U.S.: Publix sees big gains and eyes investments
Florida-based supermarket chain Publix saw a strong final quarter in 2019 and plans on increasing capital spending by 40% in 2020.
From 2018, the retailer has added 30 stores and ended its Q4 with US$9.8bn - as compared to US$9.3bn the previous year.
Since the company is employee owned - in fact, the largest employee-owned company in the U.S. -, it was big news that Publix's stock price rose from US$47.10 to US$48.90 this Monday. It attributed the rise to the hard work of its employees in providing "legendary customer service", according to a release.
For the quarter, Publix reported a total net income of US$789.3m - saying that this number has a lot to do with the new accounting strategy it implemented in the beginning of the fiscal year.
The retailer also pointed to its investments in store remodels throughout the year as being critical to driving its 5.1% increase in revenue in the fourth quarter.
In addition to the various new stores opened this year, it currently has five new stores in the works for 2020 as it is now in the bidding process for old Lucky's locations. For the first quarter of 2020, Publix looks like it'll keep moving forward with investing in expansion.