US employee-owned supermarket chain Publix has reported net earnings of $833m in the third quarter (Q3) of fiscal 2023 (FY23), up 111.4% from $394m in the same period of FY22.

The retailer’s earnings per share (EPS) for the three months ended 30 September 2023 were $0.25, against $0.12 in Q3 FY22.

Publix generated $14bn in sales over the quarter, an increase of 7.2% from $13bn in Q3 FY22. Its comparable store sales rose by 4.3%.

In the first three quarters of the fiscal year 2023, the retailer recorded total sales of $42.4bn, up by 8.1% from $39.2bn in FY22. Comparable store sales increased 5.6% during the same period.

Net earnings of Publix for those nine months were $3.2bn, an increase of 93.4% from $1.6bn in the corresponding period a year previously.

The retailer said that its net earnings would have been $3bn if the impact of net unrealised gains on equity securities in 2023 and the net unrealised losses on equity securities in 2022 had been excluded.

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By GlobalData

Its EPS for the period also increased to $0.95, up from $0.48 in Q3 FY22.

The company’s stock price increased from $14.75 per share to $15.10 per share from 1 November 2023.

Publix operates 1,353 stores in states including Georgia, Tennessee, Florida, South Carolina and North Carolina, and has more than 250,000 employees.

Publix CEO Todd Jones stated: “Our associates make a difference in the lives of our customers and communities every day. I’m proud of their efforts and commitment.”