Publix reports gains in Q4, fiscal year earnings
As it sets its sights on fighting food insecurity and diving deeper into the healthcare space, Publix Super Markets is sharing the gains it made during its fourth quarter and full fiscal year 2022. For its 14-week Q4, which ended Dec. 31, 2022, sales were $15.3 billion, a 22% increase from 2021, a 13-week quarter.
According to Publix, the additional week in Q4 of 2022 increased sales by 8.1%. Comparable-store sales for that quarter increased by 12.4% and net earnings were $1.3 billion, compared to year-over-year earnings of $1.1 billion, an increase of 21.6%. Earnings per share increased to $0.38 per share, up from $0.31 per share, adjusted for the effect of the 5-for-1 stock split that occurred last April.
For the full fiscal year 2022, sales increased 13.6% over FY21 to $54.5 billion, with the additional week in 2022 increasing sales by 2.1%. Comparable-store sales for the fiscal year increased by 9.9% while net earnings were $2.9 billion, compared to $4.4 billion in 2021, a decrease of 33.9%. Earnings per share for the fiscal year decreased to $0.86 per share, down from $1.28 per share in 2021, adjusted for the effect of the stock split.
[Read more: Publix opens 4th telehealth site with Beaufort Memorial Hospital]
Additionally, effective March 1, Publix’s stock price increased from $13.19 per share to $14.55 per share. While Publix stock is not publicly traded, it is made available for sale only to current Publix associates and members of its board of directors.
“I'm proud of our operating results and pleased with our stock price increase,” said Publix CEO Todd Jones. “I want to thank our associates for continuing to deliver premier customer service.”
Publix recently held its inaugural Hunger Summit to discuss with elected officials and representatives from Feeding America affiliates across the Southeast, as well as the USDA, how to work together to fight hunger. During the summit, Publix offered up executives in charge of its distribution, produce, food safety, human resources and even social media divisions to give presentations on partnering with food banks. The grocer also surprised food bank officials in attendance with $4 million in grants.
The grocer launched its 2023 Feeding More Together spring campaign earlier this month and is donating nonperishable food and fresh produce to local Feeding America member food banks and pantries. Publix is also donating $5 million in fresh produce this spring in the company’s operating area.
[Read more: Publix announces 4th Kentucky location]
Furthering its focus on health care, Publix opened its fourth telehealth site with Beaufort Memorial Hospital, in Beaufort, S.C., in January. Publix Pharmacy is also partnering with Manatee Memorial Hospital in Bradenton, Fla., to bring patients access to bedside delivery of prescription medications prior to being discharged.
Employee-owned and -operated Publix has close to 1,300 supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee, North Carolina and Virginia.
This story originally appeared on Progressive Grocer.