Publix announces boost in sales in 2022
Company’s stock prices also rise to $14.55 per share
LAKELAND, Fla. – Publix’s sales last year rose to $54.5 billion compared to $48 billion in 2021, and its stock price nudged upward to $14.55 per share, according a company news release reseased Wednesday.
The latest figures represent a 13.6% increase in sales compared to 2021.
Comparable store sales also increased by 9.9% for the fiscal year, which ended Dec. 31, “due to the impact of inflation on product costs,” the company reported in its annual 10-K Securities and Exchange Commission filing.
Food purchased at supermarkets increased 0.8% from December 2022 to January 2023 and was 11.3% higher than January 2022, according to the U.S. Consumer Price Index.
While inflation at higher-end grocery stores such as Publix has resulted in less foot traffic in stores, consumer “shopping patterns as opposed to an overall decline in demand” has kept sales higher in this retail category, according to an update from Placer.ai, which tracks consumer data.
Lakeland, Florida-based Publix Super Markets Inc. also reported that fourth quarter sales rose significantly by 22% compared to the same period in 2021.
For the 14-week quarter that ended Dec. 31, the grocer racked up $15.3 billion in sales, which was an increase from $12.6 billion in 2021, a 13-week quarter, Publix said. The additional week in the fourth quarter increased sales by 8.1%.
Comparable store sales for the last quarter of the year increased 12.4%, the release said. Net earnings for the fourth quarter were $1.3 billion, compared to the same quarter in 2021 at $1.1 billion, representing an increase of 21.6%.
“I’m proud of our operating results and pleased with our stock price increase,” said Publix CEO Todd Jones in the release. “I want to thank our associates for continuing to deliver premier customer service.” Publix stock is not publicly traded and is only available for purchase by current Publix employees and its board members.
Earnings per share for the three months ending Dec. 31 increased to 38 cents per share, up from 31 cents per share in 2021, adjusted for the effect of the 5-for-1 stock split that occurred on April 14.
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 ending Dec. 31 would have been
$1.3 billion compared to $960 million in 2021, an increase of 34.7%, Publix said.
Earnings per share would have been 39 cents per share, compared to 28 cents per share in 2021, adjusted for the effect of the stock split. Net earnings and earnings per share benefited from the additional week in the fourth quarter of 2022.
The company also disclosed new issues that were not present in its 2021 filing that could impact economic conditions, including supply chain issues, distribution costs and international conflicts, as having potential adverse impacts on the company’s bottom line.
Publix is the largest employee-owned company in the U.S. and has 242,000 employees, up from with 232,000 in 2021.