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Publix Reports 8% Drop In Profit For '08

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By MICHAEL SASSO

msasso@tampatrib.com

Published: March 3, 2009

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

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

Sales at Publix stores open for at least a year - a measurement called same-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 profitable overall.

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

Same-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, but fell to $16.10 a share on the recent financial report from $17.90 a share. Publix stock is only available to employees and its board of directors.

Publix has 1,001 supermarkets and about 144,000 employees across 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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