US grocery retailer Publix today (1 November) posted an 11.1% increase in net profit for the third quarter to reach US$283.2m.

Sales grew 3.5% during the third quarter to the end of September to $6bn, while comparable sales grew 2.7%.

Stock in Publix is only sold to the roughly 144,000 current employees and certain executives and board members, and the company sets the trading price. The company raised that price today from $18.45 per share to $19.85 per share.

"I'm very pleased that our good operating performance and improvements in the stock market resulted in an increase in our stock price," said Publix CEO Ed Crenshaw. "Our associate owners continue to deliver exceptional customer service, the key to our success."