Publix Super Markets has announced that third quarter earnings increased 7.3 per cent. The retailer revealed that sales for the period that ended September 26, totaled $7.8 billion. Comparable-store sales grew by 4.2 per cent as a result of product cost inflation and a jump in customer counts.
Third quarter net earnings were $412.3 million, compared with $384.2 million in 2014. Gross profits stayed the same as in the third quarter last year resulting from a decrease in administrative costs as a percentage of sales.
Reflecting the change in the stock market, Publix stock dropped to $41.80 a share from $42. It’s only available to company employees and directors.
