Publix sales and stock price increases

Publix’s sales last year rose to $54.5 billion compared to $48 billion in 2021, and its stock price nudged upward to $14.55 per share, a company press release said on Wednesday.

The latest figures represent a 13.6% increase in sales compared to 2021.

Comparable store sales also increased by 9.9%. for the fiscal year, which ended Dec. 31, “due to the impact of inflation on product costs,” the company reported to its annual 10-K Securities and Exchange Commission filing.

Related: Publix saw fewer shoppers in its stores last year. And it's hardly alone

Also: As new Publix is set to open in Auburndale, it hasn't been smooth sailing for residents

Food purchased at supermarkets increased 0.8% from December 2022 to January 2023 and was 11.3% higher than January 2022, according to the U.S. Consumer Price Index.

While inflation at higher end grocery stores such as Publix has resulted in less foot traffic in stores, consumer "shopping patterns as opposed to an overall decline in demand" has kept sales higher in this retail category, according to an update from Placer.ai, which tracks consumer data.

Lakeland-based Publix Super Markets Inc. also reported that fourth quarter sales rose significantly by 22% compared to the same period in 2021. For the 14-week quarter that ended Dec. 31, the grocer racked up $15.3 billion in sales, which was an increase from $12.6 billion in 2021, a 13-week quarter, Publix said. The additional week in the fourth quarter increased sales by 8.1%.

Comparable store sales for the last quarter of the year increased 12.4%, the release said. Net earnings for the fourth quarter were $1.3 billion, compared to the same quarter in 2021 at $1.1 billion, representing an increase of 21.6%.

“I'm proud of our operating results and pleased with our stock price increase,” said Publix CEO Todd Jones in the release. “I want to thank our associates for continuing to deliver premier customer service.”

On Wednesday, Publix’s stock price increased from $13.19 per share to $14.55 per share, which is still short of the stock’s all-time high of $14.91 in May.

Eatery coming: Fresh Kitchen restaurant opening soon in South Lakeland

Publix stock is not publicly traded and is only available for purchase by current Publix employees and its board members.

Earnings per share for the three months ending Dec. 31, increased to 38 cents per share, up from 31 cents per share in 2021, adjusted for the effect of the 5-for-1 stock split that occurred on April 14.

Excluding the impact of net unrealized losses on equity securities in 2022 and net unrealized gains on equity securities in 2021, net earnings for the three months ending Dec. 31 would have been $1.3 billion compared to $960 million in 2021, an increase of 34.7%, Publix said.

Earnings per share would have been 39 cents per share, compared to 28 cents per share in 2021, adjusted for the effect of the stock split. Net earnings and earnings per share benefited from the additional week in the fourth quarter of 2022.

The company's annual shareholder meeting will be held April 18 in Lakeland.

More supermarket news: South Lakeland Aldi set to open this month

In a year-over-year comparison produced by Last10K.com the following additional SEC disclosures were reported by Publix:

• At year end, it operated 62.3 million square feet of supermarket space, up from 60.9 million in 2021.

• By Dec. 31, the company operated 1,322 supermarkets compared to 1,293 supermarkets.

• In 2022, 40 supermarkets were opened verses 45 that were opened in 2021, including eight replacement supermarkets last year and eight the year before. Also, 117 supermarkets were remodeled compared to 134 in 2021.

• Within its seven-state operating area, Publix opened the most stores in Florida during 2022 at 22 new supermarkets, which was less than during 2021 when 29 stores opened.

The company also disclosed new issues that could impact economic conditions which were not present in its 2021 filing, including supply chain issues, distribution costs and international conflicts as having potential adverse impacts on the company's bottom line. The Coronavirus and home foreclosures were among conditions mentioned in past years as creating an economic environment that could reduce consumer spending or increase operating costs.

Publix is the largest employee-owned company in the U.S. and has 242,000 employees, up from with 232,000 in 2021.

Paul Nutcher can be reached at pnutcher@gannett.com.

This article originally appeared on The Ledger: Publix sales and stock climbs