Publix Super Markets Inc – ‘10-K’ for 12/29/01

On:  Friday, 3/29/02   ·   For:  12/29/01   ·   Accession #:  81061-2-8   ·   File #:  0-00981

in

this entire Filing. an “Entity” Search.

Show

Documents searched

and

each “hit”. the 1st “hit”.

↓↑Hints

Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Form 10-K Fiscal Year Ended December 29, 2001         37    165K 
 2: EX-21       Subsidiaries of the Registrant                         1      3K 

10-K   —   Form 10-K Fiscal Year Ended December 29, 2001
Document Table of Contents

10-K
1st Page of 37
TOC
↑Top
Previous
Next
↓Bottom
Just 1st
 
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-K

(X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 for the fiscal year ended December 29, 2001                             

( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 for the transition period from ______________ to ______________     

Commission File Number 0-981
                       -----

    PUBLIX SUPER MARKETS, INC.
    ------------------------------------------------------
    (Exact name of Registrant as specified in its charter)

Florida                                         59-0324412    
------------------------                    ------------------------------------
(State of Incorporation)                    (I.R.S. Employer Identification No.)

1936 George Jenkins Boulevard                                                   
Lakeland, Florida                                          33815                
----------------------------------------                ----------              
(Address of principal executive offices)                (Zip code)              

Registrant's telephone number, including area code (863) 688-1188               
                                    --------------

   SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

None

   SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

Common Stock $1.00 Par Value

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405  
of Regulation S-K is not contained herein, and will not be contained, to the    
best of Registrant's knowledge, in definitive proxy or information statements   
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. ( )                                                                  

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months and (2) has been subject to such filing requirements for
the past 90 days.                                                               

Yes     X         No                                                            
-------          --------                                             

The aggregate market value of the voting stock held by non-affiliates of the    
Registrant as of March 5, 2002 was approximately $4,620,237,356.                

The number of shares of Registrant's common stock outstanding as of March 5,    
2002 was 199,021,562.                                                           

DOCUMENTS INCORPORATED BY REFERENCE                                             

Pages 2 through 10 of Proxy Statement solicited for the 2002 Annual Meeting of  
Stockholders to be held on May 14, 2002 are incorporated by reference in Items  
10, 11, 12 and 13 of Part III hereof.                                           

10-K
2nd Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 2nd
PART I

Item 1.  Business                                                               
-----------------                                                               

     Publix  Super  Markets,  Inc.  is  based  in  Lakeland,   Florida  and  was
incorporated in Florida on December 27, 1921. Publix Super Markets, Inc. and its
wholly  owned  subsidiaries,   hereinafter   collectively  referred  to  as  the
"Company," are in the business of operating retail food supermarkets in Florida,
Georgia,  South Carolina and Alabama. The Company has no other lines of business
or industry segments.                                                           

     The Company's  supermarkets sell groceries,  dairy, produce,  deli, bakery,
meat,  seafood,  housewares  and health and beauty care items.  Many stores have
pharmacy and floral  departments.  In addition,  the Company has agreements with
commercial banks to operate in many of its stores.                              

     The  Company's  lines  of  merchandise  include  a  variety  of  nationally
advertised and private label brands,  as well as unbranded  merchandise  such as
produce,  meat and seafood.  Private  label items are produced in the  Company's
manufacturing  facilities  or  are  manufactured  for  the  Company  by  outside
suppliers.                                                                      

     The Company  manufactures  dairy,  bakery and deli products.  The Company's
dairy  plants  are  located  in  Lakeland  and  Deerfield  Beach,  Florida,  and
Lawrenceville,  Georgia.  The bakery and deli  plants are  located in  Lakeland,
Florida.  The Company  receives the food and non-food items it distributes  from
many sources. These products are generally available in sufficient quantities to
enable the Company to adequately  satisfy its  customers.  The Company  believes
that  its  sources  of  supply  of  these  products  and raw  materials  used in
manufacturing  are  adequate for its needs and that it is not  dependent  upon a
single or relatively few suppliers.                                             

     The Company operated 684 supermarkets at the end of 2001, compared with 647
at the  beginning of the year.  In 2001,  52 stores were opened,  15 stores were
closed,  and 79 stores were  expanded or  remodeled.  The net increase in square
footage was 1.7 million  square feet or 5.8% since 2000. At the end of 2001, the
Company had 533 stores located in Florida,  124 in Georgia, 23 in South Carolina
and four in Alabama.  Also,  as of year end,  the  Company  had 28 stores  under
construction  in Florida,  six in Georgia,  three in South  Carolina  and one in
Alabama. Additionally,  during 2001 the Company operated a fulfillment center to
support an online grocery shopping service and two convenience stores.          

     The Company is engaged in a highly  competitive  industry.  Competition  is
based primarily on price, quality of goods and service,  convenience and product
mix.  The  Company's  primary  competition  throughout  its market areas is with
several  national  and  regional  chains,   independent  stores,   supercenters,
membership  warehouse  clubs and mass  merchandisers.  The  Company  anticipates
continued competitor format innovation and location additions in 2002.          

     The influx of winter  residents to Florida and increased  purchases of food
during the traditional  Thanksgiving,  Christmas and Easter  holidays  typically
results in seasonal sales increases between November and April of each year.    

     The Company has experienced no significant changes in the kinds of products
sold or in its methods of distribution since the beginning of the fiscal year.  

     The  Company had  approximately  126,000  employees  at the end of 2001 and
2000. Of this total,  approximately  69,700 at the end of 2001 and 71,500 at the
end of 2000 were not full-time employees.                                       

     Compliance  by the  Company  with  Federal,  state and local  environmental
protection  laws during 2001 had no material  effect upon capital  expenditures,
earnings or the competitive position of the Company.                            

10-K
3rd Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 3rd
Item 2.  Properties                                                             
-------------------                                                             

     At year end, the Company operated approximately 30.9 million square feet of
retail space. The Company's stores vary in size.  Current store prototypes range
from 27,000 to 61,000 square feet.  Stores are often  located in strip  shopping
centers where the Company is the anchor tenant.                                 

     The Company  supplies  its retail  stores from eight  distribution  centers
located in Lakeland, Miami, Jacksonville, Sarasota, Orlando, Deerfield Beach and
Boynton Beach, Florida, and Lawrenceville, Georgia.                             

     The majority of the Company's retail stores are leased.  Substantially  all
of these  leases will expire  during the next 20 years.  However,  in the normal
course of business,  it is expected  that the leases will be renewed or replaced
by leases on other properties.  At 62 locations,  both the building and land are
owned and at 30 other locations, the building is owned while the land is leased.

     The Company's corporate offices,  distribution facilities and manufacturing
plants are owned with no outstanding debt.                                      

     All of the Company's  properties are well  maintained and in good operating
condition and suitable and adequate for operating its business.                 

Item 3.  Legal Proceedings                                                      
--------------------------                                                      

     The Company is a party in various  legal claims and actions  considered  in
the normal  course of  business.  In the  opinion of  management,  the  ultimate
resolution of these legal proceedings will not have a material adverse effect on
the Company's financial condition, results of operations or cash flows.         

Item 4.  Submission of Matters to a Vote of Security Holders                    
------------------------------------------------------------                    

None                                                                

10-K
4th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 4th
 EXECUTIVE OFFICERS OF THE COMPANY
 ---------------------------------

                                                                     Served as
                                                Nature of Family      Officer of
                                             Relationship          Company
Name                     Age  Position          Between Officers      Since     
----                     ---  --------          ----------------      -----     

Charles H. Jenkins, Jr.  58   Chief Executive   Cousin of              1974     
               Officer           W. Edwin Crenshaw

W. Edwin Crenshaw        51   President         Cousin of              1990     
                                       Charles H. Jenkins, Jr.

Hoyt R. Barnett          58   Vice Chairman                            1977     

John A. Attaway, Jr.     43   Secretary                                2000     

Jesse L. Benton          59   Vice President                           1988     

David E. Bornmann        44   Vice President                           1998     

David E. Bridges         52   Vice President                           2000     

Joseph W. Carvin         51   Vice President                           1998     

R. Scott Charlton        43   Vice President                           1992     

David S. Duncan          48   Vice President                           1999     

William V. Fauerbach     55   Vice President                           1997     

John R. Frazier          52   Vice President                           1997     

M. Clayton Hollis, Jr.   45   Vice President                           1994     

Mark R. Irby             46   Vice President                           1989     

Tina P. Johnson          42   Senior Vice President                    1990     

Linda S. Kane            36   Assistant Secretary                      2000     

James J. Lobinsky        62   Senior Vice President                    1992     

Thomas M. McLaughlin     51   Vice President                           1994     

Sharon A. Miller         58   Assistant Secretary                      1992     

Robert H. Moore          59   Vice President                           1994     

Dale S. Myers            49   Vice President                           2001     

Thomas M. O'Connor       54   Senior Vice President                    1992     

David P. Phillips        42   Chief Financial                          1990     
 Officer and Treasurer

James H. Rhodes II       57   Vice President                           1995     

10-K
5th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 5th
 EXECUTIVE OFFICERS OF THE COMPANY
 ---------------------------------

                                                                     Served as
                                                Nature of Family      Officer of
                                             Relationship          Company
Name                     Age  Position          Between Officers      Since     
----                     ---  --------          ----------------      -----     

Daniel M. Risener        61   Senior Vice President                    1985     
 and Chief Information
Officer             

Richard J. Schuler II    46   Vice President                           2000     

Edward T. Shivers        62   Vice President                           1985     

The terms of all officers expire at the annual meeting of the Company in May    
2002.                                                                           

10-K
6th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 6th
Name                      Business Experience During Last Five Years            
----                      ------------------------------------------------------

Charles H. Jenkins, Jr.   Chairman of the Executive Committee of the Company to 
                      June 2000, Chairman of the Executive Committee and
                        Chief Operating Officer to May 2001, Chief Executive
Officer thereafter.         

