Employee-owned US grocer Publix closed 2011 with a “strong” set of results, reporting an increase in full-year profits.
Net earnings for the 12 months to the end of December amounted to US$1.5bn, an increase of 11.5% on the prior-year. EPS grew to $1.90, up from $1.70 per share in 2010. The results benefited from an extra week in 2011, according to the grocer.
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Publix’s sales for the year climbed 7.3% to reach $27bn. The additional week increased sales by 1.9%, while comparable-store sales for the year grew 4.1%.
In the fourth quarter, a 14-week period, net earnings increased 16.8% to reach $399.5m. Sales amounted to $7.2bn, a 13.4% increase on the same period last year. Comparable-store sales in the quarter rose 5.3%.
“I’m pleased that our strong operating performance and improvements in the stock market resulted in an increase in our stock price,” said Publix CEO Ed Crenshaw. “Our associate owners deserve the credit for these results as they continue to make us a leader in customer service.”
Effective 1 March, the company’s stock price increased $2.20 to $22.40 per share.
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