Publix Settles Into Growth Mode
Following 11 store openings throughout Florida and Georgia over the past two months, Publix Super Markets has set its sights on growth in the state of Virginia. The grocer is expected to open a second location in the Hampton Roads area in early 2025, with a 48,387-square-foot store in the city of Chesapeake.
Publix opened locations in nearby Williamsburg, Va., and Kill Devil Hills, N.C., in 2018, and additional stores in the Virginia cities of Suffolk and Virginia Beach are currently in the pipeline.
Publix confirmed in late April that it has leased property for a new store in Carolina Shores, N.C. The approximately 45,000-square-foot location will have all of the usual Publix amenities, and will mark the company's third location in Brunswick County, with others currently operating in Oak Island and Ocean Isle Beach.
After being severely damaged by Hurricane Ian last September, Publix reopened its Fort Myers Beach, Fla., location on May 25 amid great fanfare. Additionally, the grocer will open a location in Royal Palm Beach, Fla., on July 6, and a store in Boiling Springs, S.C., on July 12.
Store count isn’t the only aspect of the Publix business that keeps growing. After posting solid sales growth in both fourth quarter and full fiscal year 2022, Publix kept the momentum going in Q1. The grocer's sales for the three months ended April 1 were $14.3 billion, an 8.2% increase from $13.2 billion in 2022, and comparable-store sales increased 6.4%.
Net earnings for the quarter were up 100.8% to $1.2 billion, compared to $618 million in 2022. Publix’s stock price increased from $14.55 per share to $14.97 per share, effective May 1. Publix stock is not publicly traded and is made available for sale only to current associates and members of its board of directors.
Employee-owned and -operated Publix has close to 1,300 supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee, North Carolina and Virginia.
This story first appeared on Store Brands' sister publication Progressive Grocer.