A strong fourth quarter helped Publix post solid financial gains in 2022.
With the effect of net unrealized losses on equity securities in 2022 and net unrealized gains on equity securities in 2021 excluded, net earnings for the quarter would have been $1.3 billion, compared to $960 million in 2021, an increase of 34.7%, Publix noted. Earnings per share would have been 39 cents per share versus 28 cents per share in 2021, adjusted for the effect of the stock split. Net earnings and earnings per share benefited from an additional week in the most recent fourth quarter.
Publix’s sales for the quarter were $15.3 billion, up 22% from $12.6 billion in the 13‑week 2021 quarter. The additional week in the fourth quarter of 2022 increased sales by 8.1%, according to Publix. Comparable sales increased by 12.4%.
Net earnings for the full fiscal year were $2.9 billion, or 86 cents per share, versus $4.4 billion, or $1.28 per share, adjusted for the effect of the stock split, the company stated.
With the impact of net unrealized losses on equity securities in 2022 and net unrealized gains on equity securities in 2021 excluded, net earnings for the last fiscal year would have been $4 billion, or $1.20 per share, versus $3.6 billion, or $1.04 per share in 2021, adjusted for the effect of the stock split.
Publix’s sales for the 53-week fiscal year were $54.5 billion, a 13.6% increase from $48 billion in 2021. The additional week in 2022 boosted sales by 2.1%. Comps increased 9.9% year over year.
Effective March 1, Publix’s stock price increased from $13.19 per share to $14.55 per share. Publix stock is not publicly traded and is only sold to current company associates and members of its board of directors.
“I’m proud of our operating results and pleased with our stock price increase,” said Publix CEO Todd Jones in announcing the financial results. “I want to thank our associates for continuing to deliver premier customer service.”
