US retailer Publix booked a slight drop in earnings in the third quarter but saw its stock and sales increase.
Net earnings in the three month period dropped to US$359.9m from $368.4m a year earlier, a decrease of 2.3%.
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Sales, however, climbed 5.6% to $7bn. Comparable-store sales were up 4.1%.
As of 1 November, Publix’s stock price increased from $27.55 per share to $30 per share.
“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.”
In September, Publix announced plans to purchase seven stores from local peer Bi-Lo Holdings for an undisclosed sum.
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