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Publix earnings surge in 1Q

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Publix Super Markets Inc. posted a double-digit increase in earnings along with an uptick in revenue for its fiscal 2010 first quarter.

The employee-owned food and drug retailer, which operates more than 1,000 stores in in five Southeastern states, also reported that its stock price was up nearly 7%, or $1.15 per share, as of May 1.

 

 

LAKELAND, Fla. — Publix Super Markets Inc. saw a double-digit earnings gain and a revenue uptick for its fiscal 2010 first quarter.

Publix Super Markets Inc. saw a double-digit earnings gain and a revenue uptick for its fiscal 2010 first quarter.

The Southeastern supermarket chain said Monday that first-quarter net earnings climbed 13.3% to $364.4 million, or 47 cents per share, from $321.5 million, or 41 cents per share, a year earlier.

Total sales for the 2010 first quarter came in at $6.5 billion, up 2.1% from $6.4 billion a year ago. Comparable-store sales for the 2010 quarter edged up 0.9%, according to Publix.

As of May 1, Publix’s stock price rose 6.6% to $18.50 per share from $17.35. The stock of the employee-operated company isn’t publicly traded and is sold only to current employees and board members.

"I’m proud of all the Publix associates who have worked hard to continue delivering premier customer service in these difficult times," Publix chief executive officer Ed Crenshaw said in a statement. "Our improved operating performance is a result of their hard work and dedication."

The food and drug retailer operates 1,016 stores in Florida, Georgia, South Carolina, Alabama and Tennessee. 


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