US grocer Publix has recorded an increase in first-quarter net earnings on the back of growing sales.
The retailer said yesterday (2 May) that net earnings were up 9.3% during the first quarter to reach US$398.2m, while sales rose 4.4% to reach $6.8bn.
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For the quarter, comparable-store sales were up 2.8%.
Effective 1 May, the retailer’s stock price increased from $20.90 a share to $21.65 a share. Publix stock is not publicly traded and is sold to Publix associates and its board of directors.
“Although the economy continues to be weak, I’m pleased our strong operating performance resulted in another increase in our stock price,” said Publix CEO Ed Crenshaw.
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