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.”
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In September, Publix announced plans to purchase seven stores from local peer Bi-Lo Holdings for an undisclosed sum.
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