Publix posts significant increases in Q1 results
Publix announced that for the first quarter of 2018, it’s sales were at $9.3 billion.
The Lakeland, Fla.-based company posted a 6.8% increase from the previous year’s $8.7 billion. Though the retailer estimates that sales increased by 1.2% due to the effect of the Easter holiday, which fell under this year’s Q1.
Net earnings for Publix were at $680.3 million, increasing 22.5% from 2017’s first quarter, which fell to $555.3 million. Earnings per share also increased to $0.93, up from the previous year’s $0.73 per share.
Both net earnings and earnings per share were impacted by the Tax Cuts and Jobs Act of 2017 and a new accounting standard, which requires equity securities to be measured at fair value with net unrealized gains and losses from changes in the fair value recognized earnings.
Publix’s stock price also increased from $41.40 per share to $41.75 per share. The retailer’s stock is not publicly traded and is available for sale only to its current associates and board of directors members.
“I’m proud of our team’s results and pleased with our stock price increase considering the volatility in the stock market,” Todd Jones, CEO and president of Publix, said.
The Lakeland, Fla.-based company posted a 6.8% increase from the previous year’s $8.7 billion. Though the retailer estimates that sales increased by 1.2% due to the effect of the Easter holiday, which fell under this year’s Q1.
Net earnings for Publix were at $680.3 million, increasing 22.5% from 2017’s first quarter, which fell to $555.3 million. Earnings per share also increased to $0.93, up from the previous year’s $0.73 per share.
Both net earnings and earnings per share were impacted by the Tax Cuts and Jobs Act of 2017 and a new accounting standard, which requires equity securities to be measured at fair value with net unrealized gains and losses from changes in the fair value recognized earnings.
Publix’s stock price also increased from $41.40 per share to $41.75 per share. The retailer’s stock is not publicly traded and is available for sale only to its current associates and board of directors members.
“I’m proud of our team’s results and pleased with our stock price increase considering the volatility in the stock market,” Todd Jones, CEO and president of Publix, said.