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Late Easter hurts Q1 sales at Publix

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Late Easter hurts Q1 sales at Publix
LAKELAND, Fla. — This year’s late Easter hurt first quarter volume at Publix Super Markets Inc., by shifting sales into the second quarter.
Publix’s sales for the first quarter of 2017 were $8.69 billion, a 0.4% decrease from last year’s $8.72 billion. Comparable-store sales for the first quarter of 2017 decreased 2.1%. The company estimates the timing of Easter affected sales by approximately 1.2%.
Net earnings for the first quarter of 2017 were $555.3 million, compared to $581.9 million in 2016, a decrease of 4.6%. Earnings per share for the first quarter decreased to $0.73 for 2017, down from $0.75 per share in 2016.
“Our results were impacted by the timing of Easter, which was in the first quarter in 2016,” Publix president and CEO Todd Jones said in a statement.
These amounts are based on unaudited reports filed today with the U.S. Securities and Exchange Commission and made available on the company’s website.
Effective May 1, Publix’s stock price decreased from $40.90 per share to $39.15 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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