W. Edwin Crenshaw         President of the Company.                             

Hoyt R. Barnett           Executive Vice President and Trustee of the Profit    
                         Sharing Plan of the Company to August 1998, Executive
                          Vice President, Trustee of the Profit Sharing Plan and
                       Trustee of the  Employee  Stock  Ownership  Plan to
                        January  1999, Vice Chairman,  Trustee of the Profit
                  Sharing Plan and Trustee of the Employee Stock
                   Ownership Plan to December 1999, Vice Chairman,
                Trustee of the Employee Stock Ownership Plan
thereafter.                 

John A. Attaway, Jr.      Partner in the law firm of Lane Trohn to December     
                       1997, Corporate Counsel of the Company to May 2000,
             General Counsel and Secretary thereafter.

Jesse L. Benton           Vice President of the Company.                        

David E. Bornmann         Business Development Manager - Corporate Purchasing of
               the Company to October 1998, Vice President
thereafter.                 

David E. Bridges          Regional Director of Retail Operations - Lakeland     
                        Division of the Company to July 2000, Vice President
thereafter.                 

Joseph W. Carvin          Human Resources Counsel of the Company to June 1998,  
                     Director of Human Resources and Employment Law to
             November 1998, Vice President thereafter.

R. Scott Charlton         Vice President of the Company.                        

David S. Duncan           Director of Facility Services of the Company to       
             November 1999, Vice President thereafter.

William V. Fauerbach      Regional Director of Retail Operations - Miami        
                 Division of the Company to January 1997, Vice
President thereafter.       

John R. Frazier           Director of Real Estate of the Company to January     
    1997, Vice President thereafter.

M. Clayton Hollis, Jr.    Vice President of the Company.                        

Mark R. Irby              Vice President of the Company.                        

Tina P. Johnson           Vice President, Treasurer and Trustee of the 401(k)   
                         Plan - Publix Stock Fund of the Company to July 1997,
                          Senior Vice President and Trustee of the 401(k) Plan -
 Publix Stock Fund thereafter.

Linda S. Kane             Treasury and Tax Analyst of the Company to January    
                   1997, Manager of Business Analysis to May 1998,
                     Director of Benefits Administration to June 2000,
                     Director of Benefits Administration and Assistant
Secretary thereafter.       

10-K
7th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 7th
Name                      Business Experience During Last Five Years            
----                      ------------------------------------------------------

James J. Lobinsky         Vice President of the Company to July 1997, Senior    
Vice President thereafter.  

Thomas M. McLaughlin      Vice President of the Company.                        

Sharon A. Miller          Director of Administration and Assistant Secretary of 
the Company.                

Robert H. Moore           Vice President of the Company.                        

Dale S. Myers             Regional Director of Retail Operations - Lakeland     
                        Division of the Company to July 2001, Vice President
thereafter.                 

Thomas M. O'Connor        Vice President of the Company to November 1999, Senior
Vice President thereafter.  

David P. Phillips         Vice President and Controller of the Company to July  
                      1997, Vice President Finance and Treasurer to July
               1999, Chief Financial Officer and Treasurer
thereafter.                 

James H. Rhodes II        Vice President of the Company.                        

Daniel M. Risener         Vice President of the Company to July 1999, Senior    
                Vice President and Chief Information Officer
thereafter.                 

Richard J. Schuler II     Miami Distribution Manager of the Company to June     
    2000, Vice President thereafter.

Edward T. Shivers         Vice President of the Company.                        

10-K
8th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 8th
 PART II

Item 5.  Market for the Registrant's Common Equity and Related Stockholder      
--------------------------------------------------------------------------      
Matters                                                       
-------                                                       

(a)  Market Information                                                         
------------------                                                    

     Substantially  all  transactions  of the  Company's  common stock have been
     among the Company, its employees,  former employees, their families and the
     benefit plans established for the Company's employees.  The market price of
     the Company's  common stock is  determined by the Board of Directors  based
     upon quarterly appraisals prepared by an independent appraiser.  The market
price for 2001 and 2000 was as follows:                               

                                                  2001          2000
                                                  ----          ----

      January - February                        $47.00        $44.50
      March - April                              48.25         45.00
      May - July                                 48.50         45.50
      August - October                           47.50         46.50
      November - December                        41.00         47.00

(b)  Approximate Number of Equity Security Holders                              
---------------------------------------------                         

 As of March 5, 2002, the approximate number of holders of the Company's
common stock was 87,000.                                              

(c)  Dividends                                                                  
---------                                                             

   The Company paid cash dividends of $.32 per share of common stock in 2001
   and $.27 per share in 2000. Payment of dividends is within the discretion
  of the Company's Board of Directors and depends on, among other factors,
     earnings, capital requirements and the operating and financial condition of
    the Company. It is believed that comparable cash dividends will be paid in
the future.                                                           

10-K
9th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 9th
                                                        [Enlarge/Download Table]


Item 6.  Five Year Summary of Selected Financial Data                                        
-----------------------------------------------------                                        

                                  2001         2000         1999         1998         1997   
                                  ----         ----         ----         ----         ----   
                                                                                             

Sales:                                                                                       
  Sales                       $15,284,229   14,575,031   13,068,900   12,067,125   11,224,378
  Percent increase                   4.9%        11.5%         8.3%         7.5%         7.6%
  Comparable store sales                                                                     
    percent increase                 3.2%         3.4%         5.0%         3.6%         3.3%

Earnings:                                                                                    
  Gross profit                $ 3,983,942    3,762,854    3,294,188    2,935,707    2,674,118
  Earnings before income                                                                     
    tax expense               $   826,823      823,553      719,569      584,388      555,357
  Net earnings                $   530,421      530,406      462,409      378,274      354,622
  Net earnings as a                                                                          
    percent of sales                3.47%        3.64%        3.54%        3.13%        3.16%

Common stock:                                                                                
  Weighted average                                                                           
    shares outstanding        202,171,794  210,145,666  216,160,316  217,383,413  218,871,661
  Basic and diluted                                                                          
    earnings per                                                                             
    common share,                                                                            
    based on weighted                                                                        
    average shares                                                                           
    outstanding               $      2.62         2.52         2.14         1.74        1.62 
  Cash dividends per                                                                         
    share                     $       .32          .27          .22          .20         .15 

Financial data:                                                                              
  Capital expenditures        $   656,422      558,133      512,658      357,754     259,806 
  Working capital             $    33,739      176,776      515,257      467,385     366,680 
  Current ratio                      1.03         1.14         1.47         1.46        1.37 
  Total assets                $ 4,405,785    4,248,045    4,098,641    3,643,318   3,294,980 
  Stockholders' equity        $ 2,762,551    2,662,435    2,676,144    2,327,632   2,019,299 

Other:                                                                                       
  Number of stores                    684          647          614          586         563 

<FN>                                                                                         

NOTE:  Amounts are in thousands, except shares outstanding, per share amounts                
       and number of stores.  Fiscal year 2000 includes 53 weeks.  All other                 
       years include 52 weeks.                                                               

Certain prior year amounts have been reclassified to conform to the 2001                     
presentation.                                                                                

</FN>                                                                                        

10-K
10th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 10th
Item 7.  Management's Discussion and Analysis of Financial Condition and Results
--------------------------------------------------------------------------------
of Operations                                                 
-------------                                                 

Business Environment                                                            
--------------------                                                            

     As of December 29, 2001,  the Company  operated 684 retail  grocery  stores
representing   approximately   30.9  million   square  feet  of  retail   space.
Additionally,  during 2001 the Company operated a fulfillment  center to support
an online grocery  shopping  service and two convenience  stores.  The Company's
primary   competition   is  from  national  and  regional   chains  and  smaller
independents  located  throughout its market areas. The Company has continued to
experience increased  competition from supercenters,  membership warehouse clubs
and mass merchandisers.  The products offered by these retailers include many of
the same items sold by the Company.                                             

     At the end of fiscal 2001,  the Company had 533 stores  located in Florida,
124 in Georgia, 23 in South Carolina and four in Alabama.  The Company opened 39
stores in Florida and 13 stores in Georgia during 2001.  The Company  intends to
continue to pursue vigorously new locations in Florida and other states.        

Liquidity and Capital Resources                                                 
-------------------------------                                                 

     Operating  activities  continue  to be  the  Company's  primary  source  of
liquidity.  Net cash provided by operating activities was approximately $1,057.4
million in 2001,  compared with $1,058.1  million in 2000 and $796.4  million in
1999. Cash and cash equivalents  aggregated  approximately  $251.3 million as of
December  29, 2001,  as compared  with $396.9  million and $626.6  million as of
December 30, 2000 and December 25, 1999, respectively.                          

     In 2001, capital  expenditures  totaled $656.4 million.  These expenditures
were  primarily  incurred  in  connection  with the opening of 52 new stores and
remodeling or expanding 79 stores.  Significant  expenditures were also incurred
in the expansion of warehouses in Lakeland,  Florida and the  development  of an
online grocery shopping service,  PublixDirect.  In addition, the Company closed
15 stores.  The net impact of new and closed  stores (net new  stores)  added an
additional  1.7  million  square  feet,  a  5.8%  increase.   In  2000,  capital
expenditures totaled $558.1 million.  These expenditures were primarily incurred
in connection  with the opening of 46 new stores and  remodeling or expanding 69
stores.  Significant  expenditures  were  also  incurred  in  the  expansion  of
warehouses in Lakeland,  Florida. In addition, the Company closed 13 stores. Net
new stores added an  additional  1.5 million  square feet, a 5.3%  increase.  In
1999,  capital  expenditures  totaled $512.7 million.  These  expenditures  were
primarily  incurred  in  connection  with  the  opening  of 44  new  stores  and
remodeling or expanding 82 stores.  Significant  expenditures were also incurred
in the purchase of nine additional store sites from A & P in the greater Atlanta
area and the expansion of a warehouse in Jacksonville, Florida. In addition, the
Company closed 16 stores.  Net new stores added an additional 1.4 million square
feet, a 5.3% increase.                                                          

     In 2002, the Company plans to open  approximately 67 stores.  Although real
estate  development  is  unpredictable,  the  Company's  2002 new  store  growth
represents  a  reasonable   estimate  of  anticipated  future  growth.   Capital
expenditures  for  2002,   consisting  of  new  stores,   warehouse  and  office
construction,  remodeling  and expanding of certain  existing  stores and new or
enhanced information technology  applications,  are expected to be approximately
$765 million.  This capital program is subject to continuing  change and review.
The  2002  capital  expenditures  are  expected  to be  financed  by  internally
generated funds,  liquid assets or the committed line of credit described below.
In the normal  course of  operations,  the  Company  replaces  stores and closes
unprofitable  stores.  The impact of future store closings is not expected to be
material.                                                                       

10-K
11th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 11th
     During 2001, the Company  launched an online grocery shopping service under
a new wholly owned subsidiary, PublixDirect. The online grocery shopping service
enables  customers  within certain  geographical  boundaries to order  groceries
online and have them  delivered to their homes.  The customer  orders are filled
and  delivered  from a fulfillment  center.  During 2001,  the Company  incurred
approximately  $25.5 million in capital  expenditures  on behalf of PublixDirect
for the development of the online grocery service web site and the  construction
of a fulfillment center in Pompano Beach, Florida.                              

