LAKELAND, Fla. — Publix Super Markets Inc. saw an uptick in revenue and same-store sales in the 2011 first quarter.
Publix Super Markets Inc. saw an uptick in revenue and same-store sales in the 2011 first quarter.
The Southeastern supermarket chain said Monday that first-quarter sales rose 4.4% to $6.8 billion from $6.5 billion a year earlier. Comparable-store sales in the quarter were up 2.8%.
Meanwhile, net earnings in the first quarter increased 9.3% to $398.2 million from $364.4 million in the prior-year period, the employee-owned retailer stated. Earnings per share for the quarter climbed to 51 cents from 47 cents a year ago.
In addition, effective May 1, Publix’s stock price edged up from $20.90 per share to $21.65 per share. The company’s stock isn’t publicly traded and is sold only to current Publix employees and board members.
"Although the economy continues to be weak, I’m pleased our strong operating performance resulted in another increase in our stock price," Publix chief executive officer Ed Crenshaw said in a statement. "Our Publix associates continue to make us a leader in our industry."
Publix operates 1,034 supermarkets in Florida, Georgia, South Carolina, Alabama and Tennessee. More than 700 of its stores are located in Florida.