Publix sales gained in the third quarter, but earnings fell because of a slide in equity securities.
For the three months that ended September 24, Publix’s sales were $13 billion, up from $11.9 billion in 2021, as comparable store sales for the third quarter increased by 7.6%, the company reported.
Net earnings for the period were $394.1 million, or 12 cents per share, versus $856.9 million, or 25 cents per share, in the 2021 period. With the impact of net unrealized losses on equity securities in 2022 and net unrealized gains on equity securities in 2021 excluded, net earnings for the quarter would have been $808.9 million, or 24 cents per share, versus $802.5 million, or 23 cents per share, adjusted for the effect of a stock split.
Effective November 1, Publix’s stock price slipped from $13.84 per share to $13.19 per share. Publix stock is not publicly traded and is sold 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 company CEO Todd Jones, in announcing the third quarter results.
The financial results announcement came after the company revealed that, after 30 years of service, Gino DiGrazia, vice president, finance, is retiring at the end of this year. Publix will divide his areas of responsibility between Chris Mesa and Doug Stalbaum, both promoted earlier this year and currently serving as vice president and controller. Also, after 28 years of service, Linda Kane, vice president, benefits administration and assistant secretary, will retire on February 28. With Kane’s retirement, Publix is promoting Monica Allman to vice president, benefits administration. Allman has been director of stock programs.
Publix operates 1,305 stores across Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia.