Closing out fiscal 2022, Publix Super Markets experienced steady sales growth as the employee-owned grocer continues to increase its footprint with new store openings.
For the quarter, which ended Dec. 31, sales rose 22% to $15.3 billion from $12.6 billion a year earlier. Same-store sales at the Lakeland, Florida-based chain increased 12.4% for the quarter and net earnings jumped 21.6% to $1.3 billion from year-over-year earnings of $1.1 billion. The additional week in the fourth quarter increased sales by 8.1%.
Effective Wednesday, Publix’s stock price increased from $13.19 per share to $14.55 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.
“I'm proud of our operating results and pleased with our stock price increase,” said Publix CEO Todd Jones in a statement. “I want to thank our associates for continuing to deliver premier customer service.”
Last year, the employee-owned grocery chain saw earnings take a hit due to instability in the markets.
Full-year 2022 sales totaled $54.5 billion, a 13.6% increase from $48 billion in 2021. The additional week in 2022 rose sales by 2.1%. Same-store sales climbed 9.9% while net earnings dipped 33.9% from $4.4 billion in 2021 to $2.9 billion.
Last month, Publix held its first hunger summit, which brought together executives from 35 Feeding America member food banks in the company’s operating area as well as state and federal officials to tackle issues related to food insecurity.
“Our summit provided an opportunity to build stronger connections and, together, find better ways to accomplish a united purpose—feeding even more people in need in the communities we serve,” said Jones.
During the summit, representatives from Publix Super Markets Charities (PSMC) announced a special $4 million grant opportunity available to select food banks in Publix’s operating area to fund non-recurring, capacity-building projects.
As one of the largest employee-owned grocers in the U.S., Publix employs more than 225,000 associates at its nearly 1,300 locations and is continuing its expansion in the Carolinas and Kentucky.