With boosted sales and stock price, Publix is closing out the third quarter of its fiscal 2017 on a strong note. Part of the impact, according to President and CEO Todd Jones, is from Hurricane Irma, which hit the company’s Florida home earlier this fall, as reported by our sister publication.
“We have faced many hurricanes in our past, but none with the size and impact of Hurricane Irma,” said Jones in the financial release. “I could not be more proud of our associates for their passionate service to our customers before and after the hurricane.”
In addition to a 6.2% increase from the same time last year’s quarterly sales, from $8 billion to $8.5 billion, comparable-store sales for the third quarter of 2017 increased 4.3%.
Highlights from the statement included:
According to the release, comparable-store sales for the first nine months of 2017 increased 1.2% and Hurricane Irma was estimated to have caused a 1% jump for the first nine months of 2017.
Likewise, the company attributes 3.1% of its sales increase to Irma, as well as the profit on the incremental sales having more than offset inventory losses “due to power outages and other additional expenses.”
While Publix is not publically traded, as of its financial report's release yesterday Nov 1, the retailer noted its stock price increased from $36.05 per share to $36.85 per share.
The amounts listed in the report are based on unaudited reports that will be filed with the U.S. Securities and Exchange Commission. For the latest in retail and other news that could influence deli, dairy, and bakery, keep checking in with Deli Market News.