Publix Q3 sales rise 9.2% but market volatility puts dent in earnings

Publix Super Markets reported a mixed third quarter with strong sales even as its earnings took a hit.

Publix’s sales rose 9.2% to $13 billion for the three months ended Sept. 24, 2022. Comparable store sales increased 7.6%. Total sales for the first nine months of 2022 closed in on $40 billion, representing a 10.7% year-over-year gain.

Net earnings for the quarter fell 54% to $394.1 million, compared to $856.9 million in the year-ago period. The grocer said that net earnings would have been $808.9 million for the quarter, if the impact of net unrealized losses on equity securities this year and net unrealized gains in equity securities in 2021 were excluded. For the calendar year to date, net earnings came in at $1.6 billion, versus $3.4 billion in 2021.

Effective Nov. 1, Publix’s stock price decreased from $13.84 per share to $13.19 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.

“Unfortunately, the stock market continues to be a challenge, but I could not be more proud of Publix’s response to Hurricane Ian,” said Publix CEO Todd Jones. “Our associates’ efforts to serve our customers, our communities and each other during this difficult time have been amazing.”

Publix donated $1 million to support hurricane relief and recovery efforts through the American Red Cross and United Way and also initiated a company-side donation campaign.

Publix, the largest employee-owned company in the U.S. with more than 240,000 associates, currently operates 1,308 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina, and Virginia.