Publix, an employee-owned and Florida-based grocery chain, announced an increase in its stock price and noted that year-to-year third quarter numbers show an increase in sales, but a decrease in profit compared to 2020.
The announcement comes almost a month after the company announced in early October a plan to hire 30,000 new employees before the end of the year.
“Whether associates are new to the workforce or making a career change, Publix provides great benefits and a strong culture in which its associates build long, fulfilling careers,” said Publix Vice President of Human Resources, Marcy Benton, in the announcement from October.
Monday’s press release says that third-quarter numbers show that the price per share rose from $63.10 to $66.40. As far as sales, it shows that sales for the three months – July, August, and ending on September 25th – were $11.9 billion, a 7.8% increase from $11.1 billion in 2020. However, net earnings for the three months were $856.9 million, compared to $917.6 million in 2020, which is a decrease of 6.6%.
Additionally, as far as the earnings per share, the numbers reflect a decrease to $1.24 per share in 2021, down from $1.31 per share in 2020.
As stated by Monday’s release, “Excluding the impact of net unrealized gains on equity securities in 2021 and 2020, net earnings for the three months ended September 25, 2021 would have been $802.5 million, compared to $836.2 million in 2020, a decrease of 4%. Earnings per share would have been $1.16 per share, compared to $1.20 per share in 2020.
“As the effects of the pandemic and supply chain challenges persist, the efforts of our associates continue to be extraordinary,” said Publix CEO Todd Jones. “I couldn’t be more proud of their commitment to serving our customers and communities,” he added.
Also, data that covers a nine-month period shows Publix’s sales starting January 1st, and ending on September 25, 2021 were $35.4 billion, a 5.2% increase from $33.7 billion in 2020. Comparable store sales for the nine months ended September 25, 2021 increased 3.6%.
While net earnings for quarter three decreased from quarter three numbers from 2020, the nine-month data compared to the same nine-month period in 2020 shows net earnings were $3.4 billion, compared to $3 billion in 2020, an increase of 13.9%. Earnings per share in the nine-month period increased to $4.87 per share, up from $4.20 per share in 2020.
The amounts from both the three-month and nine-month data are based on unaudited financial statements that will be filed today with the U.S. Securities and Exchange Commission and made available on Publix’s website.
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Casey Owens is a contributing writer for The Florida Capital Star. Follow him on Twitter at @cowensreports. Email tips to [email protected].
Photo “Publix” by Keith C. CC BY-SA 2.0.
