Publix’s sales for the fourth quarter were $9.3 billion, a 3.8% increase from $8.9 billion in 2017. Comparable store sales increased 1.1%.
Net earnings for the fourth quarter were $407 million, compared to $766.6 million in 2017. Earnings per share decreased to $0.57 per share, down from $1.04 per share in 2017. Net earnings and earnings per share were negatively impacted by the new accounting standard requiring equity securities be measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings.
For the full fiscal year, net sales were $36.1 billion, a 4.4% increase from $34.6 billion in 2017. Comparable store sales for the fiscal year increased 2.1%.
Net earnings for the fiscal year were $2.4 billion, compared to $2.3 billion in 2017, an increase of 3.9%. Earnings per share for the fiscal year increased to $3.28 per share, up from $3.04 per share in 2017. Net earnings and earnings per share for the fiscal year ended were negatively impacted by the new accounting standard, the company said.
“Our fourth quarter results were impacted by an accounting rule change in 2018 and a one time adjustment due to the Tax Act in 2017. Excluding these items, our net earnings were strong in the fourth quarter,” said Todd Jones, Publix CEO.