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Publix reports Q3 results

Stock price for retailer drops

LAKELAND, Fla. — Third-quarter sales for Publix rose 5.5% to $6.4 billion, the Florida-based supermarket retailer announced Tuesday.

Comparable-store sales also saw an increase, rising 4.3% for the period, while net earnings totaled $311.9 million, compared with $283.2 million the in year-ago period, reflecting a 10.1% increase. Earnings per share for the retailer were 40 cents, up from 36 cents in the same period last year.

Despite the positive results, however, Publix reported a decrease in its stock price, dropping to $20.20 per share, compared with $22.05 per share. Publix stock is not publicly traded and is made available for sale only to current Publix associates and members of its board of directors, the company noted.

"I’m pleased that our Publix associates delivered strong operating results," Publix CEO Ed Crenshaw said. “Unfortunately, these results were not enough to offset the continuing challenges in the stock market."

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