# EDGAR Filing Document

**Accession Number:** 0000081061
**File Stem:** 0000081061-23-000008
**Filing Date:** 2023-3
**Character Count:** 13004
**Document Hash:** c3b0cd8d695bcc63dcc44cfa1b39ba9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000081061-23-000008.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0000081061-23-000008

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230301

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUBLIX SUPER MARKETS INC
- **CENTRAL INDEX KEY:** 0000081061
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-GROCERY STORES [5411]
- **IRS NUMBER:** 590324412
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-00981
- **FILM NUMBER:** 23692776

**BUSINESS ADDRESS:**
- **STREET 1:** 3300 PUBLIX CORPORATE PARKWAY
- **CITY:** LAKELAND
- **STATE:** FL
- **ZIP:** 33811
- **BUSINESS PHONE:** 863-688-1188

**MAIL ADDRESS:**
- **STREET 1:** 3300 PUBLIX CORPORATE PARKWAY
- **CITY:** LAKELAND
- **STATE:** FL
- **ZIP:** 33811

?xml version="1.0" ? ck0000081061-20230301

  

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**<u>____________________________________________</u>**

**FORM 8-K**

**<u>____________________________________________</u>**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported) March 1, 2023** 

**<u>____________________________________________</u>**

**PUBLIX SUPER MARKETS, INC.** 

**(Exact name of Registrant as specified in its charter)** 

**<u>____________________________________________</u>**

---

| | | |
|:---|:---|:---|
| **Florida** | **000-00981** | **59-0324412** |
| **(State of incorporation)** | **(Commission File Number)** | **(I.R.S. Employer Identification No.)** |
| &nbsp;&nbsp;**3300 Publix Corporate Parkway** | | |
| **Lakeland, Florida** |  | **33811** |
| **(Address of principal executive offices)** |  | **(Zip Code)** |
|  | **(863) 688-1188** |  |
|  | **(Registrant's telephone number, including area code)** |  |

---

**<u>____________________________________________</u>**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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| | |
|:---|:---|
| ◻ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ◻ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ◻ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ◻ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Securities registered pursuant to Section 12(b) of the Act: **None** | Securities registered pursuant to Section 12(b) of the Act: **None** |
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company ◻ | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company ◻ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻ |

---

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**Item 1.01.&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement**

**Indemnification Agreement**

Publix Super Markets, Inc. (Company) and Monica A. Allman, Officer of the Company, entered into an Indemnification Agreement dated March 1, 2023. This Indemnification Agreement is in the same form as the Indemnification Agreement attached as an exhibit to the quarterly report of the Company on Form 10-Q for the quarter ended March 31, 2001. The Indemnification Agreement has been entered into between the Company and all of its directors and officers as previously reported.

**Item 2.02. &nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition**

On March 1, 2023, the Company issued a press release to report its fourth quarter and annual results for 2022 and stock price effective March 1, 2023. A copy of the press release is attached hereto as Exhibit 99.1.

The foregoing information, including Exhibit 99.1, is being furnished under Item 2.02 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

**Item 9.01. &nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

**(d).** &nbsp;&nbsp;&nbsp;&nbsp;**Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1. &nbsp;&nbsp;&nbsp;&nbsp;<u>[Press Release dated](exhibit9914q2022earningsre.htm)[Mar](exhibit9914q2022earningsre.htm)[ch](exhibit9914q2022earningsre.htm)[1, 20](exhibit9914q2022earningsre.htm)[23](exhibit9914q2022earningsre.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104. &nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document)

Page 2 of 3 pages

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**SIGNATURE**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | | PUBLIX SUPER MARKETS, INC. |
| Dated: March 1, 2023 | By: | /s/ David P. Phillips |
|  |  | David P. Phillips, Executive Vice President, Chief Financial Officer |
|  |  | and Treasurer (Principal Financial and Accounting Officer) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Page 3 of 3 pages

## Exhibit 99.1

---

| | |
|:---|:---|
| ![publixlogoblacka07a.jpg](publixlogoblacka07a.jpg) | Exhibit 99.1<br>Contact: Maria Brous<br>(863) 680-5339 |

---

**Publix Reports Fourth Quarter and Annual Results for 2022**

LAKELAND, Fla., March 1, 2023 Publix's sales for the three months ended Dec. 31, 2022, a 14-week quarter, were $15.3 billion, a 22% increase from $12.6 billion in 2021, a 13-week quarter. The additional week in the fourth quarter of 2022 increased sales by 8.1%. Comparable store sales for the three months ended Dec. 31, 2022 increased 12.4%.

