Publix Same-Store Sales Up 11.7% in Q1; Net Earnings Down 58.7%

Lakeland, Fla.-based Publix reported May 2 that its sales for first-quarter 2022 totaled 13.2 billion, a 13.5% increase from $11.7 billion in 2021; its same-store sales for the three months ending March 26 increased 11.7%.

Net earnings were $618 million for first-quarter 2022, a 58.7% decrease from $1.5 billion in first-quarter 2021. Earnings per share for the period decreased to 90 cents per share, down from $2.16 per share in 2021.

The grocery retailer said in a release that “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 three months ended March 26, 2022, would have been $1.1 billion, compared to $909.8 million in 2021, an increase of 15.5%. Earnings per share would have been $1.54 per share, compared to $1.32 per share in 2021.”

Effective May 1, Publix’s stock price increased from $13.76 per share to $14.91 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.

“After two years of the difficult pandemic, we are delighted to share the news of a stock split and now a stock price increase,” said Publix CEO Todd Jones in a release. “This good news is the result of the efforts of our associate owners and their dedication to serving our customers, communities and each other.”

Publix’s 5-for-1 stock split was effective as of the close of business April 14. As a result of the stock split, the company’s stock price was adjusted from $68.80 per share to $13.76 per share, Publix reported. 

Also on May 2, Publix announced the retirement of Chris Litz, VP of product business development for meat, seafood, bakery and grocery refrigerated and frozen, effective May 31. Litz began his Publix career in 1987 as a stock clerk in Sarasota, Fla. After working in various positions, he was promoted to store manager in 1995 and district manager in 2000. In 2007, he was named director of nonperishable warehousing before returning to retail as a regional director in 2011. In 2016, Litz was promoted to VP of fresh product business development and to his current role in 2021.

Publix, which has more than 230,000 associates, operates 1,294 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia.