Publix turns in 7.6% comp-sales gain for third quarter

Publix Super Markets saved up its robust gross sales development tempo in the fiscal 2022 third quarter however once more noticed instability in the inventory market affect its backside line.

For the quarter ended Sept. 24, internet gross sales surged 9.2% to $13 billion from $11.9 billion in the 2021 third quarter, when gross sales climbed 7.8%, Publix reported Tuesday. The Lakeland, Fla.-based grocery store chain additionally noticed sequential development in Q3, as internet gross sales edged up 0.8% from $12.9 billion in the 2022 second quarter.

Momentum in comparable-store gross sales continued as nicely. Third-quarter comp gross sales rose 7.6%, constructing on 6.3% development a yr in the past and coming in line with a 7.8% gain in the 2022 second quarter.

In the yr to this point, Publix’s complete gross sales got here in at $39.2 billion, up 10.7% from $35.4 billion in the prior-year interval, when the corporate posted a 5.2% enhance. Comp gross sales for the 9 months gained 9%, topping a 3.6% uptick in the year-ago span

As in the primary two quarters of the fiscal yr, investments pushed down Publix’s earnings outcomes for the 2022 third quarter, impacting the corporate’s inventory worth. As of Nov. 1, the share worth stood at $13.19, down from $13.84 on Aug. 1, when the retailer reported Q2 outcomes.

Publix enacted a 5-for-1 stock split in mid-April, which adjusted the corporate’s share worth from $68.80 to $13.76 per share. An employee-owned firm, Publix doesn’t publicly commerce its shares, which can be found for sale solely to present Publix associates and board members.

“Unfortunately, the inventory market continues to be a problem, however I couldn’t be extra pleased with Publix’s response to Hurricane Ian,” Publix CEO Todd Jones mentioned in a press release. “Our associates’ efforts to serve our prospects, our communities and one another throughout this troublesome time have been superb.”

On the earnings aspect, third-quarter 2022 internet earnings totaled $394.1 million, or 12 cents per share, down from $856.9 million, or 25 cents per share, a yr in the past. Excluding the affect of internet unrealized positive factors on fairness securities, internet earnings would have been $808.9 million, or 24 cents per share, versus $802.5 million, or 23 cents per share, a yr earlier, adjusted for the impact of the inventory break up, in line with Publix.

The grocer reported nine-month internet earnings of $1.6 billion, or 48 cents per share, in contrast with $3.4 billion, or 97 cents per share, in the 2021 interval. Backing out internet unrealized positive factors on fairness securities, internet earnings would have been $2.8 billion, or 81 cents per share, versus $2.6 billion, or 76 cents per share, in the prior-year interval, adjusted for the inventory break up, the corporate mentioned.

Publix ended the 2022 third quarter with 1,308 shops in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia, up from 1,284 a yr earlier.

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