Publix Super Markets posted higher profits on lower revenue in its third quarter.
Executives for the grocery chain said they were pleased with recent improvements. "But we understand our net earnings are essentially the same as our results for the third quarters of 2006 and 2007," said Publix CEO Ed Crenshaw.
Comparable-store sales for the third quarter fell 4.7 percent, with overall revenue down six-tenths of 1 percent to $5.83 billion. Net earnings were $254.9 million, compared with $201.8 million in 2008, an increase of 26.3 percent.
Publix improved results by boosting efficiency across the company, said spokeswoman Shannon Patten. Efficiencies included better use of trucks, driving routes and warehouses among other changes this year.
Effective Sunday, Publix's stock increased from $16.05 per share to $16.30 per share. Publix stock is not publicly traded and is made available only to Publix employees and board members. Publix employs 139,000 people at 1,015 stores in Florida, Georgia, South Carolina, Alabama and Tennessee.
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