Publix increases stock price in fourth quarter results
Publix's saw some major changes in its newly released financial standing. It was reported that sales for 2017's fourth quarter, were $8.9 billion — a 2.1% decrease from the previous year's $9.1 billion. On the other hand, the brand's comparable-store sales for the same quarter increased 3.2%, and its net earnings also increased by 40.8% to $766.6 million, when compared to the previous year. The Lakeland, Fla.-based company saw an uptick in its earnings per share, which went up to $1.04, up $0.71 per share from the prior year.
The company's net earnings and earnings per share were impacted by the Tax Cuts and Jobs Act of 2017, and excluding the impact of the Tax Act, earnings would have been $524.4 million — decreasing by 0.4% — and earnings per share would have been $0.74, the company said. Publix's sales for the fiscal year ended Dec. 30, 2017, were $34.6 billion — a 1.6% increase from the previous year and net earnings increased 13.1% to $2.3 billion.
Earnings weren't the only thing to change for Publix. It's stock price also saw a positive change, increasing from $36.85 per share to $41.40 per share.
"I'm delighted we had a significant increase in our stock price," Publix CEO & President Todd Jones said. "I'm proud of our associate-owners for their dedicated service to our customers and communities."
Currently, Publix's stock is not publicly traded and is instead made available for sale only to its current associates and members of the board of directors.
The company's net earnings and earnings per share were impacted by the Tax Cuts and Jobs Act of 2017, and excluding the impact of the Tax Act, earnings would have been $524.4 million — decreasing by 0.4% — and earnings per share would have been $0.74, the company said. Publix's sales for the fiscal year ended Dec. 30, 2017, were $34.6 billion — a 1.6% increase from the previous year and net earnings increased 13.1% to $2.3 billion.
Earnings weren't the only thing to change for Publix. It's stock price also saw a positive change, increasing from $36.85 per share to $41.40 per share.
"I'm delighted we had a significant increase in our stock price," Publix CEO & President Todd Jones said. "I'm proud of our associate-owners for their dedicated service to our customers and communities."
Currently, Publix's stock is not publicly traded and is instead made available for sale only to its current associates and members of the board of directors.