US supermarket chain Publix has reported strong earnings in Q4 2024, with sales rising by 5% to $15.5 billion.
Additionally, comparable sales inched up by 4.1% and net earnings totaled $1.2 billion.
The strong results and increase in sales were due to increased demand for goods created by Hurricane Milton, which affected Florida in October, according to the company.
In fiscal 2024, Publix saw its net earnings rise by 6.6% to $4.6 billion, while its sales grew by 4.6% to $59.7 billion, and comparable sales increased by 3%.
Additionally, the company’s earnings per share rose to $1.41 per share from $1.31 per share in the year prior.
The successful earnings were driven by new supermarket sales and increased same-store sales, according to the company.
Publix’s CEO Kevin Murphy said: “Publix’s success is due to our associates. I’m so thankful to serve with them in making shopping at Publix a pleasure.”
Publix also reported capital expenditure of $2.6 billion, 4% ahead of its anticipated budget of $2.5 billion for 2024 to invest in expansion plans.
The company’s stock, which is only available to staff and members of the board of directors, rose from $18.05 per share to $19.20 per share on 1 March.
As part of its expansion plans in 2024, the retailer opened 43 new supermarket stores, closed 13 stores and renovated 117 stores.
Additionally, the grocer introduced new, larger-format stores in 2024 and increased the pharmacy and liquor outlets.
Publix currently operates 1390 stores across the US with over 255,000 employees.
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