Publix increases pay to employees, raising stock price

LAKELAND, Fla. — Publix is doling out pay raises to its hourly and management employees, and the decision caused the grocery chain's stock price to rise to its highest point in two years.

The grocery chain did not indicate how much the raises or wage increases would be, saying it is proprietary information.

"We want to continue to invest in our most valuable asset — our associates," spokesman Dwaine Stevens told the Bradenton-Herald. "So with this investment, we will increase the retail pay range for non-management positions as well as assistant department managers and department manager positions."

Publix stock rose to $41.40, the highest it's been since it peaked at $45.20 in March 2016. The grocery store only offers stock to current employees and is traded privately.

The company, which has 188,000 workers at 1,172 stores across the country, was listed as No. 47 in Forbes' "100 Best Companies to Work For" issue earlier this year.

Cox Media Group