US supermarket group Publix has reported an 18.9% drop in third quarter earnings, despite a marginal sales gain.

Net earnings for the three month period to the end September totalled US$201.8m, down from $249m for the comparable period of last year. EPS fell from $0.30 in 2007 to $0.25 this year.

Net earnings for the nine-month period $840.7m, compared to $873m posted for the first nine-months of 2007.

However, Publix sales for the third-quarter and nine-month periods rose 3.7% and 4.4% respectively. Third quarter sales totalled $5.8bn while sales for the first nine-months rose to $17.9bn.

“In these tough times, our costs are continuing to rise while many customers are struggling to make ends meet. So our results and stock price were significantly affected by this difficult operating environment,” said Publix CEO Ed Crenshaw. “In spite of this, I’m proud of the effort Publix associates are putting forth to serve our customers.”

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

Just Food Excellence Awards - The Benefits of Entering

Gain the recognition you deserve! The Just Food Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving food industry advancements. Don’t miss your chance to stand out—submit your entry today!

Nominate Now