Publix’s Fiscal Year Earnings Increase Almost 50%

Publix Super Markets’ sales for the three months ended Dec. 30, 2023, a 13-week quarter, were $14.7 billion, a 4% decrease from the $15.3 billion logged in 2022, a 14‑week quarter. Excluding the additional week in Q4 of 2022, sales for Q4 2023 would have increased 2.8%. Comparable-store sales for the three months ended Dec. 30, 2023, rose slightly by 0.4%.

The grocer’s fourth-quarter net earnings were $1.2 billion, compared with $1.3 billion in 2022, falling 7.8%. Earnings per share decreased to 36 cents per share, down from 38 cents per share in 2022. Excluding the impact of net unrealized gains on equity securities in 2023 and net unrealized losses on equity securities in 2022, net earnings in Q4 would have been $1.1 billion, compared with $1.3 billion in 2022, a18.8% drop. Earnings per share would have been 32 cents per share, compared with 39 cents per share in 2022. Net earnings and earnings per share were affected by the additional week in Q4 2022.

Publix’s sales for fiscal year 2023, a 52-week year, were $57.1 billion, a 4.7% increase from $54.5 billion in 2022, a 53-week year. Excluding the additional week in 2022, sales for 2023 would have increased 6.7%. Comps for the fiscal year 2023 grew 4.2%.

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Net earnings for the fiscal year were $4.3 billion, compared with $2.9 billion in 2022, a 49% surge. Earnings per share climbed to $1.31 per share, up from last year’s 86 cents per share. Excluding the impact of net unrealized gains on equity securities in 2023 and net unrealized losses on equity securities in 2022, net earnings for the fiscal year ended Dec. 30, 2023, would have been $4.1 billion, compared with $4 billion in 2022, an increase of 1%. Earnings per share would have been $1.23 per share, compared with $1.20 per share in 2022. Net earnings and earnings per share were affected by the additional week in 2022.

Effective March 1, Publix’s stock price increased from $15.10 per share to $15.20 per share. Because Publix is a privately owned company, its stock is not publicly traded and is made available for sale only to current Publix associates and members of its board of directors. The grocer employs more than 250,000 associates. 

“I’m proud of our friendly, knowledgeable associates who help our customers create memorable meals with their families and friends,” said Publix CEO Kevin Murphy. “I’m so thankful to serve with them in providing Publix’s premier service in our communities.” 

Publix started off 2024 by expanding to its eighth state. In January, the grocer opened its first store in Kentucky. Located at 2500 Terra Crossing Boulevard in the Terra Crossing Shopping Center, in Louisville, the location features a 55,701-square-foot store with a drive-thru Publix Pharmacy and an adjacent 3,200-square-foot Publix Liquors offering beer, wine and spirits. This is the company’s first Publix Liquors outside of Florida. Following Terra Crossing, the food retailer has plans for five more Kentucky stores in Louisville, Lexington and Walton.

Meanwhile, Publix opened one of its largest store formats in Key Largo, Fla., last month. Located at 101499 Overseas Highway, the new store is 64,080 square feet. 

New store openings for March include: 

• March 6: 2400 Jonesboro Road, Hampton, Ga. 
• March 7: 11286 Dowden Road, Orlando, Fla.
• March 14: 2335 North Orange Blossom Trail, Orlando, Fla.
• March 21: 11635 Moccasin Wallow Road, Parrish, Fla.
• March 23: 5229 Veterans Parkway, Murfreesboro, Tenn.

Employee-owned and -operated Publix has close to 1,300 supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee, North Carolina, Virginia and Kentucky. Lakeland, Fla.-based Publix 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.