Publix records Q4 rise in profits

Lakeland, Fla. Publix Super Markets reported late Monday an increase in earnings of 14.1%. Net income totaled $284.2 million for the quarter ended Dec. 26.

Comp-store sales dropped 2.5%. Total sales rose 1% to $6.1 billion.

Publix said deflation, the economic downturn and cannibalization from new stores contributed to the decline in same-store sales, while lowered distribution costs contributed to higher net earnings and improved gross profits.

The grocer said it plans to open 34 new stores in 2010, including six conversions of acquired Albertsons stores.