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Publix's Stock Price Goes Up

Grocer reports a 5% increase in sales during Q1
Marian Zboraj, Progressive Grocer
Publix’s net earnings rose 10.1% during its first quarter of 2024.

Employee-owned and -operated Publix Super Markets’ sales for the first quarter of 2024 ended March 30 were $15.1 billion, a 5% jump from last year's $14.3 billion. Comparable-store sales increased 2.8%. The company estimates that sales increased 1% due to the effect of the Easter holiday being in the first quarter of 2024. In 2023, the effect of the Easter holiday was in the second quarter. 

Net earnings for the three months ended March 30 were $1.4 billion, compared with $1.2 billion in 2023, an increase of 10.1%. Earnings per share increased to 41 cents per share, up from 37 cents per share in 2023. Excluding the impact of net unrealized gains on equity securities in 2024 and 2023, net earnings for the three months ended March 30, 2024, and April 1, 2023, would have been $1.1 billion. Earnings per share for the three months ended March 30 would have been 33 cents per share, compared with 32 cents per share in 2023.

Effective May 1, Publix’s stock price increased from $15.20 per share to $16.25 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 associates, the owners of Publix, for continuing to make shopping a pleasure for our customers,” said Publix CEO Kevin Murphy, who was promoted to his current position earlier this year

Also, during the annual meeting of stockholders on April 16, Publix stockholders elected Murphy to its board of directors. At the time, Publix Executive Chairman Todd Jones expressed his excitement at the addition of Murphy: “His in-depth knowledge of running best-in-class retail stores will be a valuable asset to the board.”

Meanwhile, after opening six new stores last month in its home state of Florida, Publix will add to its 200-plus store count in Georgia later this month. The grocer has plans to open a location in Villa Rica, Ga., on May 22.  

Lakeland, Fla.-based Publix has 255,000-plus associates and more than 1,300 supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee, North Carolina, Virginia and Kentucky. The company is No. 12 on The PG 100, Progressive Grocer’s 2023 list of the top food and consumables retailers in North America. PG also named the company one of its Retailers of the Century.

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