Publix comparable stores gained in the fourth quarter even as earnings slipped.
With the impact of net unrealized gains on equity securities in fiscal 2023 and net unrealized losses on equity securities in fiscal 2022 excluded, net earnings would have been $1.1 billion, or 32 cents per share, versus $1.3 billion, or 39 cents per share, in the year-prior quarter. An additional week in the 2022 fourth quarter affected net earnings and earnings per share, Publix noted without providing details.
Fourth quarter comparable sales increased 0.4% year over year, the company reported. Sales for the 13-week quarter were $14.7 billion versus $15.3 billion in the 14‑week year-previous period, a 4% decrease. With the additional week in fiscal 2022 excluded, sales for the 2023 fourth quarter would have increased 2.8% year over year.
For the full year, net earnings were $4.3 billion, or $1.31 per share, versus $2.9 billion, or 86 cents per share, in the annum earlier. With the impact of net unrealized gains on equity securities in fiscal 2023 and net unrealized losses on equity securities in 2022 excluded, net earnings for the fiscal year would have been $4.1 billion, or $1.23 per share, versus $4 billion, or $1.20 per share, in the year prior.
Sales were $57.1 billion versus $54.5 billion in the year previous, a gain of 4.7%. With the additional week in fiscal 2022 excluded, sales would have increased 6.7% year over year.
Effective March 1, Publix’s stock price increased from $15.10 per share to $15.20 per share. Publix stock is not publicly traded and is available only to current Publix associates and its board of directors members.
