UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________
FORM 8-K
____________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 1, 2024
____________________________________________
PUBLIX SUPER MARKETS, INC.
(Exact name of Registrant as specified in its charter)
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Florida 000-00981 59-0324412
(State of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
3300 Publix Corporate Parkway
Lakeland, Florida
 33811
(Address of principal executive offices) (Zip Code)
(863) 688-1188
(Registrant’s telephone number, including area code)
____________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act: None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



Item 2.02.     Results of Operations and Financial Condition

On November 1, 2024, Publix Super Markets, Inc. (Company) issued a press release to report its third quarter results for 2024 and stock price effective November 1, 2024. A copy of the press release is attached hereto as Exhibit 99.1.
The foregoing information, including Exhibit 99.1, is being furnished under Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01.     Financial Statements and Exhibits

(d).     Exhibits

99.1.    Press Release dated November 1, 2024
104.     Cover Page Interactive Data File (embedded within the Inline XBRL document)

Page 2 of 3 pages


SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
    
PUBLIX SUPER MARKETS, INC.
Dated: November 1, 2024 By: /s/ David P. Phillips
David P. Phillips, Executive Vice President, Chief Financial Officer
and Treasurer (Principal Financial and Accounting Officer)
Page 3 of 3 pages

 
 




publixlogoblacka07.jpg
 Exhibit 99.1
Contact: Maria Brous
(863) 680-5339



Publix Reports Third Quarter 2024 Results and Stock Price
LAKELAND, Fla., Nov. 1, 2024 Publix’s sales for the three months ended Sept. 28, 2024 were $14.6 billion, a 4.9% increase from $14 billion in 2023. Comparable store sales for the three months ended Sept. 28, 2024 increased 3.4%. The company estimates sales for the three months ended Sept. 28, 2024 increased 0.6% due to the impact of Hurricane Helene.
Net earnings for the three months ended Sept. 28, 2024 were $1.1 billion, compared to $833 million in 2023, an increase of 31.7%. Earnings per share for the three months ended Sept. 28, 2024 increased to $0.33 per share, up from $0.25 per share in 2023. Excluding the impact of net unrealized gains on equity securities in 2024 and net unrealized losses on equity securities in 2023, net earnings for the three months ended Sept. 28, 2024 would have been $930 million, compared to $940 million in 2023, a decrease of 1.1%. Earnings per share for the three months ended Sept. 28, 2024 and Sept. 30, 2023 would have been $0.28 per share.
Publix’s sales for the nine months ended Sept. 28, 2024 were $44.2 billion, a 4.3% increase from $42.4 billion in 2023. Comparable store sales for the nine months ended Sept. 28, 2024 increased 2.5%.
Net earnings for the nine months ended Sept. 28, 2024 were $3.4 billion, compared to $3.2 billion in 2023, an increase of 8.3%. Earnings per share for the nine months ended Sept. 28, 2024 increased to $1.04 per share, up from $0.95 per share in 2023. Excluding the impact of net unrealized gains on equity securities in 2024 and 2023, net earnings for the nine months ended Sept. 28, 2024 would have been $2.9 billion, compared to $3 billion in 2023, a decrease of 3%. Earnings per share for the nine months ended Sept. 28, 2024 would have been $0.90 per share, compared to $0.91 per share in 2023.
These amounts are based on unaudited financial statements that will be filed today with the U.S. Securities and Exchange Commission and made available on the company’s website at corporate.publix.com/stock.


Effective Nov. 1, 2024, Publix’s stock price increased from $16.46 per share to $18.05 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.
“During the last several weeks, many of our associates and customers have faced difficult times with Hurricanes Helene and Milton,” said Publix CEO Kevin Murphy. “I’m so proud of our associates for the comfort they bring to our customers and their fellow associates.”
Non-GAAP Financial Measures
In addition to reporting financial results for the three and nine months ended Sept. 28, 2024 and Sept. 30, 2023 in accordance with U.S. generally accepted accounting principles (GAAP), the company presents net earnings and earnings per share excluding the impact of equity securities being measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). These measures are not in accordance with, or an alternative to, GAAP. The company excludes the impact of the fair value adjustment since it is primarily due to temporary equity market fluctuations that do not reflect the company’s operations. The company believes this information is useful in providing period-to-period comparisons of the results of operations.
Following is a reconciliation of net earnings to net earnings excluding the impact of the fair value adjustment for the three months ended Sept. 28, 2024 and Sept. 30, 2023:
Three Months Ended
Sept. 28, 2024 Sept. 30, 2023
(Amounts are in millions, except per share amounts)
Net earnings $ 1,097  833 
Fair value adjustment, due to net unrealized (gain) loss, on equity securities held at end of period (224) 144 
Income tax expense (benefit) (1)
 57  (37)
Net earnings excluding impact of fair value adjustment $ 930  940 
Weighted average shares outstanding 3,278  3,320 
Earnings per share excluding impact of fair value adjustment $ 0.28  0.28 




Following is a reconciliation of net earnings to net earnings excluding the impact of the fair value adjustment for the nine months ended Sept. 28, 2024 and Sept. 30, 2023:
Nine Months Ended
Sept. 28, 2024 Sept. 30, 2023
(Amounts are in millions, except per share amounts)
Net earnings $ 3,435  3,171 
Fair value adjustment, due to net unrealized gain, on equity securities held at end of period (654) (225)
Net gain on sale of equity securities previously recognized through fair value adjustment —  48 
Income tax expense (1)
 166  45 
Net earnings excluding impact of fair value adjustment $ 2,947  3,039 
Weighted average shares outstanding 3,290  3,327 
Earnings per share excluding impact of fair value adjustment $ 0.90  0.91 
(1) Income tax expense (benefit) is based on the company’s combined federal and state statutory income tax rates.
Publix, the largest employee-owned company in the U.S. with more than 255,000 associates, currently operates 1,383 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina, Virginia and Kentucky. For 27 consecutive years, the company has been recognized by Fortune as a great place to work. In addition, Publix’s dedication to superior quality and customer service is recognized among the top in the grocery business. For more information, visit the company’s newsroom at corporate.publix.com/newsroom. ###