LAKELAND, Fla., May 2, 2022 — Publix’s sales for the three months ended March 26, 2022 were $13.2 billion, a 13.5% increase from $11.7 billion in 2021. Comparable store sales for the three months ended March 26, 2022 increased 11.7%.
Net earnings for the three months ended March 26, 2022 were $618 million, compared to $1.5 billion in 2021, a decrease of 58.7%. Earnings per share for the three months ended March 26, 2022 decreased to $0.90 per share, down from $2.16 per share in 2021. Excluding the impact of net unrealized losses on equity securities in 2022 and net unrealized gains on equity securities in 2021, net earnings for the three months ended March 26, 2022 would have been $1.1 billion, compared to $909.8 million in 2021, an increase of 15.5%. Earnings per share would have been $1.54 per share, compared to $1.32 per share in 2021.
These amounts are based on unaudited financial statements that will be filed today with the U.S. Securities and Exchange Commission and made available on the company’s website at corporate.publix.com/stock.
Publix’s 5-for-1 stock split was effective as of the close of business April 14, 2022. As a result of the stock split, the company’s stock price was adjusted from $68.80 per share to $13.76 per share. Effective May 1, 2022, Publix’s stock price increased from $13.76 per share to $14.91 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.
“After two years of the difficult pandemic, we are delighted to share the news of a stock split and now a stock price increase,” said Publix CEO Todd Jones. “This good news is the result of the efforts of our associate owners and their dedication to serving our customers, communities and each other.”
Non-GAAP Financial Measures
In addition to reporting financial results for the three months ended March 26, 2022 and March 27, 2021 in accordance with U.S. generally accepted accounting principles (GAAP), the company presents net earnings and earnings per share excluding the impact of equity securities being measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). These measures are not in accordance with, or an alternative to, GAAP. The company excludes the impact of the fair value adjustment since it is primarily due to temporary equity market fluctuations that do not reflect the company’s operations. The company believes this information is useful in providing period-to-period comparisons of the results of operations. Following is a reconciliation of net earnings to net earnings excluding the impact of the fair value adjustment for the three months ended March 26, 2022 and March 27, 2021:
| Three Months Ended March 26, 2022 |
Three Months Ended March 27, 2021 |
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| (Amounts are in millions, except per share amounts) | (Amounts are in millions, except per share amounts) | |||||
| Net earnings | $ 618.0 | 1,495.1 | ||||
| Fair value adjustment, due to net unrealized loss (gain), on equity securities held at end of period | 580.8 | (784.9) | ||||
| Income tax (benefit) expense (1) | (147.6) | 199.6 | ||||
| Net earnings excluding impact of fair value adjustment | $ 1,051.2 | 909.8 | ||||
| Weighted average shares outstanding | 683.2 | 691.2 | ||||
| Earnings per share excluding impact of fair value adjustment | $ 1.54 | 1.32 | ||||
(1) Income tax (benefit) expense is based on the company’s combined federal and state statutory income tax rates.