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Publix Sees Drop In Profits

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By MICHAEL SASSO

msasso@tampatrib.com

Published: November 4, 2008

TAMPA - Publix Super Markets Inc. saw a rare drop in its earnings over the past three months, as rising costs ate into its profits.

The Lakeland-based supermarket chain on Monday reported third-quarter profits of $201.8 million, or 25 cents per share. That is down 19 percent from the third quarter of last year, when earnings were $249 million, or 30 cents per share.

Sales at the grocery chain rose 3.7 percent to $5.8 billion in the third quarter, compared with sales of $5.6 billion in the same quarter last year.

Sales at stores open for at least a year, or comparable store sales, rose 1.2 percent. Publix stock, which is available only to company employees and members of its board, fell to $17.90 per share from $19.70 on the company's financial results.
Publix Chief Executive Officer Ed Crenshaw attributed the decreased profits and lower stock price to the chain's rising costs and the financial difficulty some customers are having.

Reporter Michael Sasso can be reached at (813) 259-7865.

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