Publix keeps growing earnings, profit
First-quarter profit and earnings at Lakeland, Fla.-based Publix Super Markets Inc. soared despite an increasingly competitive grocery landscape.
Earnings per share at Publix jumped to $1.37 from 93 cents during the period ended March 30. Profit increased 44% to $981 million compared with $680.3 million in the first quarter of 2018. Same store sales edged up 1.9%, 1.2% lower than the year-ago period. However, the grocer attributed the number to the Easter holiday being in the second quarter in 2019 and in the first quarter in 2018.
The retailer increased its stock price from $42.85 per share to $44.75 per share.
“I’m proud of our results and pleased with our stock price increase,” said Publix CEO Todd Jones in a statement. “I want to thank our associates for delivering premier customer service that makes shopping at Publix a pleasure.”
Publix offers more than 3,000 SKUs of private brand products.
The company says it adopted a new accounting standard in the first quarter of 2019 that changed the accounting for operating leases. The new standard required the company to recognize $2.9 billion of operating lease rights and obligations as assets and liabilities on the balance sheet.
The company operates 1,215 stores in Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia.