Publix reports sales increase in Q4 results
Publix is sharing its results for its fourth quarter, which saw sales for the three months ended Dec. 28, 2019, reaching $9.8 billion — a 5.1% increase from the $9.3 billion reported in 2018.
Comparable store sales for the same time frame also increased by 3.6%, while net earnings were $798.3 million compared to the $407 million from 2018 — an increase of 94%, the company said.
Earnings per share increased to $1.11 per share, and Publix’s sales for the fiscal year were $38.1 billion, increasing 5.6% from the $36.1 billion reported in 2018, while comparable-store sales saw a 3.6% increase as well.
Net earnings were $3 billion, as opposed to the $2.4 billion reported in 2018, increasing by 26.2%, the company said.
In addition, the retailer adopted a new accounting standard during the first quarter of 2019 that changed the accounting for operating leases and requires it to recognize $2.9 billion of operating lease rights and obligations as assets and liabilities on the balance sheet.
“I'm delighted we had another increase in our stock price,” Publix CEO, Todd Jones said. “I'm proud of our Publix associates for continuing to make us a leader in our industry and providing legendary customer service.”