Higher sales and earnings helped drive a very strong third quarter for Lakeland, Florida-based Publix Super Markets.
In an SEC filing on Wednesday, the employee-owned grocer reported that net earnings for the three months ended Sept. 30 took a big jump during the quarter to $833 million—up 111.4% versus a year ago.
Publix also reported strong sales results for the quarter which were $14 billion—a 7.2% increase from $13 billion in 2022. Same store sales also saw a 4.3% increase.
Earnings per share for the three months increased to $0.25 per share, up from $0.12 per share in 2022.
Starting Wednesday, Publix stock, available only to current employees and members of the privately held company's board of directors, increased from $14.75 per share to $15.10 per share.
Publix’s sales for the latest nine-month period were $42.4 billion, an 8.1% increase from $39.2 billion in 2022, while same store sales increased 5.6%. Net earnings for the nine months were $3.2 billion—a 93.4% jump compared to $1.6 billion in 2022.
The grocery retailer’s positive third-quarter earnings come on the heels of Publix’s net earnings jump during the second quarter which were $1.1 billion, up 74.7% from the same period in 2022.
“Our associates make a difference in the lives of our customers and communities every day,” Publix CEO Todd Jones said in a statement. “I’m proud of their efforts and commitment.”
As the country's largest employee-owned grocer, Publix has more than 240,000 associates on its payroll.