     The Company is self-insured,  up to certain limits,  for health care, fleet
liability,  general  liability and workers'  compensation  claims.  Reserves are
established to cover estimated  liabilities for existing and anticipated  claims
based on actual experience  including,  where necessary,  actuarial studies. The
Company has  insurance  coverage  for losses in excess of varying  amounts.  The
provision for self-insured  reserves was $229.2 million, $177 million and $144.6
million  in fiscal  2001,  2000 and 1999,  respectively.  The  Company  does not
believe its  self-insurance  program will have a material  adverse impact on its
future liquidity, financial condition or results of operations.                 

     In December 2001, the Company executed an agreement for a committed line of
credit totaling $100 million.  This 364-day line of credit facility is available
to fund liquidity requirements if necessary. The interest rate is based on LIBOR
or  prime.  There  were no  amounts  outstanding  on this  line of  credit as of
December 29, 2001.                                                              

     The Company currently repurchases common stock at the stockholders' request
in accordance with the terms of the Company's  Employee Stock Purchase Plan. Net
common stock repurchases under this plan totaled  approximately  $579.6 million,
$635 million and $211.2 million in fiscal 2001, 2000 and 1999, respectively. The
Company  expects to continue to repurchase  its common stock,  as offered by its
stockholders from time to time, at its then currently appraised value.  However,
such purchases are not required and the Company retains the right to discontinue
them at any time.                                                               

     The Company paid cash  dividends  on its common  stock of $66.3  million or
$.32 per share,  $57.8  million or $.27 per share and $47.8  million or $.22 per
share in 2001, 2000 and 1999, respectively.                                     

     Net cash  provided  by  operating  activities  was  approximately  $1,057.4
million,   $1,058.1  million  and  $796.4  million  for  2001,  2000  and  1999,
respectively.  The primary use of the net cash provided by operating  activities
was funding capital  expenditures  of $656.4 million,  $558.1 million and $512.7
million and net common stock  repurchases  of $579.6  million,  $635 million and
$211.2 million for 2001, 2000 and 1999, respectively.  Any net cash in excess of
the amount needed for current operations is invested in short-term and long-term
investments.  Cash and cash  equivalents,  short-term  investments and long-term
investments  totaled  approximately  $595.6 million in 2001 compared with $852.2
million in 2000. Based on the Company's financial position,  it is expected that
short-term and long-term  borrowings  would be readily  available to support the
Company's liquidity requirements if needed.                                     

Results of Operations                                                           
---------------------                                                           

     The  Company's  fiscal year ends on the last  Saturday in December.  Fiscal
years 2001 and 1999 included 52 weeks and fiscal year 2000 included 53 weeks.   

     Sales for 2001 were $15.3 billion as compared with $14.6 billion in 2000, a
4.9%  increase.  After  excluding  sales of $288.8  million  for the extra  week
included in fiscal 2000,  this reflects an increase of $457.2 million or 3.2% in

10-K
12th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 12th
sales from stores that were open for all of both years  (comparable  stores) and
sales of $540.8 million or 3.8% from net new stores since the beginning of 2000.
Sales for 2000 were $14.6  billion as compared  with $13.1  billion in 1999,  an
11.5%  increase.  This  reflects an increase of $288.8  million or 2.2% in sales
from an additional week included in the 2000 fiscal year, $444.3 million or 3.4%
in sales from  comparable  stores and sales of $773 million or 5.9% from net new
stores since the beginning of 1999.                                             

     Cost  of  merchandise  sold  including  store  occupancy,  warehousing  and
delivery  expenses  was  approximately  73.9% of sales in 2001 as compared  with
74.2% and 74.8% in 2000 and 1999, respectively.  In 2001, 2000 and 1999, cost of
merchandise   sold  decreased  as  a  percentage  of  sales  due  to  continuing
improvements in buying  practices  including  centralized  product  procurement,
promotional  efficiencies  including category  management,  shrink reduction,  a
shifting of the sales mix toward  higher  margin  value-added  products and more
efficient distribution channels.                                                

     Operating and administrative  expenses,  as a percent of sales, were 21.6%,
21.2% and 20.7% in 2001, 2000 and 1999, respectively. The increases in operating
and  administrative  expenses,  as a percentage of sales,  were primarily due to
increases in workers' compensation, health and other insurance costs, repair and
maintenance, depreciation and utility costs.                                    

     In recent years,  the impact of inflation on the Company's  food prices has
been lower than the overall increase in the Consumer Price Index.               

     During the fourth quarter of 2000, an $11.7 million expense was recorded to
cover the settlement of class action  litigation  against the Company  involving
alleged  violations of the Federal Civil Rights Act and Florida law with respect
to certain of the  Company's  black  employees and former black  employees.  The
expense  recorded  covers  the full  cost of the  settlement,  including  agreed
payments to class members and their  counsel,  as well as the estimated  cost of
implementing  and complying with the procedures  agreed to be established  under
the  settlement.  The  impact  of  the  expense  recorded  on net  earnings  was
approximately  $5.7 million or $.03 per share for fiscal 2000. The liability for
the  settlement  was  reflected  as an other  accrued  expense in the  Company's
consolidated balance sheet as of December 30, 2000.                             

     Due to the events of September 11, 2001,  there has been a general  decline
in tourism. The decline in tourism has impacted sales in the Company's stores in
seasonal locations during the last half of the fourth quarter.                  

Accounting Standards                                                            
--------------------                                                            

     In June 2001, the Financial  Accounting Standards Board issued Statement of
Financial  Accounting Standard No. 141, "Business  Combinations," (SFAS 141) and
Statement  of  Financial  Accounting  Standard  No.  142,  "Goodwill  and  Other
Intangible Assets," (SFAS 142). SFAS 141 requires that all business combinations
initiated  after June 30, 2001 be accounted  for under the  purchase  method and
addresses  the  initial  recognition  and  measurement  of  goodwill  and  other
intangible assets acquired in a business  combination.  The Company was required
to adopt SFAS 141 immediately.  Since the Company has not completed any business
combinations  since June 30,  2001,  there was no effect on the Company from the
adoption of SFAS 141. SFAS 142 addresses the initial recognition and measurement
of  intangible  assets  acquired  outside  of a  business  combination  and  the
accounting  for  goodwill  and  other  intangible  assets  subsequent  to  their
acquisition.  SFAS 142 provides that intangible  assets with finite useful lives
be amortized  and that goodwill and  intangible  assets with  indefinite  useful
lives will not be  amortized,  but instead will be tested at least  annually for
impairment.  SFAS 142 is effective for fiscal years beginning after December 15,
2001. The Company does not have any goodwill or intangible  assets as defined in
SFAS  142.  Therefore,  the  adoption  of SFAS 142 will  have no  effect  on the
Company's financial condition, results of operations or cash flows.             

10-K
13th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 13th
     In June 2001, the Financial  Accounting Standards Board issued Statement of
Financial   Accounting  Standard  No.  143,  "Accounting  for  Asset  Retirement
Obligations,"  (SFAS 143)  effective for fiscal years  beginning  after June 15,
2002. SFAS 143 addresses the financial  accounting and reporting for obligations
associated with the retirement of tangible  long-lived assets and the associated
asset retirement  costs.  SFAS 143 requires the Company to record the fair value
of an asset  retirement  obligation  as a  liability  in the  period in which it
incurs a legal obligation  associated with the retirement of tangible long-lived
assets. The Company would also record a corresponding asset which is depreciated
over the life of the asset.  Subsequent to the initial  measurement of the asset
retirement obligation, the obligation will be adjusted at the end of each period
to reflect the passage of time and  changes in the  estimated  future cash flows
underlying  the  obligation.  The Company is currently  evaluating the effect of
adopting SFAS 143.                                                              

     In August 2001, the Financial  Accounting  Standards Board issued Statement
of Financial  Accounting  Standard No. 144,  "Accounting  for the  Impairment or
Disposal of Long-Lived  Assets," (SFAS 144) effective for fiscal years beginning
after  December  15, 2001.  SFAS 144  addresses  the  financial  accounting  and
reporting for the  impairment or disposal of long-lived  assets.  This statement
requires that  long-lived  assets be reviewed for impairment  whenever events or
changes in  circumstances  indicate that the carrying amount of an asset may not
be  recoverable.  Recoverability  of assets to be held and used is measured by a
comparison of the carrying  amount of an asset to future net cash flows expected
to be generated by the asset.  If the  carrying  amount of an asset  exceeds its
estimated future cash flows, an impairment charge is recognized by the amount by
which the carrying amount of the asset exceeds the fair value of the asset. SFAS
144 requires companies to separately report discontinued  operations and extends
that  reporting to a component of an entity that either has been disposed of (by
sale,  abandonment,  or in  distribution to owners) or is classified as held for
sale.  Assets to be disposed of are reported at the lower of the carrying amount
or the fair  value  less costs to sell.  The  adoption  of SFAS 144 will have no
effect on the  Company's  financial  condition,  results of  operations  or cash
flows.                                                                          

Critical Accounting Policies                                                    
----------------------------                                                    

     The  Company's  discussion  and  analysis of its  financial  condition  and
results  of  operations  are based  upon the  Company's  consolidated  financial
statements,  which have been prepared in accordance with  accounting  principles
generally  accepted in the United States of America.  The  preparation  of these
financial  statements requires management to make estimates and assumptions that
affect  the  reported  amounts  of assets  and  liabilities  and  disclosure  of
contingent assets and liabilities as of the date of the financial statements and
the  reported  amounts of revenues  and expenses  during the  reporting  period.
Actual  results could differ from those  estimates.  The  Company's  significant
accounting  policies  are  described  in  Note 1 of the  Notes  to  Consolidated
Financial  Statements.  The Company believes the following  critical  accounting
policies  reflect  its more  significant  judgments  and  estimates  used in the
preparation of its consolidated financial statements:                           

Inventories                                                           
-----------                                                           
     Inventories are valued at the lower of cost  (principally  the dollar value
     last-in,  first-out  ("LIFO")  method)  or market  value,  including  store
     inventories,  which are calculated by the retail method.  Approximately 86%
     of  inventories  for 2001 and 2000 were valued using the LIFO  method.  All
     remaining  inventory  is valued at the lower of cost  (using the  first-in,
     first-out  ("FIFO")  method) or market  value.  The FIFO cost of  inventory
approximates replacement or current cost.                             

