Publix net earnings up nearly 50% in 2023

Publix Super Markets’ net earnings of $4.3 billion in 2023 was up nearly 50% over the $2.9 billion reported in 2022, but the employee-owned supermarket saw net earnings drop 7.8% in the fourth quarter of the year to $1.2 billion, the grocer reported.

The company said in its fourth quarter earnings report that sales were down 4% to $14.7 billion for the 13-week period ended Dec. 30, 2023, compared to the fourth quarter of 2022, which was a 14-week quarter. 

 “Excluding the additional week in the fourth quarter of 2022, sales for the fourth quarter of 2023 would have increased 2.8%,” Publix reported. “Comparable store sales for the three months ended Dec. 30, 2023 increased 0.4%.”

Sales of $57.1 billion in 2023 represented a year-over-year increase of 4.7%. The figure does not take into account the extra week in 2022. “Excluding the additional week in 2022, sales for 2023 would have increased 6.7%. Comparable store sales for the fiscal year ended Dec. 30, 2023 increased 4.2%,” the company said. 

Publix added that earnings per share dropped to $0.36 per share, compared to $0.38 per share in the previous 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 Dec. 30, 2023 would have been $1.1 billion, compared to $1.3 billion in 2022, a decrease of 18.8%,” the company added. 

The company reported that the value of its stock, which is available only to Publix employees, increased 10 cents per share to $15.20. 

“I’m proud of our friendly, knowledgeable associates who help our customers create memorable meals with their families and friends,” said Publix CEO Kevin Murphy in a statement. “I’m so thankful to serve with them in providing Publix’s premier service in our communities.”

The grocer operates approximately 1,366 stores, 10 distribution centers, and 10 manufacturing facilities across the southern states of Alabama, Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee, and Virginia. The Lakeland, Fla.-based company employs more than 250,000 people.