Publix profits surged 50% in 2023, reaching $4.3 billion, up from $2.9 billion in the previous year. Publix profits continued to rise, reflecting the company’s strong business model and ability to execute effectively. In the final quarter, Publix profits dipped by 7.8%, totaling $1.2 billion, showing a different financial trend.
Sales at Publix dropped 4% to $14.7 billion for the 13 weeks ending Dec. 30, 2023. However, Publix profits would have shown a 2.8% increase if adjusted for the extra week in the previous year’s quarter. Comparable store sales for Publix rose by 0.4% during this three-month period.
Over the entire year, Publix’s sales reached $57.1 billion, marking a 4.7% year-over-year increase. Adjusting for the extra week, Publix profits showed an annual growth of 6.7%, with comparable store sales rising by 4.2%. Publix earnings per share slightly decreased from $0.38 to $0.36.
Publix adjusted its net earnings to exclude unrealized gains and losses on equity securities, showing a net earnings dip. On an adjusted basis, Publix profits for the quarter amounted to $1.1 billion, down from $1.3 billion in 2022.
Publix rewarded associates with a 10-cent stock increase, raising the value to $15.20 per share, reflecting financial strength. Kevin Murphy, Publix CEO, credited associates for the company’s success and praised their dedication to providing excellent service.
Publix operates 1,366 stores across Alabama, Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee, and Virginia. They employ over 250,000 people, making it one of the largest employers in Lakeland, Florida, where it is headquartered.
Publix continues to exert significant influence on the southern U.S. economy through its expansive retail operations and job creation.