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May 3, 2024

Comp Gains Boost Publix Q1 Results

Posted In: Retail Articles

Publix sales gained in the first quarter and earnings per share advanced slightly.

For the first quarter ended March 30, net earnings were $1.4 billion, or 41 cents per share, versus $1.2 billion, or 37 cents per share, in the year-prior period.

With the impact of net unrealized gains on equity securities in 2024 and 2023 excluded, first-quarter net earnings in both years would have been $1.1 billion. As such, the company reported, earnings per share would have been 33 cents versus 32 cents in the 2023 period.

Comparable store sales increased 2.8% in the quarter while sales came in at $15.1 billion, up 5% from the 2023 period. Publix stated that sales increased about 1% due to the effect of the Easter holiday being in the 2024 first quarter when, in 2023, it fell in the second quarter.

Effective May 1, Publix’s stock price advanced from $15.20 per share to $16.25 per share. Publix stock is not publicly traded and is available for sale only to current Publix associates and members of the company’s board of directors.

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