Publix comps slip amid 'challenging' economy; new store openings include...
Economic uncertainty and a change in Medicare drug prices took a toll on Publix’s third-quarter performance.
The Southeast supermarket retailer reported that its net earnings totaled $1.1 billion, or $0.33 per share, for the quarter ended Sept. 26, compared to $1.2 billion, or $0.37 per share, in the year ago period. Excluding the impact of net unrealized gains on equity securities in 2026 and 2025, earnings per would have been $0.29 per share, compared to $0.30 per share in 2025.
Sales increased 1% to $15.5 billion. Comparable store sales decreased 0.6%. (Comparable store sales were down 0.4% for the nine months ended Sept. 26). Public said the sales increase was due to the impact of the Medicare maximum fair price change, which reduced drug prices, for 10 drugs. and economic conditions impacting consumer spending.
[READ MORE: Publix shuffles executives as three officers retire]
“We know many of our customers are feeling the effects of a challenging economy,” said Publix CEO Kevin Murphy. “I’m proud of our associates for the premier service and care they provide to our customers during this time.”
Expansion
Publix continues to expand its footprint in existing and new markets, including Kentucky. The company opened a total of seven new stores in October, with the locations listed below.
•Independence, Ky.;
•Commons at Carolina Shores in Calabash, N.C.;
•SeaFlower Village Center in Bradenton, Fla.;
•Rockfish Village, Fayetteville, N.C.;
•Farmview Commons, Florence, Ky.;
•French Mill Crossing, Athens, Ala.; and
•Gateway Commons, Owensboro, Ky.
Effective Nov. 1, Publix’s stock price decreased from $19.60 per share to $18.70 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.)
Publix is the largest employee-owned company in the U.S. with approximately 260,000 associates. It currently operates 1,450 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina, Virginia and Kentucky.
