Publix posts 3Q sales rise, 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. Comparable-store sales increased 1.2%.

Net earnings for the third quarter were $201.8 million, and 18.9% decrease compared to $249 million in 2007. Earnings per share were 25 cents, compared to 30 cents per share in 2007.

“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. “In spite of this, I’m proud of the effort Publix associates are putting forth to serve our customers.”