Publix generated $54.5 billion in sales last year, up 13.6% from $48 billion the year before, the Lakeland, Florida-based company reported Wednesday.
Part of that surge came because the grocery store’s fiscal year in 2022 was 53 weeks compared with 52 weeks in 2021. That extra week increased sales by 2.1%, the company said.
The soaring cost of food also likely played a role in the company’s revenue jump as grocery aisles across the country saw higher price tags.
Food at home shot up by 11.3% over the year ending in January, according to the federal Consumer Price Index. Eggs went up a headline-making 70.1%, cereal and bakery goods increased 15.6%, dairy and related products 14%, and fruit and vegetables 7.2%.
Comparable store sales were strong, up 9.9% in 2022.
Publix, an employee-owned business, raised its stock price from $13.19 per share to $14.55. The stock is only available to staff and the company’s board.
“I’m proud of our operating results and pleased with our stock price increase,” Publix CEO Todd Jones said in a news release. “I want to thank our associates for continuing to deliver premier customer service.”
Net earnings for the fiscal year were $2.9 billion, down from $4.4 billion in 2021.
However, excluding unrealized losses and gains on equity securities in those years, 2022 net earnings would have been $4 billion compared with $3.6 billion in 2021, according to the release.
Publix has 1,328 stores in seven states, including 845 in Florida, and more than 240,000 employees. It is aiming to open its first store in Kentucky this year.
