.
Effective Nov. 1, Publix’s stock price increased from $44.10 to $47.10 per share. Publix stock is not publicly traded and is made available for sale only to current Publix associates and members of its board of directors.
“I’m proud of our Publix associates who continue to deliver premier customer service,” said Publix CEO Todd Jones. “Our good operating results and stock price increase are a result of their hard work and dedication.”