TAMPA, Fla. (WFLA) — For the three months ending in September, Publix net earnings, or profits, dropped 54% compared to the same time in 2021. The Lakeland-based company announced the drop on Tuesday.
According to the company’s release, net earnings through Sept. 24 were $394.1 million. The year before, in 2021, their third-quarter earnings were $856.9 million. Company earnings per share dropped to $0.12 per share from $0.25, according to Publix’s announcement.
However, the share price was “adjusted for the effect of the 5-for-1 stock split” on April 14.
Publix said that if the “impact of net unrealized losses on equity securities in 2022” were ignored along with the same in securities in 2021, “net earnings for the three months ended Sept. 24, 2022, would have been $808.9 million, compared to $802.5 million in 2021, an increase of 0.8%.”
In terms of sales, Publix said the nine months ending on Sept. 24 had $39.2 billion in sales, a 10.7% increase from 2021. Store sales reportedly increased by 9%. For the third quarter, Publix said sales hit $13 billion, a 9.2% increase from the previous year.
Publix announced that the “net earnings for the nine months ended Sept. 24, 2022, were $1.6 billion, compared to $3.4 billion in 2021, a decrease of 51.2%. Earnings per share for the nine months ended Sept. 24, 2022, decreased to $0.48 per share, down from $0.97 per share in 2021, adjusted for the effect of the stock split.”
Looking at the overall stock prices for Publix, the company’s shares dropped to $13.19. Previously, the private company stock was priced at $13.84 per share. Only Publix employees and board members are able to trade the company stock.
“Unfortunately the stock market continues to be a challenge, but I could not be more proud of Publix’s response to Hurricane Ian,” Publix CEO Todd Jones said. “Our associates’ efforts to serve our customers, our communities, and each other during this difficult time have been amazing.”