Publix reports 2017 Q1 sales decline

LAKELAND, Fla. — Publix reported sales for its 2017 first quarter were $8.69 billion, a 0.4% decrease compared to from last year’s $8.72 billion, while comparable-store sales for the first quarter of 2017 decreased 2.1%.

Sales for the first quarter of 2017 were negatively impacted by the Easter holiday being in the second quarter in 2017 versus the first quarter in 2016. The company estimates the timing of Easter affected sales by approximately 1.2 percent.

“Our results were impacted by the timing of Easter, which was in the first quarter in 2016,” said Publix CEO and President Todd Jones. “Our associates continue to work hard every day to make shopping a pleasure at Publix.”

Net earnings for 2017’s first quarter were $555.3 million, compared to $581.9 million in 2016, a decrease of 4.6%. Earnings per share for Q1 decreased to 73 cents for Q1 2017, down from 75 cents per share in 2016’s Q1.

Publix stock is not publicly traded and is made available for sale only to current Publix associates and members of its board of directors. However, the company announced that as of May 1, its stock price decreased from $40.90 per share to $39.15 per share.