Publix starts the year off with a bang
Publix just reported its best quarter ever, with record earnings and impressive same store sales.
Publix’s sales for the first quarter of 2018 ended March 31 were $9.3 billion, a 6.8 percent increase from last year’s $8.7 billion. Same store sales increased 5.1 percent. The company estimates sales increased 1.2 percent due to the effect of the Easter holiday being in the first quarter of 2018. In 2017, the effect of the Easter holiday was in the second quarter.
Publix has been busy in recent months, expanding its GreenWise concept to more cities and remodeling stores.
The company said net earnings for the first quarter were $680.3 million, compared to $555.3 million in the first quarter of 2017, an increase of 22.5 percent. Earnings per share for the first quarter increased to $0.93 for 2018, up from $0.73 per share in the first quarter of 2017.
Net earnings and earnings per share for the first quarter of 2018 were positively impacted by the decrease in the federal statutory income tax rate from 35 percent to 21 percent effective in 2018 due to the Tax Cuts and Jobs Act of 2017.
Net earnings and earnings per share also were impacted by a new accounting standard requiring equity securities be measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings. Excluding the impact of the new accounting standard, net earnings would have been $704.2 million, an increase of 26.8 percent, and earnings per share would have been $0.96 for the first quarter of 2018.
Effective May 1, 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,” said Publix CEO & President Todd Jones.
Publix is privately owned and operated by its 190,000 employees, with 2017 sales of $34.6 billion. Currently Publix has 1,182 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia.