Publix 4Q sales, fiscal year increase while net earnings drop

LAKELAND, Fla. Publix announced Monday that the economic downturn has decreased its stock value despite having positive year-end results.

Publix’s sales for the fourth quarter of 2008 jumped 2.6% from last year, the company said. The company’s fiscal year, which ended Dec. 27, 2008, were $23.9 billion, a 4% increase from last year’s $23 billion. Comparable-store sales for 2008 increased 1.3 percent.

Meanwhile, the stock price for Publix has dropped from $17.90 per share to $16.10 per share. Publix stock is not publicly traded and is made available for sale only to current Publix associates and members of its board of directors.

“Like most companies, our results and stock price were negatively affected by the continued downturn in the economy,” Publix CEO Ed Crenshaw said. “During these difficult times, we remain focused on providing excellent customer service.”

Net earnings for the fourth quarter of 2008 were $249 million, compared to $311 million in 2007, a decrease of 19.9 percent. Earnings per share for the fourth quarter decreased to $0.31 for 2008, down from $0.37 per share in 2007. Additionally, net earnings for 2008 were $1.1 billion, compared to $1.2 billion for 2007, a decrease of 8 percent. Earnings per share decreased to $1.33 for 2008, down from $1.41 per share in 2007.