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May 4, 2022
Publix Makes Strides, Splits Stock
Posted In: Retail Articles

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Publix adjusted earnings and comparable store sales advanced in the first quarter, the period that closed shortly before the company announced a stock split.

For the three months ended March 26, Publix posted net earnings of $618 million versus $1.5 billion in 2021, a decrease of 58.7% from the period in 2021. Earnings per share decreased to 90 cents per share from $2.16 per share in the year-prior quarter. But excluding the impact of net unrealized losses on equity securities in 2022 and net unrealized gains on equity securities in 2021, net earnings would have been $1.1 billion, compared to $909.8 million in the year-earlier period, the company reported. Earnings per share would have been $1.54 per share versus $1.32 per share in the 2021 quarter.

Sales were $13.2 billion, a 13.5% increase from the year-previous period as comparable-store sales gained 11.7%.

A Publix 5-for-1 stock split became effective as of the close of business on April 14, the company noted. As a result, Publix adjusted the company’s stock price from $68.80 per share to $13.76 per share. Effective May 1, Publix’s stock price advanced from $13.76 per share to $14.91 per share. Publix stock is available for sale only to current Publix associates and members of its board of directors and is not publicly traded.

“After two years of the difficult pandemic, we are delighted to share the news of a stock split and now a stock price increase,” said Publix CEO Todd Jones, in announcing the financial results. “This good news is the result of the efforts of our associate owners and their dedication to serving our customers, communities and each other.”

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