10-K
14th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 14th
Property, Plant and Equipment and Depreciation                        
----------------------------------------------                        
     Assets are  recorded at cost and are  depreciated  using the  straight-line
     method over their estimated  useful lives or the terms of their leases,  if
     shorter,  as  follows:  buildings  and  improvements  are at 10 - 40 years,
     furniture,  fixtures  and  equipment  are  at 3 - 20  years  and  leasehold
improvements are at 10 - 40 years.                                    

Long-Lived Assets                                                     
-----------------                                                     
     The Company reviews its long-lived assets for impairment whenever events or
     changes in  circumstances  indicate that the net book value of an asset may
     not be recoverable.  Recoverability  is measured by a comparison of the net
     book value of an asset to the future net  undiscounted  cash flows expected
     to be generated by the asset.  An impairment loss would be recorded for the
     excess of the net book value over the fair value of the asset impaired. The
 fair value is estimated based on expected discounted future cash flows.

Self-Insurance                                                        
--------------                                                        
     Self-insurance  reserves are established for health care,  fleet liability,
     general  liability and workers'  compensation  claims.  These  reserves are
     determined based on actual experience including, where necessary, actuarial
     studies. The Company has insurance coverage for losses in excess of varying
amounts.                                                              

Cautionary Note Regarding Forward-Looking Statements                            
----------------------------------------------------                            

     From time to time,  information provided by the Company,  including written
or oral  statements  made by its  representatives,  may contain  forward-looking
information  about  the  future  performance  of the  Company  which is based on
management's  assumptions  and  beliefs  in light of the  information  currently
available to them.  When used in this  document,  the words "plan,"  "estimate,"
"project," "intend," "believe" and other similar expressions,  as they relate to
the Company,  are intended to identify such  forward-looking  statements.  These
forward-looking  statements are subject to uncertainties  and other factors that
could cause actual results to differ materially from those statements including,
but not  limited  to:  competitive  practices  and  pricing in the food and drug
industries  generally  and  particularly  in the  Company's  principal  markets;
changes in the general economy;  changes in consumer spending; and other factors
affecting  the  Company's  business in or beyond the  Company's  control.  These
factors include  changes in the rate of inflation,  changes in state and Federal
legislation or regulation,  adverse determinations with respect to litigation or
other claims,  ability to recruit and train employees,  ability to construct new
stores or  complete  remodels  as rapidly as planned  and  stability  of product
costs.  Other factors and assumptions not identified  above could also cause the
actual results to differ materially from those set forth in the  forward-looking
statements.   The  Company  assumes  no  obligation  to  update  publicly  these
forward-looking statements.                                                     

10-K
15th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 15th
Item 7A. Quantitative and Qualitative Disclosures About Market Risk             
-------------------------------------------------------------------             

     The Company does not have any material  exposure to market risk  associated
with activities in derivative financial instruments, other financial instruments
and derivative commodity instruments.                                           

Item 8.  Financial Statements and Supplementary Data                            
----------------------------------------------------                            

     The Company's financial statements, together with the independent auditors'
report thereon, are included in the section following Part IV of this report.   

Item 9. Changes in and Disagreements with Accountants on Accounting and         
-----------------------------------------------------------------------         
Financial Disclosure                                            
--------------------                                            

None                                                                

PART III

Item 10. Directors and Executive Officers of the Registrant                     
-----------------------------------------------------------                     

     Certain information  concerning the directors and executive officers of the
Company is incorporated by reference to pages 2 through 7 of the Proxy Statement
of the Company (2002 Proxy Statement) which the Company intends to file no later
than 120 days after its fiscal  year end.  Certain  information  concerning  the
executive  officers  of the  Company  is set forth in Part I under  the  caption
"Executive Officers of the Company."                                            

Item 11. Executive Compensation                                                 
-------------------------------                                                 

     Information  regarding executive  compensation is incorporated by reference
to pages 7 through 10 of the 2002 Proxy Statement.                              

Item 12. Security Ownership of Certain Beneficial Owners and Management         
-----------------------------------------------------------------------         

     Information  regarding  security  ownership is incorporated by reference to
pages 5 through 7 of the 2002 Proxy Statement.                                  

Item 13. Certain Relationships and Related Transactions                         
-------------------------------------------------------                         

     Information  regarding certain  relationships  and related  transactions is
incorporated by reference to pages 3, 6 and 7 of the 2002 Proxy Statement.      

10-K
16th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 16th
 PART IV

Item 14. Exhibits, Financial Statement Schedule and Reports on Form 8-K         
-----------------------------------------------------------------------         

(a)  Consolidated Financial Statements and Schedule                             
----------------------------------------------                        
     The   consolidated   financial   statements  and  schedule  listed  in  the
     accompanying  Index to Consolidated  Financial  Statements and Schedule are
filed as part of this Annual Report on Form 10-K.                     

(b)  Reports on Form 8-K                                                        
-------------------                                                   
     The Company  filed no reports on Form 8-K during the fourth  quarter of the
year ended December 29, 2001.                                         

(c)  Exhibits                                                                   
--------                                                              
     3(a).   Articles  of  Incorporation  of  the  Company,  together  with  all
             amendments  thereto,  are incorporated by reference to the exhibits
             to the Annual Report of the Company on Form 10-K for the year ended
December 25, 1993.                                    

     3(b).   Amended and  Restated  By-laws of the Company are  incorporated  by
             reference  to the  exhibits to the Annual  Report of the Company on
Form 10-K for the year ended December 28, 1996.       

     10.     Employment Agreement dated August 28, 1998, between William H. Vass
             and the  Company,  effective  January  1, 1999 is  incorporated  by
             reference  to the  exhibits to the Annual  Report of the Company on
Form 10-K for the year ended December 26, 1998.       

     10.     Indemnification  Agreement,  in the form  attached as an exhibit to
             the  quarterly  report of the  Company on Form 10-Q for the quarter
             ended March 31, 2001,  between the Company and all of its directors
             and officers as reported in the quarterly reports of the Company on
             Form 10-Q for the quarters ended March 31, 2001,  June 30, 2001 and
September 29, 2001.                                   

     10.1    Non-Employee   Directors   Stock   Purchase   Plan   Summary   Plan
             Description,   as  registered  in  the  Form  S-8  filed  with  the
             Securities   and  Exchange   Commission   on  June  21,  2001,   is
             incorporated  by reference to the exhibits to the quarterly  report
          of the Company on Form 10-Q for the quarter ended June 30, 2001.

21.     Subsidiaries of the Company.                                  

10-K
17th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 17th
SIGNATURES

     Pursuant  to the  requirements  of  Section  13 or 15(d) of the  Securities
Exchange  Act of 1934,  the  Company has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.                       

                                              PUBLIX SUPER MARKETS, INC.

March 14, 2002                               By:  /s/ John A. Attaway, Jr.      
                                            ------------------------
                                        John A. Attaway, Jr.
                             Secretary

     Pursuant to the  requirements of the Securities  Exchange Act of 1934, this
report has been signed below by the  following  persons on behalf of the Company
and in the capacities and on the dates indicated.                               

     Chairman of the Board and
/s/ Howard M. Jenkins         Director                            March 14, 2002
---------------------------                                                     
Howard M. Jenkins                                                               

       Chief Executive Officer and
Director            
/s/ Charles H. Jenkins, Jr.   (Principal Executive Officer)       March 14, 2002
---------------------------                                                     
Charles H. Jenkins, Jr.                                                         

/s/ W. Edwin Crenshaw         President and Director              March 14, 2002
---------------------------                                                     
W. Edwin Crenshaw                                                               

/s/ Hoyt R. Barnett           Vice Chairman and Director          March 14, 2002
---------------------------                                                     
Hoyt R. Barnett                                                                 

 Senior Vice President
/s/ Tina P. Johnson           and Director                        March 14, 2002
---------------------------                                                     
Tina P. Johnson                                                                 

   Chief Financial Officer
and Treasurer       
    (Principal Financial and
/s/ David P. Phillips         Accounting Officer)                 March 14, 2002
---------------------------                                                     
David P. Phillips                                                               

10-K
18th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 18th
    PUBLIX SUPER MARKETS, INC.

