Publix 4Q earnings down 19.9%

LAKELAND, Fla. Publix’s sales for the fourth quarter of 2008 were $6 billion, a 2.6% increase from last year’s $5.9 billion. Comparable-store sales for the fourth quarter of 2008 decreased 0.9%.

Net earnings for the fourth quarter of 2008 were $249 million, compared to $311 million in 2007, a decrease of 19.9%. Earnings per share for the fourth quarter decreased to 31 cents for 2008, down from 37 cents per share in 2007.

Publix’s sales for the fiscal year ended Dec. 27, 2008, were $23.9 billion, a 4% increase from last year’s $23 billion. Comparable-store sales for 2008 increased 1.3%.

Net earnings for 2008 were $1.1 billion, compared to $1.2 billion for 2007, a decrease of 8%. Earnings per share decreased to $1.33 for 2008, down from $1.41 per share in 2007.

“Like most companies, our results and stock price were negatively affected by the continued downturn in the economy,” Publix CEO Ed Crenshaw said. “During these difficult times, we remain focused on providing excellent customer service.”