Publix saw an increase in first quarter year-over-year sales as inflation helped push food prices higher.
In a press release issued earlier this week, the Lakeland-based grocery chain said sales for the first quarter were $13.2 billion, up from $11.7 billion a year earlier, an increase of 13.5%.
The increase came as the Consumer Price Index jumped 8.5% during that same period, with gas, food, and shelter as the largest contributors.
However, Publix earnings for the quarter were $618 million, down $1.5 billion a year ago, a decrease of almost 59%. Company officials say the drop was because of unrealized losses through the company's equity securities.
Earnings per share came in at $0.90 per share, down from $2.16 per share in 2021. Excluding those unrealized losses and net unrealized gains on equity securities in 2021, net earnings would have been $1.1 billion, compared to $909.8 million in 2021, an increase of 15.5%. Earnings per share would have been $1.54 per share, compared to $1.32 per share in 2021.
The company — which only offers stock to associates and board members — completed a five-for-one stock split in mid-April. The price was adjusted from $68.80 a share to $13.76.
As of the start of May, the stock has climbed to $14.91.