   Index to Consolidated Financial Statements and Schedule

Independent Auditors' Report                                                    

Consolidated Financial Statements:                                              

Consolidated Balance Sheets - December 29, 2001 and December 30, 2000       

 Consolidated Statements of Earnings - Years ended December 29, 2001, December
30, 2000 and December 25, 1999                                          

Consolidated Statements of Comprehensive Earnings - Years ended December 29,
2001, December 30, 2000 and December 25, 1999                           

Consolidated Statements of Stockholders' Equity - Years ended December 29,  
2001, December 30, 2000 and December 25, 1999                           

Consolidated Statements of Cash Flows - Years ended December 29, 2001,      
December 30, 2000 and December 25, 1999                                 

Notes to Consolidated Financial Statements                                  

The following consolidated financial statement schedule of the Company for the  
years ended December 29, 2001, December 30, 2000 and December 25, 1999 is   
submitted herewith:                                                         

Schedule:                                                                       
II - Valuation and Qualifying Accounts                                      

All other schedules are omitted as the required information is inapplicable or  
the information is presented in the financial statements or related notes.  

10-K
19th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 19th
INDEPENDENT AUDITORS' REPORT
----------------------------

The Board of Directors and Stockholders                                         
Publix Super Markets, Inc.:                                                     

We have audited the consolidated  financial  statements of Publix Super Markets,
Inc. and subsidiaries  (the "Company") as listed in the  accompanying  index. In
connection with our audits of the  consolidated  financial  statements,  we also
have  audited the  financial  statement  schedule as listed in the  accompanying
index. These consolidated  financial statements and financial statement schedule
are the  responsibility of the Company's  management.  Our  responsibility is to
express an opinion on these  consolidated  financial  statements  and  financial
statement schedule based on our audits.                                         

We conducted our audits in accordance with auditing standards generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain  reasonable  assurance  about  whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.                                               

In our opinion, the consolidated  financial statements referred to above present
fairly,  in all  material  respects,  the  financial  position  of Publix  Super
Markets,  Inc. and  subsidiaries  as of December 29, 2001 and December 30, 2000,
and the results of their  operations  and their cash flows for each of the years
in the three-year  period ended December 29, 2001, in conformity with accounting
principles  generally  accepted  in the United  States of  America.  Also in our
opinion,  the related financial statement schedule,  when considered in relation
to the  basic  consolidated  financial  statements  taken as a  whole,  presents
fairly, in all material respects, the information set forth therein.            

                  KPMG LLP

Tampa, Florida                                                                  
February 28, 2002                                                               

10-K
20th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 20th
                                                                [Download Table]


                         PUBLIX SUPER MARKETS, INC.                          

                        Consolidated Balance Sheets                          

                           December 29, 2001 and                             
                             December 30, 2000                               

                      Assets                           2001           2000   
                      ------                           ----           ----   

                                                   (Amounts are in thousands)

                                                                             

Current assets:                                                              
  Cash and cash equivalents                        $  251,337        396,906 
  Short-term investments                                5,176         21,028 
  Trade receivables                                   129,435        128,351 
  Merchandise inventories                             840,115        814,985 
  Deferred tax assets                                  54,172         55,598 
  Prepaid expenses                                      3,001          2,274 
                                                   ----------      --------- 

       Total current assets                         1,283,236      1,419,142 
                                                   ----------      --------- 

Long-term investments                                 339,048        434,226 
Other noncurrent assets                                43,911         28,354 

Property, plant and equipment:                                               
  Land                                                132,518        119,016 
  Buildings and improvements                          899,277        765,825 
  Furniture, fixtures and equipment                 2,267,850      2,033,736 
  Leasehold improvements                              651,467        537,417 
  Construction in progress                            191,695        201,258 
                                                   ----------      --------- 

                                                    4,142,807      3,657,252 

  Less accumulated depreciation                     1,403,217      1,290,929 
                                                   ----------      --------- 

       Net property, plant and equipment            2,739,590      2,366,323 
                                                   ----------      --------- 

                                                   $4,405,785      4,248,045 
                                                   ==========      ========= 

<FN>                                                                            

See accompanying notes to consolidated financial statements.      (Continued)

</FN>                                                                           

10-K
21st Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 21st
                                                                [Download Table]


                        PUBLIX SUPER MARKETS, INC.                           

                        Consolidated Balance Sheets                          

                           December 29, 2001 and                             
                             December 30, 2000                               

         Liabilities and Stockholders' Equity          2001           2000   
         ------------------------------------          ----           ----   

                                                   (Amounts are in thousands,
                                                      except share amounts)  
                                                                             

Current liabilities:                                                         
  Accounts payable                                 $  691,071        676,924 
  Accrued expenses:                                                          
    Salaries and wages                                 56,560         57,090 
    Contribution to retirement plans                  232,925        250,832 
    Self-insurance reserves                           103,048         84,095 
    Other                                             152,863        143,757 
                                                   ----------      --------- 

       Total accrued expenses                         545,396        535,774 
                                                   ----------      --------- 

  Federal and state income taxes                       13,030         29,668 
                                                   ----------      --------- 

       Total current liabilities                    1,249,497      1,242,366 

Deferred tax liabilities, net                         172,440        152,830 
Self-insurance reserves                               137,474        109,423 
Accrued postretirement benefit cost                    70,151         62,986 
Other noncurrent liabilities                           13,672         18,005 
                                                   ----------      --------- 

       Total liabilities                            1,643,234      1,585,610 
                                                   ----------      --------- 

Stockholders' equity:                                                        
  Common stock of $1 par value.  Authorized                                  
    300,000,000 shares; issued and outstanding                               
    197,111,536 shares in 2001 and 204,972,803                               
    shares in 2000                                    197,112        204,973 
  Additional paid-in capital                          343,834        212,947 
  Reinvested earnings                               2,226,768      2,252,661 
                                                   ----------      --------- 

                                                    2,767,714      2,670,581 

  Accumulated other comprehensive earnings             (5,163)        (8,146)
                                                   ----------      --------- 

       Total stockholders' equity                   2,762,551      2,662,435 

Commitments and contingencies                             ---            --- 
                                                   ----------      --------- 

                                                   $4,405,785      4,248,045 
                                                   ==========      ========= 

<FN>                                                                            

See accompanying notes to consolidated financial statements.                 

</FN>                                                                           

10-K
22nd Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 22nd
                                                                [Download Table]


                             PUBLIX SUPER MARKETS, INC.                         

                       Consolidated Statements of Earnings                      

                  Years ended December 29, 2001, December 30, 2000              
                               and December 25, 1999                            

                                              2001          2000           1999 
                                              ----          ----           ---- 
                                                  (Amounts are in thousands,    
                                                   except shares outstanding and
                                                   per share amounts)           
                                                                                
Revenues:                                                                       
  Sales                                 $ 15,284,229   14,575,031    13,068,900 
  Other operating income                      85,790       77,710        72,756 
                                        ------------  -----------   ----------- 

      Total revenues                      15,370,019   14,652,741    13,141,656 
                                        ------------  -----------   ----------- 
Costs and expenses:                                                             
  Cost of merchandise sold, including                                           
    store occupancy, warehousing                                                
    and delivery expenses                 11,300,287   10,812,177     9,774,712 
  Operating and administrative                                                  
    expenses                               3,301,652    3,083,122     2,706,320 
                                        ------------  -----------   ----------- 

      Total costs and expenses            14,601,939   13,895,299    12,481,032 
                                        ------------  -----------   ----------- 

      Operating profit                       768,080      757,442       660,624 
                                        ------------  -----------   ----------- 

Investment income, net                        38,353       50,426        46,714 
Other income, net                             20,390       15,685        12,231 
                                        ------------  -----------   ----------- 

Earnings before income tax expense           826,823      823,553       719,569 

Income tax expense                           296,402      293,147       257,160 
                                        ------------  -----------   ----------- 

Net earnings                            $    530,421      530,406       462,409 
                                        ============  ===========   =========== 

Weighted average number of common                                               
  shares outstanding                     202,171,794  210,145,666   216,160,316 
                                         ===========  ===========   =========== 

Basic and diluted earnings per common                                           
  share based on weighted average                                               
  shares outstanding                    $       2.62         2.52          2.14 
                                        ============  ===========   =========== 

                                                                [Download Table]


                             PUBLIX SUPER MARKETS, INC.                         

                 Consolidated Statements of Comprehensive Earnings              

                  Years ended December 29, 2001, December 30, 2000              
                               and December 25, 1999                            

                                              2001          2000           1999 
                                              ----          ----           ---- 
                                                   (Amounts are in thousands)   
                                                                                
Net earnings                                $530,421      530,406       462,409 

Other comprehensive earnings                                                    
Unrealized gain (loss) on investment                                            
  securities available-for-sale,                                                
  net of tax effect of $1,704,                                                  
  ($1,253) and ($6,089) in 2001,                                                
  2000 and 1999, respectively                  2,713       (1,995)       (9,707)

Reclassification adjustment for net                                             
  realized loss on investment securities                                        
  available-for-sale, net of tax effect                                         
  of $170, $595 and $1,733 in 2001,                                             
  2000 and 1999, respectively                    270          948         2,769 
                                            --------      -------       ------- 

Comprehensive earnings                      $533,404      529,359       455,471 
                                            ========      =======       ======= 
<FN>                                                                            
See accompanying notes to consolidated financial statements.                    
</FN>                                                                           

10-K
23rd Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 23rd
                                                        [Enlarge/Download Table]


                                                 PUBLIX SUPER MARKETS, INC.                                                

                                      Consolidated Statements of Stockholders' Equity                                      

                                      Years ended December 29, 2001, December 30, 2000                                     
                                                   and December 25, 1999                                                   

                                                                                     Common                                
                                                                                      stock                                
                                                                                    acquired     Accumulated       Total   
                                                          Additional                  from          other          stock-  
                                                 Common    paid-in     Reinvested    stock-    comprehensive      holders' 
                                                  stock    capital      earnings     holders       earnings        equity  
                                                  -----    -------      --------     -------       --------        ------  

                                                       (Amounts are in thousands, except per share and share amounts)      

                                                                                                                           
Balances at December 26, 1998                   $216,862   152,472      1,958,459        ---          (161)      2,327,632 
Comprehensive earnings for the year                  ---       ---        462,409        ---        (6,938)        455,471 
Cash dividends, $.22 per share                       ---       ---        (47,846)       ---           ---         (47,846)
Contribution of 3,328,017 shares to                                                                                        
  retirement plans                                   ---      (517)           ---    152,633           ---         152,116 
10,789,790 shares acquired from stockholders         ---       ---            ---   (492,892)          ---        (492,892)
Sale of 6,167,508 shares to stockholders             967    44,397            ---    236,299           ---         281,663 
Retirement of 2,261,077 shares                    (2,261)      ---       (101,699)   103,960           ---             --- 
                                                --------   -------      ---------    -------       -------       --------- 

