LAKELAND, FL - Publix has once again posted strong financial results for its third quarter with both sales and net earnings increasing.
The company saw net earnings rise to $384.2 million during the quarter, up 6.8% from last year’s $359.9 million, according to the company’s financial report. Total sales were $7.4 billion, representing a 5% increase from last year’s $7 billion. Similarly, comparable store sales increased 5%.
Despite its solid performance this quarter, Publix’s stock price dropped by 5 cents to $33.80 per share compared to its valuation last August.
“I’m pleased that our Publix associates delivered strong results,” said Publix CEO Ed Crenshaw. “Unfortunately, these results were not enough to offset challenges in the stock market.”
Rumors are still circulating that Publix may debut a smaller format store in Charlotte, North Carolina. As previously reported on AndNowUKnow, real estate sources claim that the new format will be approximately 20,000 square feet in size. Plans for the prototype have not yet been confirmed.
Publix did confirm, however, that it is still planning to open 11 stores in the Charlotte area by the end of next year, according to the Tampa Bay Business Journal.
For more on Publix’s expansion in North Carolina and its potential new format, stay tuned to AndNowUKnow.
