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Publix notches another double-digit sales gain in Q4

Fiscal 2021 comparable sales grow over 21% on two-year stack

Russell Redman

March 2, 2022

3 Min Read
Publix_food_pharmacy_storefront_1_2.jpg
Publix's 2021 fourth-quarter net sales climbed sales 12.4% after an increase of 14.8% a year earlier.Publix

Closing out fiscal 2021, Publix Super Markets turned in its second fourth-quarter double-digit sales increase since the pre-pandemic period.

For the quarter ended Dec. 25, sales rose 12.4% to $12.6 billion from $11.2 billion a year earlier, with comparable-store sales climbing 10.5% year over year, Publix reported yesterday. Those increases, which the Lakeland, Fla.-based grocer attributed mainly to higher product costs, came atop net and comparable sales growth of 14.8% and 13.4%, respectively, in the fiscal 2020 quarter.

Full-year 2021 sales totaled $48 billion, up 7% from $44.9 billion in 2020, when the company saw a 17.7% sales jump. Comp-store sales climbed 5.4% in 2021, building on 16% growth in the prior year.

“While our country is taking steps to return to normal, our associates continue to provide the premier service that brings comfort to our customers, communities and each other,” Publix CEO Todd Jones said in a statement. “I want to thank our associates for their extraordinary efforts during the past two years.”

On the earnings side, Publix recorded fourth-quarter net income of $1.05 billion, or  $1.53 per share, compared with $1 billion, or $1.47 per share, in the 2020 quarter. Excluding the impact of net unrealized gains on equity securities, adjusted net earnings were $959.7 million, or $1.40 per share, versus $918.5 million, or $1.32 per share, in the year-ago period. 

Related:Publix names Bridgid O’Connor as real estate strategy VP

Fiscal 2021 net income grew to $4.41 billion, or $6.40 per share, from $3.97 billion, or $5.67 per share, in fiscal 2020. Adjusted net income, backing out the net unrealized gains on equity securities, was $3.59 billion, or $5.21 per share, in 2021 versus $3.6.9 billion, or $5.27 per share, in 2020.

Effective March 1, 2022, Publix’s stock price increased from $66.40 per share to $68.80 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.

Publix said its stock price stood at $68.80 per share as of March 1, up from $66.40 on Nov. 1, when the company reported fiscal 2021 third-quarter results. An employee-owned company, Publix doesn’t publicly trade its shares, which are available for sale only to associates and board members.

In a 10-K filing with the Securities and Exchange Commission, Publix reported that it opened 45 supermarkets (including 10 replacement units), remodeled 134 stores and closed 16 in fiscal 2021, finishing the year with 1,293 locations in seven Southeastern states (830 in Florida). That compared with 1,264 stores at the end of fiscal 2020, when the company opened 39 stores (including nine replacements), remodeled 154 units and closed 14 locations.

Related:Publix debuts Instacart-powered virtual convenience store

For fiscal 2022, Publix forecasts capital expenditures of about $2 billion, earmarked for new stores and remodels, warehouse construction and expansion, new technology and upgrades, and shopping center acquisition and/or development in its market area, according to the 10-K filing. That total would be over 55% higher than the nearly $1.29 billion and $1.23 billion spent in 2021 and 2020, respectively.

Currently, Publix operates 1,297 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia.

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Publix Super Markets

About the Author

Russell Redman

Senior Editor
Supermarket News

Russell Redman has served as senior editor at Supermarket News since April 2018, his second tour with the publication. In his current role, he handles daily news coverage for the SN website and contributes news and features for the print magazine, as well as participates in special projects, podcasts and webinars and attends industry events. Russ joined SN from Racher Press Inc.’s Chain Drug Review and Mass Market Retailers magazines, where he served as desk/online editor for more than nine years, covering the food/drug/mass retail sector. 

Russell Redman’s more than 30 years of experience in journalism span a range of editorial manager, editor, reporter/writer and digital roles at a variety of publications and websites covering a breadth of industries, including retailing, pharmacy/health care, IT, digital home, financial technology, financial services, real estate/commercial property, pro audio/video and film. He started his career in 1989 as a local news reporter and editor, covering community news and politics in Long Island, N.Y. His background also includes an earlier stint at Supermarket News as center store editor and then financial editor in the mid-1990s. Russ holds a B.A. in journalism (minor in political science) from Hofstra University, where he also earned a certificate in digital/social media marketing in November 2016.

Russell Redman’s experience:

Supermarket News - Informa
Senior Editor 
April 2018 - present

Chain Drug Review/Mass Market Retailers - Racher Press
Desk/Online Editor 
Sept. 2008 - March 2018

CRN magazine - CMP Media
Managing Editor
May 2000 - June 2007

Bank Systems & Technology - Miller Freeman
Executive Editor/Managing Editor
Dec. 1996 - May 2000

Supermarket News - Fairchild Publications
Financial Editor/Associate Editor
April 1995 - Dec. 1996 

Shopping Centers Today Magazine - ICSC 
Desk Editor/Assistant Editor
Dec. 1992 - April 1995

Testa Communications
Assistant Editor/Contributing Editor (Music & Sound Retailer, Post, Producer, Sound & Communications and DJ Times magazines)
Jan. 1991 - Dec. 1992 

American Banker/Bond Buyer
Copy Editor
Oct. 1990 - Jan. 1991 

This Week newspaper - Chanry Communications
Reporter/Editor
May 1989 - July 1990

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