Balances at December 25, 1999                    215,568   196,352      2,271,323        ---        (7,099)      2,676,144 

Comprehensive earnings for the year                  ---       ---        530,406        ---        (1,047)        529,359 
Cash dividends, $.27 per share                       ---       ---        (57,816)       ---           ---         (57,816)
Contribution of 3,319,596 shares to                                                                                        
  retirement plans                                   ---     1,505            ---    148,251           ---         149,756 
16,464,016 shares acquired from stockholders         ---       ---            ---   (751,479)          ---        (751,479)
Sale of 2,549,273 shares to stockholders             347    15,090            ---    101,034           ---         116,471 
Retirement of 10,941,939 shares                  (10,942)      ---       (491,252)   502,194           ---             --- 
                                                --------   -------      ---------    -------       -------       --------- 

Balances at December 30, 2000                    204,973   212,947      2,252,661        ---        (8,146)      2,662,435 

Comprehensive earnings for the year                  ---       ---        530,421        ---         2,983         533,404 
Cash dividends, $.32 per share                       ---       ---        (66,284)       ---           ---         (66,284)
Contribution of 4,404,719 shares to                                                                                        
  retirement plans                                   ---     1,738            ---    210,855           ---         212,593 
14,249,727 shares acquired from stockholders         ---       357            ---   (670,665)          ---        (670,308)
Sale of 1,983,741 shares to stockholders           2,744   128,792            ---    (40,825)          ---          90,711 
Retirement of 10,605,219 shares                  (10,605)      ---       (490,030)   500,635           ---             --- 
                                                --------   -------      ---------    -------       -------       --------- 

Balances at December 29, 2001                   $197,112   343,834      2,226,768        ---        (5,163)      2,762,551 
                                                ========   =======      =========    =======       =======       ========= 

<FN>                                                                                                                       

See accompanying notes to consolidated financial statements.                                                               

</FN>                                                                                                                      

10-K
24th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 24th
                                                        [Enlarge/Download Table]


                              PUBLIX SUPER MARKETS, INC.                                 

                      Consolidated Statements of Cash Flows                              

                  Years ended December 29, 2001, December 30, 2000                       
                               and December 25, 1999                                     

                                                  2001            2000            1999   
                                                  ----            ----            ----   

                                                       (Amounts are in thousands)        
                                                                                         
Cash flows from operating activities:                                                    
  Cash received from customers               $ 15,365,329      14,675,826     13,120,450 
  Cash paid to employees and suppliers        (13,861,595)    (13,235,049)   (12,021,554)
  Dividends and interest received                  42,228          56,358         55,329 
  Income taxes paid                              (293,877)       (276,433)      (214,773)
  Payment for self-insured claims                (182,180)       (153,021)      (135,464)
  Other operating cash receipts                       873             826            751 
  Other operating cash payments                   (13,364)        (10,367)        (8,335)
                                             ------------      ----------     ---------- 

      Net cash provided by operating                                                     
          activities                            1,057,414       1,058,140        796,404 
                                             ------------      ----------     ---------- 

Cash flows from investing activities:                                                    
  Payment for property, plant and                                                        
    equipment                                    (656,422)       (558,133)      (512,658)
  Proceeds from sale of property, plant                                                  
    and equipment                                   2,550           4,390          2,679 
  Payment for investment securities -                                                    
    available-for-sale (AFS)                     (173,061)       (111,143)      (190,003)
  Proceeds from sale and maturity of                                                     
    investment securities - AFS                   285,072          75,349        130,609 
  Other, net                                      (15,241)         (5,247)       (10,515)
                                             ------------      ----------     ---------- 

      Net cash used in investing activities      (557,102)       (594,784)      (579,888)
                                             ------------      ----------     ---------- 

Cash flows from financing activities:                                                    
  Proceeds from sale of common stock               90,711         116,471        281,663 
  Payment for acquisition of common stock        (670,308)       (751,479)      (492,892)
  Dividends paid                                  (66,284)        (57,816)       (47,846)
  Other, net                                          ---            (262)          (131)
                                             ------------      ----------     ---------- 

      Net cash used in financing activities      (645,881)       (693,086)      (259,206)
                                             ------------      ----------     ---------- 

Net decrease in cash and cash equivalents        (145,569)       (229,730)       (42,690)

Cash and cash equivalents at beginning                                                   
  of year                                         396,906         626,636        669,326 
                                             ------------      ----------     ---------- 

Cash and cash equivalents at end of year     $    251,337         396,906        626,636 
                                             ============      ==========     ========== 

<FN>                                                                                     

See accompanying notes to consolidated financial statements.         (Continued)         

</FN>                                                                                    

10-K
25th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 25th
                                                        [Enlarge/Download Table]


                             PUBLIX SUPER MARKETS, INC.                              

                      Consolidated Statements of Cash Flows                          
                                   (Continued)                                       

                                                       2001       2000       1999    
                                                       ----       ----       ----    

                                                         (Amounts are in thousands)  
                                                                                     
Reconciliation of net earnings to net cash                                           
  provided by operating activities                                                   

Net earnings                                        $  530,421    530,406    462,409 

Adjustments to reconcile net earnings to net                                         
  cash provided by operating activities:                                             
    Depreciation and amortization                      259,682    226,950    199,428 
    Retirement contributions paid or payable                                         
      in common stock                                  196,582    218,790    193,227 
    Deferred income taxes                               19,163     19,542     12,461 
    Loss on sale of property, plant and                                              
      equipment                                         20,966     15,683     20,015 
    Loss on sale of investments                            439      1,543      4,586 
    Self-insurance reserves in excess of                                             
      current payments                                  47,004     24,008      9,141 
    Postretirement accruals in excess of                                             
      current payments                                   7,165      7,251      6,877 
    Decrease in advance purchase                                                     
      allowances                                        (4,333)    (6,261)    (5,051)
    Other, net                                           3,077      3,922      3,249 
    Change in cash from:                                                             
      Trade receivables                                (27,309)     9,743    (40,768)
      Merchandise inventories                          (25,130)   (45,531)  (111,889)
      Prepaid expenses                                    (727)       168       (553)
      Accounts payable and accrued expenses             47,052     54,754     13,346 
      Federal and state income taxes                   (16,638)    (2,828)    29,926 
                                                    ----------  ---------    ------- 

          Total adjustments                            526,993    527,734    333,995 
                                                    ----------  ---------    ------- 

Net cash provided by operating activities           $1,057,414  1,058,140    796,404 
                                                    ==========  =========    ======= 

<FN>                                                                                 

See accompanying notes to consolidated financial statements.                         

</FN>                                                                                

10-K
26th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 26th
    PUBLIX SUPER MARKETS, INC.

    Notes to Consolidated Financial Statements

    December 29, 2001, December 30, 2000
 and December 25, 1999

(1)  Summary of Significant Accounting Policies                                 
------------------------------------------                            

(a)  Business                                                         
--------                                                    
          The Company is in the business of operating  retail food  supermarkets
          in Florida,  Georgia, South Carolina and Alabama. The Company operates
in a single industry segment.                               

(b)  Principles of Consolidation                                      
---------------------------                                 
          The  consolidated  financial  statements  include  the Company and its
          wholly owned subsidiaries.  All significant  intercompany balances and
transactions have been eliminated in consolidation.         

(c)  Fiscal Year                                                      
-----------                                                 
          The fiscal year ends on the last  Saturday in  December.  Fiscal years
       1999 and 2001 include 52 weeks. Fiscal year 2000 includes 53 weeks.

(d)  Cash Equivalents                                                 
----------------                                            
          The Company considers all liquid  investments with maturities of three
months or less to be cash equivalents.                      

(e)  Trade Receivables                                                
-----------------                                           
          Trade  receivables  primarily  includes  amounts  due from credit card
          sales,  third party insurance pharmacy billings and uncollected vendor
allowances.                                                 

(f)  Inventories                                                      
-----------                                                 
          Inventories  are valued at the lower of cost  (principally  the dollar
          value last-in,  first-out ("LIFO") method) or market value,  including
          store  inventories,   which  are  calculated  by  the  retail  method.
          Approximately  86% of inventories  for 2001 and 2000 were valued using
          the LIFO  method.  All  remaining  inventory is valued at the lower of
          cost (using the first-in,  first-out ("FIFO") method) or market value.
        The FIFO cost of inventory approximates replacement or current cost.

(g)  Investments                                                      
-----------                                                 
          The  Company   determines  the  appropriate   classification  of  debt
          securities at the time of purchase and reevaluates such designation as
          of  each  balance  sheet  date.  Debt  securities  are  classified  as
          held-to-maturity  when the Company has the positive intent and ability
          to hold the  securities to maturity.  Held-to-maturity  securities are
          stated at cost, adjusted for amortization of premiums and accretion of
          discounts to maturity.  Such amortization and accretion is included in
          investment income, net. The Company had no held-to-maturity securities
as of December 29, 2001 and December 30, 2000.              

                                                                     (Continued)

10-K
27th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 27th
    PUBLIX SUPER MARKETS, INC.

    Notes to Consolidated Financial Statements

          All of the Company's debt securities and marketable  equity securities
          are classified as  available-for-sale.  Available-for-sale  securities
          are carried at fair value,  with the unrealized gains and losses,  net
          of tax,  reported as other  comprehensive  earnings  and included as a
          separate   component  of  stockholders'   equity.  The  cost  of  debt
          securities in this category is adjusted for  amortization  of premiums
          and  accretion  of  discounts  to  maturity.   Such  amortization  and
          accretion is included in investment  income,  net.  Realized gains and
          losses and  declines  in value  judged to be  other-than-temporary  on
          available-for-sale  securities are included in investment income, net.
          The cost of  securities  sold is based on the specific  identification
method.                                                     

          Interest income is accrued as earned. Dividend income is recognized as
income on the ex-dividend date of the stock.                

