This year's earlier Easter and better underlying sales have helped first-quarter profits at US retailer Publix.

The company, which has over 1,060 stores in five south-eastern US states, booked a 15.1% increase in net earnings to US$471.3m.

Sales were up 6.1% at $7.5bn. Comparable-store sales increased 3.9%. Publix said having Easter in the first three months of 2013 - as opposed to last year's second quarter - boosted sales by 1.3%, Publix said.

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Publix Reports First Quarter 2013 Results and Stock Price

LAKELAND, Fla.--(BUSINESS WIRE)--Publix’s sales for the first quarter of 2013 were $7.5 billion, a 6.1 percent increase from last year’s $7.1 billion. The Easter holiday in the first quarter of 2013, which was in the second quarter of 2012, increased sales by approximately 1.3 percent. Comparable-store sales for the first quarter of 2013 increased 3.9 percent.

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Net earnings for the first quarter of 2013 were $471.3 million, compared to $409.4 million in 2012, an increase of 15.1 percent. Earnings per share for the first quarter increased to $0.61 for 2013, up from $0.52 per share in 2012. Net earnings and earnings per share benefited from the early Easter holiday in the first quarter of 2013.

These amounts are based on unaudited reports that will be filed next week with the U.S. Securities and Exchange Commission (SEC). The company’s quarterly report to the SEC, Form 10-Q, will be available May 9 on its website at www.publix.com/stock.

Effective May 1, 2013, Publix’s stock price increased from $23.20 per share to $26.90 per share. Publix stock is not publicly traded and is made available for sale only to current Publix associates and members of its board of directors.

“I’m very pleased that our strong operating performance and improvements in the stock market resulted in a significant increase in our stock price,” said Publix CEO Ed Crenshaw. “I want to thank our associates — the owners of Publix — for continuing to make us a leader in our industry.”

 

Original source: Publix