US employee-owned supermarket chain Publix has reported net earnings of $833m in the third quarter (Q3) of fiscal 2023 (FY23), up 111.4% from $394m in the same period of FY22.
The retailer’s earnings per share (EPS) for the three months ended 30 September 2023 were $0.25, against $0.12 in Q3 FY22.
Publix generated $14bn in sales over the quarter, an increase of 7.2% from $13bn in Q3 FY22. Its comparable store sales rose by 4.3%.
In the first three quarters of the fiscal year 2023, the retailer recorded total sales of $42.4bn, up by 8.1% from $39.2bn in FY22. Comparable store sales increased 5.6% during the same period.
Net earnings of Publix for those nine months were $3.2bn, an increase of 93.4% from $1.6bn in the corresponding period a year previously.
The retailer said that its net earnings would have been $3bn if the impact of net unrealised gains on equity securities in 2023 and the net unrealised losses on equity securities in 2022 had been excluded.
Its EPS for the period also increased to $0.95, up from $0.48 in Q3 FY22.
The company’s stock price increased from $14.75 per share to $15.10 per share from 1 November 2023.
Publix operates 1,353 stores in states including Georgia, Tennessee, Florida, South Carolina and North Carolina, and has more than 250,000 employees.
Publix CEO Todd Jones stated: “Our associates make a difference in the lives of our customers and communities every day. I’m proud of their efforts and commitment.”
