Publix Reports First Quarter 2024 Results and Stock Price
May 01 2024 - 10:30AM
Business Wire
Publix’s sales for the three months ended March 30, 2024 were
$15.1 billion, a 5% increase from $14.3 billion in 2023. Comparable
store sales for the three months ended March 30, 2024 increased
2.8%. The company estimates 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, 2024 were $1.4
billion, compared to $1.2 billion in 2023, an increase of 10.1%.
Earnings per share for the three months ended March 30, 2024
increased to $0.41 per share, up from $0.37 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, 2024 would have been
$0.33 per share, compared to $0.32 per share in 2023.
These amounts are based on unaudited financial statements that
will be filed today with the U.S. Securities and Exchange
Commission and made available on the company’s website at
corporate.publix.com/stock.
Effective May 1, 2024, 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.
Non-GAAP Financial
Measures
In addition to reporting financial results for the three months
ended March 30, 2024 and April 1, 2023 in accordance with U.S.
generally accepted accounting principles (GAAP), the company
presents net earnings and earnings per share excluding the impact
of equity securities being measured at fair value with net
unrealized gains and losses from changes in the fair value
recognized in earnings (fair value adjustment). These measures are
not in accordance with, or an alternative to, GAAP. The company
excludes the impact of the fair value adjustment since it is
primarily due to temporary equity market fluctuations that do not
reflect the company’s operations. The company believes this
information is useful in providing period-to-period comparisons of
the results of operations.
Following is a reconciliation of net earnings to net earnings
excluding the impact of the fair value adjustment for the three
months ended March 30, 2024 and April 1, 2023:
Three Months Ended
March 30, 2024
April 1, 2023
(Amounts are in millions, except
per share amounts)
Net earnings
$
1,366
1,241
Fair value adjustment, due to net
unrealized gain, on equity securities held at end of period
(387
)
(246
)
Income tax expense (1)
98
62
Net earnings excluding impact of fair
value adjustment
$
1,077
1,057
Weighted average shares outstanding
3,297
3,328
Earnings per share excluding impact of
fair value adjustment
$
0.33
0.32
(1) Income tax expense is based on the
company’s combined federal and state statutory income tax
rates.
Publix, the largest employee-owned company in the U.S. with more
than 255,000 associates, currently operates 1,376 stores in
Florida, Georgia, Alabama, Tennessee, South Carolina, North
Carolina, Virginia and Kentucky. For 27 consecutive years, the
company has been recognized by Fortune as a great place to work. In
addition, Publix’s dedication to superior quality and customer
service is recognized among the top in the grocery business. For
more information, visit the company’s newsroom at
corporate.publix.com/newsroom.
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Maria Brous (863) 680-5339