Dive Brief:
- Publix recently announced a significant rise in sales, reporting a 5.5% increase to $15.5 billion for its fourth quarter. Additionally, comparable-store sales rose by 4.1%, marking the highest growth in these metrics since the third quarter of 2023. The company attributed a portion of this growth to Hurricane Milton, which impacted Florida in early October and contributed an estimated 1.4% to its Q4 sales.
- For the quarter ending December 28, 2024, Publix reported net earnings of $1.2 billion, which remained unchanged compared to the same period in the previous year.
- Capital expenditures for Publix in 2024 reached $2.6 billion, reflecting a 30% increase from the $2 billion spent in 2023. This figure also surpassed the company’s previous forecasts by 4%, according to the latest 10-K filing.
Dive Insight:
Despite the notable increase in capital spending in recent years, Publix is preparing to scale back its capital budget for 2025, projecting a reduction of approximately 4% compared to the previous year, bringing the total to $2.5 billion.
In 2024, Publix expanded its footprint by opening 43 new supermarkets while closing 13 and remodeling 117 existing locations. By the end of the year, the grocery chain had a total of 1,390 stores, which is an increase of 30 locations from the start of the year, as documented in the regulatory filing.
As of the conclusion of 2024, Publix had 48 supermarkets under construction. The majority of these projects are concentrated in Florida (21 stores), followed by Georgia (7), North Carolina (6), Kentucky (5), South Carolina (4), Alabama (2), Tennessee (2), and Virginia (1).
Publix plans to increase its store count across existing markets
Total stores and number under construction at the end of 2024, by state
In an effort to enhance the shopping experience, Publix has been refreshing its stores. Last year, the company introduced a new store prototype that features a larger, more modern design. This new format includes expanded offerings such as additional pharmacies and liquor outlets, as well as innovative additions like in-store burrito bowl bars.
For the fiscal year 2024, Publix reported a 6.6% increase in net earnings, totaling $4.6 billion. The company achieved sales of $59.7 billion, reflecting a 4.6% increase from the previous year, with comparable sales growth nearing 3%. The increase in sales was primarily driven by new supermarket openings and improved comparable store sales.
On March 1, the stock price for Publix, which is exclusively available to employees and board members, saw a notable increase from $18.05 to $19.20 per share.
