LAKELAND, FL - Todd Jones has begun his official month as CEO of Publix, and with it, has announced the company’s Q1 2016 financial report. In the report, Publix revealed that overall sales were up 4.5 percent over the same quarter last year, but the company’s stock price fell from $45.20 to $43.95 a share.
“I’m pleased that our Publix associates delivered strong results,” said Jones in a statement. “Unfortunately, these results were not enough to offset the challenges in the stock market.” Only Publix's Board of Directors and 179,500 employees are allowed to buy and sell the stock, which until Monday was trading at a record high, according to the Orlando Sentinel.
Publix’s sales for the first quarter of 2016 reached $8.7 billion, up 4.5 percent from last year’s $8.3 billion. The company estimates sales increased 1.2 percent due to the effect of the Easter holiday being in the first quarter of 2016.
Wegman’s recently beat out the retailer in a Market Force Information survey that polled more than 10,000 people, on which company earned the title of America’s favorite grocery store. The top spot went to Wegmans with Publix as a close second, scoring a 75 percent consumer loyalty rating.
Other highlights from Publix and Jones’ report:
- Comparable-store sales for the first quarter of 2016 increased 3.3 percent
- Net earnings increased 6 percent to $581.9 million
- Earnings per share increased to $0.75 for 2016, up from $0.71 per share in 2015
This is the first quarterly report issued under new CEO Todd Jones. Former leader Ed Crenshaw retired last Friday after 42 years with the company and eight as CEO.
