Publix net earnings surge more than 100% in Q1

Employee-owned Publix Super Markets generated strong sales, as well as a significant increase in net earnings, during its first quarter.

Sales for the three months ended April 1 totaled $14.3 billion, a 13.5% increase from $13.2 billion during the year-ago period. Publix' same-store sales for the quarter jumped 6.4%, Publix reported Monday.

Net earnings were $1.2 billion during the first quarter, a 100.8% jump from $618 million during the same period in 2022. Earnings per share for the period increased to 37 cents, up from 18 cents in 2022.

Effective Monday, Publix’s stock price increased from $14.55 per share to $14.97 per share, adjusted for the effect of the 5-for-1 stock split that occurred in April last year. 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 three months ended April 1 of this year and March 26, 2022 would have been $1.1 billion. Earnings per share would have been 32 cents per share, compared to 31 cents per share in 2022, adjusted for the effect of the stock split.

Publix's stock is not publicly traded and is made available for sale only to current Publix employees 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 in a statement.

In March, Publix closed out fiscal 2022 and reported its fourth-quarter results. For the quarter ended Dec. 31, sales rose 22% to $15.3 billion from $12.6 billion a year earlier. Same-store sales at the employee-owned grocery chain increased 12.4% for the quarter and net earnings jumped 21.6% to $1.3 billion from year-over-year earnings of $1.1 billion. The additional week in the fourth quarter increased sales by 8.1%.

The Lakeland, Florida-based grocery retailer continues to dominate the grocery space in its home state. Last week, Publix opened its 15th store, in Sarasota, Florida. The grocery retailer now operates 846 stores in Florida.

Penetration in other states for brick-and-mortar expansion is also continuing for Publix. The grocery retailer will open its first store in Kentucky later this year.

Publix operates 1,335 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia.