Publix Sales Surge in Q1

Publix Super Markets' first quarter surged by 6.8% to $9.3 billion, while comparable-store sales improved by 5.1%. 

The Lakeland, Fla.-based retailer said sales benefited by 1.2% due to a calendar shift that moved Easter sales to the first quarter this year vs. the second quarter a year ago.

Net earnings for the period of $680.3 million increased by 22.5%, and earnings per share climbed to 93 cents from 73 cents.

The 1,182-store retailer said its net earnings and earnings per share were positively impacted by the decrease in the federal statutory income tax rate from 35% to 21%. New accounting standards had a slightly negative effect on earnings, the company said.

Effective Tuesday, Publix’s stock price increased from $41.40 per share to $41.75 per share. Publix stock is not publicly traded, and is made available for sale only to current Publix associates and members of its board of directors.

“I’m proud of our team’s results and pleased with our stock price increase, considering the volatility in the stock market,” Publix President and CEO Todd Jones said.