Publix Sales, Earnings Up in Q1

LAKELAND, Fla. — Publix Super Markets [1] said Tuesday that net income increased 2.8% during the first quarter behind a 4.2% gain in sales.

Publix stock was subsequently valued at $22.70 a share, up from $22.40, officials said. Publix stock is held by directors and employees only and is not publicly traded.

Related story: Publix Posts Sales, Earnings Gains in Q4 [2]

"I'm pleased we had another increase in our stock price during a time of economic challenges," Ed Crenshaw [3], chief executive officer, said in a statement. "Our associates deserve the credit for continuing to make us a leader in our industry."

The company said comparable-store sales improved by 3.3% during the quarter. Net sales totaled $7.1 billion and earnings totaled $409.4 million. The company said it would file a quarterly report with additional detail with the Securities and Exchange Commission May 10.