Publix Q1 Sales Up, Associate Stock Price Dips

Results 'not enough to offset stock market challenges'

May 2, 2016, 05:41 pm

Publix Super Markets posted a 4.5 percent sales increase of $8.7 billion in the first quarter of 2016 from $8.3 billion generated last year, while Q1 comparable-store sales grew 3.3 percent.

Lakeland, Fla.-based Publix estimates that sales rose 1.2 percent because of the effect of the Easter holiday being in the first quarter of 2016. In 2015, the Easter holiday occurred during the second quarter.

The grocer’s net earnings for the first quarter of 2016 were $581.9 million, versus $548.9 million in the year-ago period, a 6 percent increase. Earnings per share for the first quarter grew to 75 cents for 2016, up from 71 cents per share last year.

Effective May 1, Publix’s stock price fell from $45.20 per share to $43.95 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 pleased that our Publix associates delivered strong results,” noted Publix CEO and President Todd Jones. “Unfortunately, these results were not enough to offset the challenges in the stock market.”