Dive Brief:
- Publix announced Friday its sales rose nearly 5%, to $14.6 billion and its comparable-store sales increased 3.4% during its third quarter, which ended Sept. 28.
- Publix’s net earnings spiked 31.7% year over year in Q3 to $1.1 billion.
- Publix’s Q3 results mark the third consecutive quarter of year-over-year sales growth for the Florida-based chain as it continues to expand its store base.
Dive Insight:
Publix said its sales growth during Q3 likely benefited from heightened shopping demand during Hurricane Helene.
“During the last several weeks, many of our associates and customers have faced difficult times with Hurricanes Helene and Milton,” Publix CEO Kevin Murphy said in the earnings announcement.
For the nine months that ended Sept. 28, Publix saw its sales increase more than 4%, to $44.2 billion, and its comp sales rose 2.5%. Net earnings for that period were $3.4 billion, up 8.3% from the same time a year ago.
During Q3, Publix continued its expansion into Kentucky. The grocer announced in early September that it had executed a lease for a new store in Elizabethtown, marking its 11th planned location in the state following its debut in January with a store in Louisville. Kentucky is Publix’s eighth state of operation.
Publix has focused on growing its store fleet in recent quarters. Twenty-three of the 45 stores the grocery chain opened in 2023 were in its home state of Florida. The rest of the openings that year included 10 stores in Georgia, four in Alabama, three in North Carolina, two each in Tennessee and South Carolina and one in Virginia.
Publix’s stock price increased from $16.46 per share to $18.05 per share, effective Nov. 1. The grocer’s stock is not publicly traded and is only available to current Publix associates and members of its board.
Publix increased its capital budget to approximately $2.5 billion for 2024 — a 25% increase over the $2 billion it spent in 2023 — to support store openings and remodels, warehouse construction, technology improvements and acquisition or development of company-operated shopping centers.
Since early 2023, Publix has been rolling out a new store prototype that is larger than its traditional supermarkets.
Correction: A previous version of this story incorrectly stated Publix's most recent earnings quarter.
