Publix posts 7.4% increase in profits

Publix continues to be a blockbuster in its industry, as the grocery chain posted a 7.4% increase in profits in the fourth quarter.

The Florida-based retailer reported a profit of $453.3 million in the fourth quarter, compared to $422 million in 2013. Earnings per share for the fourth quarter increased to $0.58 for 2014, up from $0.54 per share in 2013. Publix reported net sales of $7.9 billion; same store sales increased 6.4%.

“I’m extremely pleased our performance and improvements in the stock market resulted in a significant increase in our stock price,” said Publix CEO Ed Crenshaw. “Our associates — the owners of Publix — continue to deliver exceptional customer service, the key to our success.”

Publix’s sales for the fiscal year ended Dec. 27, 2014, were $30.6 billion, a 5.7% increase from last year’s $28.9 billion. Same store sales for 2014 increased 5.4%. Net earnings for 2014 were $1.74 billion, compared to $1.65 billion for 2013, an increase of 4.9 percent. Earnings per share increased to $2.23 for 2014, up from $2.12 per share in 2013.

The company reported in an SEC filing that capital expenditures for 2014 totaled $1.4 million. These expenditures were incurred in connection with the opening of 32 new supermarkets (including 14 replacement supermarkets) and remodeling 138 supermarkets.

For 2015, the company plans to spend slightly less, or $1.3 million, primarily consisting of new supermarkets, remodeling existing supermarkets, new or enhanced information technology hardware and applications and the acquisition of shopping centers with the company as the anchor tenant.

Publix is privately owned and operated by its 174,000 employees. The company has 1,097 stores in Florida, Georgia, Alabama, South Carolina, Tennessee and North Carolina.