Publix Off to a Running Start in Q1

After posting solid sales growth in both Q4 and full fiscal year 2022, Publix Super Markets has kept the momentum going in Q1. The grocer's sales for the three months ended April 1 were $14.3 billion, an 8.2% increase from $13.2 billion in 2022, and comparable store sales increased 6.4%.

Net earnings for the quarter were up 100.8% to $1.2 billion, compared to $618 million in 2022. Earnings per share increased to $0.37 per share, up from $0.18 per share in 2022, adjusted for the effect of the 5-for-1 stock split that occurred on April 14 of last year. 

The company explained that excluding the impact of net unrealized gains on equity securities in 2023 and net unrealized losses on equity securities in 2022, net earnings for the quarter, and March 26, 2022, would have been $1.1 billion. Earnings per share would have been $0.32 per share, compared to $0.31 per share in 2022, adjusted for the effect of the stock split.

Publix’s stock price increased from $14.55 per share to $14.97 per share, effective May 1. Publix stock is not publicly traded and is made available for sale only to current associates and members of its board of directors.

“I’m proud of our associates, the owners of Publix, for continuing to make us a leader in our industry and providing a great shopping experience,” said Publix CEO Todd Jones.

Meanwhile, Publix last week confirmed that it has leased property for a new store in Carolina Shores, N.C. The approximately 45,000-square-foot location will have all of the usual Publix amenities, and will mark the company's third location in Brunswick County, with others currently operating in Oak Island and Ocean Isle Beach.

Employee-owned and -operated Publix has close to 1,300 supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee, North Carolina and Virginia. Lakeland, Fla.-based Publix is No. 12 on The PG 100, Progressive Grocer’s 2022 list of the top food and consumables retailers in North America.