Publix Posts Higher Q1 Sales

Based on unaudited reports to be filed later this week with the U.S. Securities and Exchange Commission (SEC), Publix Super Markets Inc. reported sales for the first quarter of 2011 of $6.8 billion, a 4.4 percent increase from the $6.5 billion posted last year. Comparable-store sales for the first quarter grew 2.8 percent.

Net earnings for the first quarter of 2011 were $398.2 million, vs. $364.4 million last year, a 9.3 percent rise, while earnings per share for the first quarter were 51 cents for 2011, up from 47 cents per share in the year-ago period.

As of May 1, Publix’s stock price rose from $20.90 per share to $21.65 per share. The company’s stock is not publicly traded and is sold only to current Publix associates and board members.

“Although the economy continues to be weak, I’m pleased our strong operating performance resulted in another increase in our stock price,” noted Ed Crenshaw, CEO of Lakeland, Fla.-based Publix. “Our Publix associates continue to make us a leader in our industry.”

Privately owned and operated by its 147,500 employees, Publix operates 1,034 stores in Florida, Georgia, South Carolina, Alabama and Tennessee.