US retailer Publix has recorded an increase in earnings in the third quarter of the year.
Net earnings in the three month period reached US$368.4m, an 18.1% increase on the prior year period. Comparable-store sales increased 2.5%, the retailer reported yesterday (1 November).
"Although the economy continues to be weak, I'm pleased with the improvement in our operating results and stock price," said Publix CEO Ed Crenshaw.
The company said its stock increased from $22 per share to $22.50 per share in trading yesterday.
Net earnings in the first nine months of 2012 grew 9% to $1.2bn, while comparable store sales increased 2.6%.
Source:
http://www.just-food.com/news/publix-q3-profits-climb_id121037.aspx
