Publix Q3 profit edges down
Lakeland, Fla. — Publix reported net earnings for the third quarter fell 2.3% to $359.9 million, compared to $368.4 million in the year ago period.
Sales for the third quarter were $7 billion, up 5.6% from last year’s $6.7 billion. Same-store sales rose 4.1%.
“I’m very pleased we had another significant increase in our stock price, resulting in a 33 percent increase in our stock price over the last year,” said CEO Ed Crenshaw. “Our associates continue to deliver premier customer service, the key to our success.”
Rite Aid same-store sales climb
Camp Hill, Pa. – Rite Aid reported a same-store sales increase of 2.1% for October 2013 as compared to the same month in the prior year. Front-end same-store sales actually decreased 0.6%, but gains of 3.4% in pharmacy same-store sales and a 1.1% jump in prescription count drove the total growth.
The company estimates that the cycling of the impact of pre-storm sales on prior year’s results had a negative impact of 1.4% on front-end same store sales results and 0.3% on comparable store prescription count growth, as prior year results benefited from an increase in sales in the days immediately preceding Superstorm Sandy. Rite Aid anticipates that the cycling of the impact of Superstorm Sandy will have a positive impact on November’s sales results.
Customer service credited for bolstering Publix’s Q3
Publix credited its customer service for helping fuel third-quarter sale sales of $7 billion, a 5.6% increase from last year’s $6.7 billion. Comparable-store sales for the third quarter of 2013 increased 4.1%.
The company reported net earnings for the quarter of $359.9 million, a decrease of 2.3% from $368.4 million in 2012. Earnings per share for the third quarter decreased to $0.46 for 2013, down from $0.47 per share in 2012.
Publix’s stock price increased from $27.55 per share to $30 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.
“I’m very pleased we had another significant increase in our stock price, resulting in a 33% increase in our stock price over the last year,” said CEO Ed Crenshaw. “Our associates continue to deliver premier customer service, the key to our success.”
Publix is privately owned and operated by its 162,000 employees. The company currently operates 1,076 stores in Florida, Georgia, South Carolina, Alabama and Tennessee.