(h)  Property, Plant and Equipment and Depreciation                   
----------------------------------------------              
          Assets  are   recorded   at  cost  and  are   depreciated   using  the
          straight-line method over their estimated useful lives or the terms of
their leases, if shorter, as follows:                       

            Buildings and improvements               10 - 40 years
            Furniture, fixtures and equipment         3 - 20 years
            Leasehold improvements                   10 - 40 years

          Maintenance and repairs are charged to operating expenses as incurred.
          Expenditures for renewals and betterments are capitalized. The gain or
          loss realized on assets traded is applied to the asset accounts in the
          consolidated  balance  sheets.  The gain or loss  realized on disposed
          assets or assets to be disposed of is recorded in  operating  expenses
in the consolidated statements of earnings.                 

(i)  Capitalized Computer Software Costs                              
-----------------------------------                         
          The Company  capitalizes  certain costs  incurred in  connection  with
          developing or obtaining  software for internal use in accordance  with
          Statement  of  Position  98-1,  "Accounting  for the Costs of Computer
          Software  Developed  or Obtained for  Internal  Use."  These costs are
          capitalized  and  amortized  over  a  three  year  life.  The  amounts
          capitalized  were  approximately  $24,611,000  and  $6,024,000 for the
          fiscal   years  ended   December  29,  2001  and  December  30,  2000,
respectively.                                               

(j)  Long-Lived Assets                                                
-----------------                                           
          The Company  reviews its  long-lived  assets for  impairment  whenever
          events or changes in circumstances indicate that the net book value of
          an asset  may not be  recoverable.  Recoverability  is  measured  by a
          comparison  of the net  book  value  of an  asset  to the  future  net
          undiscounted  cash flows  expected to be  generated  by the asset.  An
          impairment loss would be recorded for the excess of the net book value
          over the fair value of the asset impaired. The fair value is estimated
based on expected discounted future cash flows.             

(k)  Self-Insurance                                                   
--------------                                              
          Self-insurance   reserves  are  established  for  health  care,  fleet
          liability,  general liability and workers'  compensation claims. These
          reserves are determined based on actual  experience  including,  where
          necessary,  actuarial studies.  The Company has insurance coverage for
losses in excess of varying amounts.                        

                                          2                          (Continued)

10-K
28th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 28th
    PUBLIX SUPER MARKETS, INC.

    Notes to Consolidated Financial Statements

(l)  Comprehensive Earnings                                           
----------------------                                      
          Comprehensive  earnings includes net earnings and other  comprehensive
          earnings.  Other comprehensive  earnings includes revenues,  expenses,
          gains and  losses  that  have  been  excluded  from net  earnings  and
          recorded   directly  to  stockholders'   equity.   Included  in  other
          comprehensive earnings for the Company are unrealized gains and losses
on available-for-sale securities.                           

(m)  Revenue Recognition                                              
-------------------                                         
          Revenue is recognized  at the point of sale for retail  sales.  Vendor
          coupons and other sales  incentives  that are reimbursed are accounted
          for as  sales.  Coupons  and other  sales  incentives  offered  by the
          Company that are not  reimbursed are recorded as a reduction of sales.
          Vendor  allowances and credits that relate to the Company's buying and
          merchandising  activities  are  recognized  as a reduction  of cost of
          merchandise  sold as earned  according to the  underlying  agreements.
          Short-term  vendor  agreements with advance payments are recorded as a
          current  liability and are recognized over the  appropriate  period as
          earned. Long-term vendor agreements with advance payments are recorded
          as a noncurrent  liability  and are  recognized  over the  appropriate
period as earned.                                           

(n)  Other Operating Income                                           
----------------------                                      
          Other operating income includes income generated from other activities
          conducted in the Company's stores, primarily check cashing,  automated
          teller transactions, money order sales, lottery sales, vending machine
sales and in-store subleases.                               

(o)  Other Income, net                                                
-----------------                                           
          Other  income,   net  includes  rent  received  from  shopping  center
          operations,   net  of  related   expenses   and  other   miscellaneous
nonoperating income.                                        

(p)  Advertising Costs                                                
-----------------                                           
          Advertising  costs are  expensed  as incurred  and were  approximately
          $111,555,000,  $92,494,000  and $88,466,000 for the fiscal years ended
          December  29,   2001,   December  30,  2000  and  December  25,  1999,
respectively.                                               

(q)  Income Taxes                                                     
------------                                                
          Deferred tax assets and  liabilities  are  established  for  temporary
          differences   between  financial  and  tax  reporting  bases  and  are
          subsequently  adjusted to reflect  changes in tax rates expected to be
in effect when the temporary differences reverse.           

(r)  Earnings Per Share                                               
------------------                                          
          Basic and diluted earnings per common share are calculated by dividing
          net  earnings  by  the  weighted   average  number  of  common  shares
          outstanding.  Basic and diluted earnings per common share are the same
          because the Company does not have options or other stock  compensation
          programs  that would impact the  calculation  of diluted  earnings per
share.                                                      

(s)  Use of Estimates                                                 
----------------                                            
          The  preparation of financial  statements in conformity with generally
          accepted  accounting  principles requires management to make estimates
          and  assumptions  that  affect  the  reported  amounts  of assets  and
          liabilities and disclosure of contingent  assets and liabilities as of
          the date of the  financial  statements  and the  reported  amounts  of
          revenues and expenses  during the  reporting  period.  Actual  results
could differ from those estimates.                          

                                          3                          (Continued)

10-K
29th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 29th
    PUBLIX SUPER MARKETS, INC.

    Notes to Consolidated Financial Statements

(t)  Reclassifications                                                
-----------------                                           
          Certain 2000 and 1999 amounts have been  reclassified  to conform with
the 2001 presentation.                                      

(2)  Merchandise Inventories                                                    
-----------------------                                               

     If the first-in,  first-out method of valuing  inventories had been used by
     the Company to value all inventories,  inventories and current assets would
     have been higher than reported by approximately $119,809,000,  $112,606,000
     and  $109,379,000  as of December 29, 2001,  December 30, 2000 and December
     25,  1999,  respectively.  Also,  net  earnings  would  have  increased  by
     approximately  $3,625,000  or less than $.02 per share in 2001,  $1,584,000
  and $630,000 or less than $.01 per share in 2000 and 1999, respectively.

(3)  Fair Value of Financial Instruments                                        
-----------------------------------                                   

     The  following  methods  and  assumptions  were  used  by  the  Company  in
estimating the fair value of its financial instruments:               

Cash and cash equivalents: The carrying amount for cash and cash      
--------------------------                                            
equivalents approximates fair value.                                  

Investment securities: The fair values for marketable debt and equity 
----------------------                                                
securities are based on quoted market prices.                         

     The carrying  amount of the Company's  other  financial  instruments  as of
     December 29, 2001 and December 30, 2000 approximated  their respective fair
values.                                                               

(4)  Investments                                                                
-----------                                                           

     Following is a summary of available-for-sale  securities as of December 29,
2001 and December 30, 2000:                                           

                                Gross      Gross
                            Amortized     Unrealized  Unrealized      Fair
                                Cost          Gains      Losses        Value
                                ----          -----      ------        -----

                                  (Amounts are in thousands)
2001                                                                
----                                                                
     Tax exempt bonds          $213,066        1,162       8,590       205,638
     Taxable bonds               28,211          139         594        27,756
     Equity securities          111,351        4,766       5,287       110,830
                               --------        -----      ------       -------

                               $352,628        6,067      14,471       344,224
                               ========        =====      ======       =======

2000                                                                
----                                                                
     Tax exempt bonds          $356,921        1,940       6,256       352,605
     Taxable bonds               13,537        2,353       3,044        12,846
     Equity securities           98,057        2,115      10,369        89,803
                               --------        -----      ------       -------

                               $468,515        6,408      19,669       455,254
                               ========        =====      ======       =======

                                          4                          (Continued)

10-K
30th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 30th
    PUBLIX SUPER MARKETS, INC.

    Notes to Consolidated Financial Statements

     For the fiscal  years  ended  December  29,  2001,  December  30,  2000 and
     December  25,  1999,  the  realized  gains on  sales of  available-for-sale
     securities totaled $6,218,000, $1,388,000 and $1,566,000, respectively, and
     the  realized  losses  totaled   $6,657,000,   $2,931,000  and  $6,152,000,
respectively.                                                         

     The amortized cost and estimated  fair value of debt and marketable  equity
     securities  classified  as  available-for-sale  as of December 29, 2001 and
December 30, 2000, by expected maturity, are as follows:              

                                   2001                     2000
                                  -------------------      -------------------

                                 Amortized     Fair       Amortized     Fair
                                     Cost       Value         Cost       Value
                                     ----       -----         ----       -----

                                      (Amounts are in thousands)

    Due in one year or less       $  5,373      5,176        21,926     21,028
Due after one year through                                            
      five years                    19,283     18,541        79,920     80,396
Due after five years through                                          
      ten years                     19,704     18,350        30,538     30,726
    Due after ten years            196,917    191,327       238,074    233,301
                                  --------    -------       -------    -------

                                   241,277    233,394       370,458    365,451
    Equity securities              111,351    110,830        98,057     89,803
                                  --------    -------       -------    -------

                                  $352,628    344,224       468,515    455,254
                                  ========    =======       =======    =======

(5)  Postretirement Benefits                                                    
-----------------------                                               

     The Company  provides  life  insurance  benefits  for  salaried  and hourly
     full-time  employees.  Such employees retiring from the Company on or after
     attaining  age 55 and having ten years of  credited  full-time  service are
     entitled to postretirement life insurance  benefits.  The Company funds the
     life insurance  benefits on a  pay-as-you-go  basis.  Effective  January 1,
     2002,  the  Company  amended  the plan's  eligibility  requirements.  As of
     October 1, 2001, an employee must have had at least five years of full-time
     service and the  employee's  age plus years of credited  service  must have
     equaled 65 or greater to retain  postretirement  life insurance benefits at
     retirement.  In  addition,  the  employee  must be at least age 55 with ten
     years of full-time  service at  retirement  to receive the benefit.  During
     2001, 2000 and 1999, the Company made benefit  payments to beneficiaries of
     retirees  of   approximately   $1,976,000,   $1,165,000   and   $1,877,000,
respectively.                                                         

                                          5                          (Continued)

10-K
31st Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 31st
    PUBLIX SUPER MARKETS, INC.

