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Publix CEO ‘proud’ of over 100% jump in net earnings
Grocery retailer produced $1.2 billion in Q1 2023 compared to $618 million in ’22
2 Min Read
Publix, headquartered in Lakeland, Fla., also rolled up $14.3 billion in net sales during the first quarter that ended April 1.Publix
Fewer words have never been spoken. At least in terms of financial success, as Publix CEO Todd Jones was short and quick with his analysis of strong Q1 results.
“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,” he remarked.
Perhaps nothing more needed to be said when the numbers do all the talking. Publix’s net earnings in Q1 jumped 100.8% at $1.2 billion compared to the first quarter of 2022, when net earnings were $618 million. Publix, headquartered in Lakeland, Fla., also rolled up $14.3 billion in net sales during the first quarter that ended April 1. That is an 8.2% increase vs. Q1 2022, and the retailers comparable store sales increased by 6.4%.
Publix’s sales for fourth quarter 2022 were $15.3 billion, a 22% increase from $12.6 billion in fourth quarter 2021. An additional week in the fourth quarter of 2022 increased sales by 8.1%. Comparable store sales in the final 2022 quarter increased 12.4%, while net earnings were $1.3 billion, compared to $1.1 billion in fourth quarter 2021, an increase of 21.6%. Excluding the impact of net unrealized losses on equity securities in 2022 and net unrealized gains on equity securities in 2021, net earnings in fourth quarter 2022 would have been $1.3 billion, compared to $960 million in 2021, an increase of 34.7%.
Publix’s sales for FY 2022 were $54.5 billion, a 13.6% increase from $48 billion in 2021. The additional week in 2022 increased sales by 2.1%. Comparable store sales for FY 2022 increased 9.9%.
Net earnings for FY 2022 were $2.9 billion, compared to $4.4 billion in 2021, a decrease of 33.9%. Excluding the impact of net unrealized losses on equity securities in 2022 and net unrealized gains on equity securities in 2021, net earnings for the fiscal year ended Dec. 31, 2022 would have been $4 billion, compared to $3.6 billion in 2021, an increase of 12.7%.
