February 26, 2020

Publix announces results for Q3 2019

Publix’s revenues were $9.3 billion for the three months ended Sept. 28, 2019, a 6.3 percent increase from $8.8 billion in 2018. Comparable store sales rose by 4.3 percent for the three months ended Sept. 28, 2019. The company estimates sales rose by 0.9 percent due to the impact of Hurricane Dorian for the three months ended Sept. 28, 2019.

Image / Wslupecki Net earnings were $574 million for the three months ended Sept. 28, 2019, compared to $677.7 million in 2018, down 15.3%. For the three months ended Sept. 28, 2019, earnings per share declined to $0.81 per share, down from $0.94 per share in 2018. Net earnings and earnings per share had an effect on equity securities due to net unrealized gains and losses. Excluding the effect of unrealized net losses on equity securities in 2019 and unrealized net gains on equity securities in 2018, net earnings for the three months ended September 28, 2019 would have been $580.3 million, down 0.3% from $582 million in 2018. Earnings per share, compared to $0.80 per share in 2018, would have been $0.81 per share.

The nine-month revenues of Publix ended Sept. 28, 2019 were $28.4 billion, an improvement of 5.8 percent from $26.8 billion in 2018. Comparable store sales were up 3.7 percent for the nine months ending Sept. 28, 2019.

Net earnings for the nine-month period ending Sept. 28, 2019 were $2.2 billion, up 12.3 percent from $2 billion in 2018. Earnings per share rose to $3.10 for the nine months ended Sept. 28, 2019, from $2.71 per share in 2018. Net earnings and earnings per share have been affected on equity securities by unrealized net gains. Excluding the effect of unrealized net earnings on equity securities in 2019 and 2018, net earnings for the nine months ending Sept. 28, 2019 would have been $2 billion, up 5.5 percent from $1.9 billion in 2018. Earnings per share, compared to $2.55 per share in 2018, would have been $2.74.  

In the first quarter of 2019, the company adopted a new accounting standard that changed the operating leases accounting. The new standard allowed the corporation to consider the balance sheet as assets and liabilities $2.9 billion in operating lease rights and obligations.

Publix’s stock price rose from $44.10 per share to $47.10 per share effective Nov. 1, 2019. Publix stock is not sold publicly and is only made available for sale to existing Publix employees and board members.

“I am proud of our Publix Passport who continue to provide excellent customer service,” said Todd Jones, CEO of Publix. “Their hard work and dedication are the product of our strong operating performance and stock price rise.”

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