Publix Q1 sales up 13.5%; in stock split

Publix kept up its sales momentum in the first quarter.

Net earnings were $618 million, or $0.90 per share, for the quarter ended March 26, down from $1.5 billion, or $2.16 per share, in the year-ago period. Excluding the impact of net unrealized losses on equity securities in 2022 and net unrealized gains on equity securities in 2021), earnings would have been $1.1 billion, compared to $909.8 million in 2021. Earnings per share would have been $1.54 per share, compared to $1.32 per share in 2021.

Sales rose 13.5% to $13.2 billion, up from $11.7 billion in 2021. Comparable store sales increased 11.7%.

Publix’s previously announced 5-for-1 stock split was effective as of the close of business April 14, 2022. As a result of the stock split, the company’s stock price was adjusted from $68.80 per share to $13.76 per share. Effective May 1, 2022, 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. “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, the largest employee-owned company in the U.S., has more than 230,000 associates and currently operates 1,294 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia. The retailer plans to enter the state of Kentucky later this year. (A second location in the Bluegrass State will open early next year.)

For its 2021 fiscal year ended Dec. 25, Publix sales totaled $48 billion, up from $44.9 billion in 2020.

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