Publix Reports Sales Boost for Q1 2018
LAKELAND, FL - The first quarter of 2018 is over and done with, and Publix is proving it was able to weather the current grocery market with this quarter’s results. This quarter, Publix’s sales were $9.3 billion, a 6.8 percent increase from last year’s $8.7 billion, with comparable stores sales increasing 5.1 percent as well. Due to the effect of the Easter holidays, Publix also estimated sales increased 1.2 percent, unlike 2017 which celebrated Easter in the second quarter.
“I’m proud of our team’s results and pleased with our stock price increase considering the volatility in the stock market,” said CEO and President Todd Jones.
According to a company press release, Publix's first quarter results also included net earnings of $680.3 million, a 22.5 percent increase from last year’s $555.3 million, and earnings per share increased to $0.93 for 2018, up from $0.73 per share in the first quarter of 2017. Thanks to the decrease in the federal statutory income tax rate from 35 percent to 21 percent, effective in 2018 by the Tax Cuts and Jobs Act of 2017, net earnings and earnings per share for the first quarter of 2018 were positively impacted. In addition, net earnings and earnings per share were impacted by a new accounting standard requiring equity securities be measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings. Excluding the impact of the new accounting standard, net earnings would have been $704.2 million, an increase of 26.8 percent, and earnings per share would have been $0.96 for the first quarter of 2018.
And, as of May 1, 2018, Publix’s stock price increased from $41.40 per share to $41.75 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.
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