Publix Posts 3Q Earnings Drop

Lakeland, Fla. Publix posted sales of $5.8 billion for the third quarter of 2008, a 3.7% increase from last year’s $5.6 billion. Same-store sales increased 1.2%. Net earnings for the third quarter were $201.8 million, down 18.9% from last year.

“In these tough times, our costs are continuing to rise, while many customers are struggling to make ends meet. So our results and stock price were significantly affected by this difficult operating environment,” said Publix CEO Ed Crenshaw.