Publix Super Markets said its profits were up 4.8% in the first quarter, to $493.7 million, driven by comparable-store sales gains of 4%.
Net income at the Lakeland, Fla.-based retailer totaled $493.7 million on sales of $7.8 billion, a top-line increase of 4.1%. Publix estimated that its sales were negatively impacted by 1.3% due to the later Easter this year. The Easter holiday occured in the first quarter of 2013, but in the second quarter of the current fiscal year.
“I’m proud of our Publix associates who continue to deliver premier customer service,” said Publix CEO Ed Crenshaw, in a statement. “Our good operating performance is a result of their hard work and dedication.”
Effective May 1, Publix’s stock price increased from $30.15 per share to $32.50 per share. Publix stock is not publicly traded and is available only to current Publix employees and members of its board of directors.
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