Publix, Lakeland, Fla., reported that its net earnings in the fourth quarter of 2019 were $783.3 million, a 94% increase compared to $407 million net earnings reported at the same time in 2018. Sales for the company’s last quarter of the year were $9.8 billion, a 5.1% from $9.3 billion in 2018.
The fourth quarter was a successful end to a strong 2019 fiscal year for the retailer which reported total net earnings of $3 billion for the year, a 26.2% increase from $2.4 billion in 2018.
The increased net earnings come after Publix adopted a new accounting standard in the first quarter of 2019 that changed the company’s accounting for operating leases. The new policy required that Publix recognize $2.9 billion of operating lease rights and obligations as assets and liabilities on the balance sheet.