Lakeland, Florida, U.S.A.-based Publix Super Markets has achieved another quarter of higher sales and earnings.
The operator of nearly 1,300 food stores reported a 13.5 percent increase in its quarterly sales to USD 13.2 billion (EUR 12.55 billion). Comparable store sales for the three months ending 26 March also hiked up 11.7 percent.
In addition, Publix conducted a 5-for-1 stock split in mid-April. Publix stock is not publicly traded and is made available for sale only to current Publix associates and members of its board of directors.
“After two years of the difficult pandemic, we are delighted to share the news of a stock split and now a stock price increase. This good news is the result of the efforts of our associate owners and their dedication to serving our customers, communities and each other,” Publix CEO Todd Jones said.
However, Publix’s net earnings for the quarter plummeted 58.7 percent to USD 618 million (EUR 586 million).
“Excluding the impact of net unrealized losses on equity securities in 2022 and net unrealized gains on equity securities in 2021, net earnings for the three months ended [26 March] would have been USD 1.1 billion (EUR 1 billion) … an increase of 15.5 percent,” the company said.
Publix also announced the retirement of a key executive from its seafood team. After 35 years with the grocery chain, Chris Litz, vice president of product business development for meat, seafood, bakery, and refrigerated and frozen grocery, will retire on 31 May.
“Over the years, Chris has led and supported strategic efforts to improve our operations and service to our customers,” Publix President Kevin Murphy said in a press release. “We appreciate his efforts and dedicated service to our company.”
Instead of hiring a new executive to handle product development for meat, seafood, bakery and grocery refrigerated and frozen, Litz’s responsibilities will be divided among the other vice presidents within the retail business unit, Publix Director of Communications Maria Brous told SeafoodSource.
Guy Pizzuti, business development director of seafood at Publix, who currently reports to Litz, will now report to Brad Oliver, vice president of product business development for fresh products.
Photo courtesy of Publix
