Publix Reports Third Quarter 2020 Results and Stock Price
The coronavirus pandemic was declared a national emergency on March 13, 2020 and continues to be a challenge. It remains a top priority of Publix to serve the communities in which it operates in a way that protects the health and safety of its associates and customers.
Publix’s sales for the three months ended Sept. 26, 2020 were $11.1 billion, an 18.3 percent increase from $9.3 billion in 2019. Comparable store sales for the three months ended Sept. 26, 2020 increased 16.5 percent. The company estimates its sales for the three months ended Sept. 26, 2020 increased approximately $1.25 billion or 13.4 percent due to the impact of the coronavirus pandemic.
Net earnings for the three months ended Sept. 26, 2020 were $917.6 million, compared to $574 million in 2019, an increase of 59.9 percent . Earnings per share for the three months ended Sept. 26, 2020 increased to $1.31 per share, up from $0.81 per share in 2019. Excluding the impact of net unrealized gains on equity securities in 2020 and net unrealized losses on equity securities in 2019, net earnings for the three months ended Sept. 26, 2020 would have been $836.2 million, compared to $580.3 million in 2019, an increase of 44.1 percent. Earnings per share would have been $1.20 per share, compared to $0.81 per share in 2019.
Publix’s sales for the nine months ended Sept. 26, 2020 were $33.7 billion, an 18.7 percent increase from $28.4 billion in 2019. Comparable store sales for the nine months ended Sept. 26, 2020 increased 16.9 percent. The company estimates its sales for the nine months ended Sept. 26, 2020 increased approximately $3.75 billion or 13.2 percent due to the impact of the coronavirus pandemic.
Net earnings for the nine months ended Sept. 26, 2020 were $3 billion, compared to $2.2 billion in 2019, an increase of 33.2 percent. Earnings per share for the nine months ended Sept. 26, 2020 increased to $4.20 per share, up from $3.10 per share in 2019. Excluding the impact of net unrealized gains on equity securities in 2020 and 2019, net earnings for the nine months ended Sept. 26, 2020 would have been $2.8 billion, compared to $2 billion in 2019, an increase of 41.4 percent. Earnings per share would have been $3.94 per share, compared to $2.74 per share in 2019.
These amounts are based on unaudited financial statements that will be filed today with the U.S. Securities and Exchange Commission and made available on the company’s website.
Effective Nov. 1, 2020, Publix’s stock price increased from $54.35 per share to $57.95 per share. Publix stock is not publicly traded and is made available for sale only to current Publix associates and members of its board of directors.
“Our associates’ efforts to serve our customers, our communities and each other during this challenging time continues to be extraordinary,” said Publix CEO Todd Jones. “I couldn’t be more proud of their hard work and dedication.”