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Publix 2008 Profits Fall 8% After Slow 4th Quarter

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By MICHAEL SASSO | The Tampa Tribune

Published: March 2, 2009

TAMPA - Even perennially strong Publix Super Markets Inc. is feeling the recession's pinch, with profits falling 20 percent in the fourth quarter and by 8 percent for all 2008.

On Monday, the Lakeland-based grocery chain announced its 2008 profits fell to about $1.1 billion on revenues of $24.1 billion. That was down from 2007 profits of $1.2 billion on revenues of $23.2 billion.

Sales at Publix stores open for at least a year – a measurement called comparable store sales – grew by 1.3 percent in 2008 compared with 2007, according to a filing Monday with the Securities and Exchange Commission.

The recession appeared to hit the company the hardest in the fourth quarter, even though Publix remains very profitable overall.

Fourth-quarter profits fell to $249 million, down 20 percent from fourth-quarter 2007 profits of $311 million. Sales during the fourth quarter rose to $6 billion from $5.9 billion in the fourth quarter of 2007.

Comparable store sales decreased 0.9 percent in the fourth quarter from the same quarter a year earlier.

Publix's stock price has generally performed well over the years, but fell to $16.10 per share on the recent financial report from $17.90 per share. Publix stock is not sold publicly and is only available to company employees and its board of directors.

Publix has 1,001 supermarkets and about 144,000 employees around the South. It plans to open 40 supermarkets this year, including 11 that formerly were Albertsons stores.

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

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