Publix cited shopping related to Hurricane Helene for helping to lift the supermarket operator’s sales in its third quarter.
Publix’s total sales for the third quarter ended September 28 were $14.6 billion, up from $14 billion in the year-earlier period as comparable store sales increased 3.4%. The company estimated sales for the quarter increased 0.6% due to the impact of Hurricane Helene, which hit late during the period.
Net earnings for the quarter increased to $1.1 billion versus $833 million in the 2023 period, as earnings per share advanced to 33 cents from 25 cents. With the impact of net unrealized gains on equity securities in 2024 and net unrealized losses on equity securities in 2023 excluded, net earnings were $930 million versus $940 million in the year-before quarter as earnings per share came in at 28 cents in both periods.
As it posted third-quarter results, Publix noted it increased the company’s stock price from $16.46 per share to $18.05 per share. Publix stock is not publicly traded, and it is made available for sale only to currently employed workers and board directors.
Publix’s second-quarter sales were $14.5 billion, up 3.1% versus the year-earlier period year over as comps increased 1.1%. Net earnings for the quarter were $972 million, or 29 cents per share, versus $1.1 billion, or 33 cents per share, in the 2023 period, With the impact of net unrealized gains on equity securities in 2024 and 2023, net earnings for the quarter would have been $940 million, or 29 cents per share, versus $1 billion or 31 cents per share, in the year-past period, the company reported.