Net earnings for the three months ended Dec. 31, 2022 were $1.3 billion, compared to $1.1 billion in 2021, an increase of 21.6%. Earnings per share for the three months ended Dec. 31, 2022 increased to $0.38 per share, up from $0.31 per share in 2021, adjusted for the effect of the 5-for-1 stock split that occurred on April 14, 2022. 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 Dec. 31, 2022 would have been $1.3 billion, compared to $960 million in 2021, an increase of 34.7%. Earnings per share would have been $0.39 per share, compared to $0.28 per share in 2021, adjusted for the effect of the stock split. Net earnings and earnings per share benefited from the additional week in the fourth quarter of 2022.

Publix's sales for the fiscal year ended Dec. 31, 2022, a 53-week year, were $54.5 billion, a 13.6% increase from $48 billion in 2021, a 52-week year. The additional week in 2022 increased sales by 2.1%. Comparable store sales for the fiscal year ended Dec. 31, 2022 increased 9.9%.

Net earnings for the fiscal year ended Dec. 31, 2022 were $2.9 billion, compared to $4.4 billion in 2021, a decrease of 33.9%. Earnings per share for the fiscal year ended Dec. 31, 2022 decreased to $0.86 per share, down from $1.28 per share in 2021, adjusted for the effect of the stock split. 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 fiscal year ended Dec. 31, 2022 would have been $4 billion, compared to $3.6 billion in 2021, an increase of 12.7%. Earnings per share would have been $1.20 per share, compared to $1.04 per share in 2021, adjusted for the effect of the stock split. Net earnings and earnings per share benefited from the additional week in 2022.

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These amounts are based on audited financial statements that will be filed today with the U.S. Securities and Exchange Commission and made available on the company's website at <u>corporate.publix.com/stock</u>.

Effective March 1, 2023, Publix's stock price increased from $13.19 per share to $14.55 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.

"I'm proud of our operating results and pleased with our stock price increase," said Publix CEO Todd Jones. "I want to thank our associates for continuing to deliver premier customer service."

**<u>Non-GAAP Financial Measures</u>**

In addition to reporting financial results for the three months and fiscal years ended Dec. 31, 2022 and Dec. 25, 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. All applicable share and per share amounts have been retroactively adjusted to give effect to the stock split.

Following is a reconciliation of net earnings to net earnings excluding the impact of the fair value adjustment for the three months ended Dec. 31, 2022 and Dec. 25, 2021:

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| | | |
|:---|:---|:---|
| | Three Months Ended | Three Months Ended |
| | <u>Dec. 31, 2022</u> | <u>Dec. 25, 2021</u> |
| | (Amounts are in millions, except per share amounts) | (Amounts are in millions, except per share amounts) |
| Net earnings | $1278 | 1051 |
| Fair value adjustment, due to net unrealized loss (gain), on equity securities held at end of year | 20 | (122) |
| Income tax (benefit) expense <sup>(1)</sup> | (5) | 31 |
| Net earnings excluding impact of fair value adjustment | $1293 | 960 |
| Weighted average shares outstanding | 3337 | 3428 |
| Earnings per share excluding impact of fair value adjustment | $0.39 | 0.28 |

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Following is a reconciliation of net earnings to net earnings excluding the impact of the fair value adjustment for the fiscal years ended Dec. 31, 2022 and Dec. 25, 2021:

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| | | |
|:---|:---|:---|
| | Fiscal Years Ended | Fiscal Years Ended |
| | <u>Dec. 31, 2022</u> | <u>Dec. 25, 2021</u> |
| | (Amounts are in millions, except per share amounts) | (Amounts are in millions, except per share amounts) |
| Net earnings | $2918 | 4412 |
| Fair value adjustment, due to net unrealized loss (gain), on equity securities held at end of year | 1516 | (1109) |
| Net gain on sale of equity securities previously recognized through fair value adjustment |  | 9 |
| Income tax (benefit) expense <sup>(1)</sup> | (385) | 280 |
| Net earnings excluding impact of fair value adjustment | $4049 | 3592 |
| Weighted average shares outstanding | 3379 | 3447 |
| Earnings per share excluding impact of fair value adjustment | $1.20 | 1.04 |

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<sup>(1)</sup> Income tax (benefit) expense is based on the company's combined federal and state statutory income tax rates.

Publix, the largest employee-owned company in the U.S. with more than 240,000 associates, currently operates 1,328 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia. For 25 consecutive years, the company has been recognized by *Fortune* as a great place to work. In addition, Publix's dedication to superior quality and customer service is recognized among the top in the grocery business. For more information, visit the company's newsroom at <u>corporate.publix.com/newsroom</u>. ###

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