Publix’s sales for the three months ended Sept. 28, 2019 were $9.3 billion, a 6.3% increase from $8.8 billion in 2018. Comparable store sales for the three months ended Sept. 28, 2019 increased 4.3%. The company estimates sales for the three months ended Sept. 28, 2019 increased 0.9% due to the impact of Hurricane Dorian.
Net earnings for the three months ended Sept. 28, 2019 were $574 million, compared to $677.7 million in 2018, a decrease of 15.3%. Earnings per share for the three months ended Sept. 28, 2019 decreased to $0.81 per share, down from $0.94 per share in 2018. Net earnings and earnings per share were impacted by net unrealized gains and losses on equity securities. Excluding the impact of net unrealized losses on equity securities in 2019 and net unrealized gains on equity securities in 2018, net earnings for the three months ended Sept. 28, 2019 would have been $580.3 million, compared to $582 million in 2018, a decrease of 0.3%. Earnings per share would have been $0.81 per share, compared to $0.80 per share in 2018.
Publix’s sales for the nine months ended Sept. 28, 2019 were $28.4 billion, a 5.8% increase from $26.8 billion in 2018. Comparable store sales for the nine months ended Sept. 28, 2019 increased 3.7%.
Net earnings for the nine months ended Sept. 28, 2019 were $2.2 billion, compared to $2 billion in 2018, an increase of 12.3%. Earnings per share for the nine months ended Sept. 28, 2019 increased to $3.10, up from $2.71 per share in 2018. Net earnings and earnings per share were impacted by net unrealized gains on equity securities. Excluding the impact of net unrealized gains on equity securities in 2019 and 2018, net earnings for the nine months ended Sept. 28, 2019 would have been $2 billion, compared to $1.9 billion in 2018, an increase of 5.5%. Earnings per share would have been $2.74 per share, compared to $2.55 per share in 2018.
The company 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, 2019, Publix’s stock price increased from $44.10 per share 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.”