    Notes to Consolidated Financial Statements

     The following tables provide a reconciliation of the changes in the benefit
     obligations  and fair value of plan  assets and a  statement  of the funded
status as of December 29, 2001 and December 30, 2000:                 

                                                2001        2000
                                                ----        ----

                                              (Amounts are in thousands)
Change in benefit obligation:                                         
Benefit obligation as of beginning of year   $ 69,343      61,688 
Service cost                                    3,560       3,429 
Interest cost                                   5,581       4,987 
Amendments                                    (18,746)        --- 
Curtailments                                   (4,397)        --- 
Actuarial loss                                  2,368         404 
Benefit payments                               (1,976)     (1,165)
                                            --------     -------

Benefit obligation as of end of year         $ 55,733      69,343 
                                            ========     =======

Change in fair value of plan assets:                                  
Fair value of plan assets as of beginning                         
 of year                                    $    ---         ---
Employer contributions                          1,976       1,165 
Benefit payments                               (1,976)     (1,165)
                                            --------     -------

Fair value of plan assets as of end of year  $    ---         --- 
                                            ========     =======

Funded status                                  $(55,733)    (69,343)  
Unrecognized actuarial loss                       4,328       6,357   
Unrecognized prior service cost                 (18,746)        ---   
                                            --------     -------

Accrued postretirement benefit cost            $(70,151)    (62,986)  
                                            ========     =======

     Following are the actuarial  assumptions  that were used in the calculation
of the year end benefit obligation:                                   

                                           2001       2000        1999
                                           ----       ----        ----

 Discount rate                              7.25%      7.75%       7.75%
 Rate of compensation increase              4.00%      4.00%       4.00%

     Net  periodic   postretirement  benefit  cost  consists  of  the  following
components:                                                           

                                           2001       2000        1999
                                           ----       ----        ----

                                              (Amounts are in thousands)

 Service cost                              $3,560      3,429       3,754
 Interest cost                              5,581      4,987       4,551
 Recognized actuarial loss                    ---        ---         449
                                           ------      -----       -----

 Net periodic postretirement benefit cost  $9,141      8,416       8,754
                                           ======      =====       =====

     Actuarial losses are amortized over the average  remaining  service life of
     active participants when the accumulation of such losses exceeds 10% of the
     greater  of the  projected  benefit  obligation  or the fair  value of plan
assets.                                                               

                                          6                          (Continued)

10-K
32nd Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 32nd
    PUBLIX SUPER MARKETS, INC.

    Notes to Consolidated Financial Statements

(6)  Retirement Plans                                                           
----------------                                                      

     The Company has a trusteed,  noncontributory  Employee Stock Ownership Plan
     (ESOP) for the benefit of eligible  employees.  The amount of the Company's
     discretionary  contribution to the ESOP is determined annually by the Board
     of Directors and can be made in Company  common stock or cash.  The expense
     recorded for contributions to this plan was  approximately  $181,507,000 in
2001, $204,968,000 in 2000 and $90,256,000 in 1999.                   

     Prior to 2000, the Company had a trusteed,  noncontributory  Profit Sharing
     Plan for the benefit of  eligible  employees.  The amount of the  Company's
     discretionary  contribution  to this plan was  determined  annually  by the
     Board  of  Directors  and was made in  Company  common  stock or cash.  The
     expense  recorded  for   contributions  to  this  plan  was   approximately
     $92,731,000  in 1999.  Effective  December 31, 1999, the Company merged the
Profit Sharing Plan into the ESOP.                                    

     The Company has a 401(k)  plan for the benefit of eligible  employees.  The
     401(k) plan is a voluntary defined  contribution  plan.  Eligible employees
     may contribute up to 10% of their eligible annual compensation (8% prior to
     January 1, 2002), subject to the maximum contribution limits established by
     Federal  law.  The  Company  may  make  a  discretionary   annual  matching
     contribution  to eligible  participants  of this plan as  determined by the
     Board of  Directors.  During  2001,  2000 and 1999,  the Board of Directors
     approved  a match of 50% of  eligible  contributions  up to 3% of  eligible
     wages, not to exceed a maximum match of $750 per employee. The match, which
     is  determined  as of the  last  day of  the  plan  year  and  paid  in the
     subsequent  plan  year,  is in common  stock of the  Company.  The  expense
     recorded  for the  Company's  match to the  401(k)  plan was  approximately
$15,075,000 in 2001, $13,822,000 in 2000 and $12,715,000 in 1999.     

     The Company intends to continue its retirement plans; however, the right to
     modify,  amend,  terminate or merge these plans has been  reserved.  In the
     event of termination,  all amounts contributed under the plans must be paid
to the participants or their beneficiaries.                           

                                          7                          (Continued)

10-K
33rd Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 33rd
    PUBLIX SUPER MARKETS, INC.

    Notes to Consolidated Financial Statements

(7)  Income Taxes                                                               
------------                                                          

The provision for income taxes consists of the following:             

                                            Current     Deferred     Total
                                            -------     --------     -----

                                              (Amounts are in thousands)
2001                                                                  
----                                                                  
   Federal                                   $240,433     16,285     256,718
   State                                       36,805      2,879      39,684
                                             --------     ------     -------

                                             $277,238     19,164     296,402
                                             ========     ======     =======

2000                                                                  
----                                                                  
   Federal                                   $233,284     16,761     250,045
   State                                       40,321      2,781      43,102
                                             --------     ------     -------

                                             $273,605     19,542     293,147
                                             ========     ======     =======

1999                                                                  
----                                                                  
   Federal                                   $208,413     10,606     219,019
   State                                       36,286      1,855      38,141
                                             --------     ------     -------

                                             $244,699     12,461     257,160
                                             ========     ======     =======

     The actual tax expense for 2001,  2000 and 1999 differs from the "expected"
     tax  expense  for  those  years  (computed  by  applying  the U.S.  Federal
corporate tax rate of 35% to earnings before income taxes) as follows:

                                                 2001       2000        1999
                                                 ----       ----        ----

                                                (Amounts are in thousands)

   Computed "expected" tax expense           $289,388    288,243     251,849
State income taxes (net of                                            
     Federal income tax benefit)               25,795     28,016      24,792
    Tax exempt interest                         (8,077)   (12,990)    (13,466)
    Other, net                                 (10,704)   (10,122)     (6,015)
                                             --------    -------     -------

                                             $296,402    293,147     257,160
                                             ========    =======     =======

                                          8                          (Continued)

10-K
34th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 34th
    PUBLIX SUPER MARKETS, INC.

    Notes to Consolidated Financial Statements

     The tax  effects of  temporary  differences  that give rise to  significant
     portions of deferred tax assets and deferred tax liabilities as of December
29, 2001 and December 30, 2000 are as follows:                        

                                                    2001          2000
                                                    ----          ----

                                                  (Amounts are in thousands)
Deferred tax assets:                                                  
   Self-insurance reserves                        $ 85,645        71,115
   Advance purchase allowances                      14,767        12,589
   Postretirement benefit cost                      27,060        24,297
   Retirement plan contributions                    19,448        20,121
   Inventory capitalization                          8,794         9,497
   Other                                            12,878        15,472
                                                  --------       -------

 Total deferred tax assets                        $168,592       153,091
                                                  ========       =======

Deferred tax liabilities:                                             
Property, plant and equipment,                                    
     principally due to depreciation              $280,643       248,287
   Other                                             6,217         2,036
                                                  --------       -------

 Total deferred tax liabilities                   $286,860       250,323
                                                  ========       =======

     The Company expects the results of future operations to generate sufficient
     taxable income to allow utilization of deferred tax assets;  therefore,  no
     valuation  allowance has been recorded as of December 29, 2001 and December
30, 2000.                                                             

(8) Commitments and Contingencies                                             
-----------------------------                                         

(a)  Operating Leases                                                 
----------------                                            
          The Company  conducts a major  portion of its retail  operations  from
          leased store premises generally subject to 20 year leases.  Contingent
          rentals paid to lessors of certain store  facilities are determined on
          the basis of a percentage  of sales in excess of  stipulated  minimums
     plus, in certain instances, reimbursement of taxes and insurance.

          Total rental expense for the years ended  December 29, 2001,  December
30, 2000 and December 25, 1999, is as follows:              

                                    2001        2000        1999
                                    ----        ----        ----

                                    (Amounts are in thousands)

   Minimum rentals                $219,757     200,267     178,812
   Contingent rentals               10,529      11,498      10,685
    Sublease rental income          (10,148)     (8,260)     (7,028)
                                  --------     -------     -------

                                  $220,138     203,505     182,469
                                  ========     =======     =======

                                          9                          (Continued)

10-K
35th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 35th
    PUBLIX SUPER MARKETS, INC.

    Notes to Consolidated Financial Statements

          As of  December  29,  2001,  future  minimum  lease  payments  for all
        noncancelable operating leases and related subleases are as follows:

            Minimum           Sublease
            Rental            Rental
    Year                 Commitments          Income             Net
    ----                 -----------          ------             ---

                                (Amounts are in thousands)

       2002                 $  227,332            6,510            220,822
       2003                    224,656            4,206            220,450
       2004                    221,101            3,037            218,064
       2005                    216,297            1,590            214,707
       2006                    211,097              512            210,585
       Thereafter            1,854,092               87          1,854,005
                            ----------           ------          ---------

                            $2,954,575           15,942          2,938,633
                            ==========           ======          =========

          The Company also owns shopping centers which are leased to tenants for
          minimum  monthly  rentals  plus,  in  certain  instances,   contingent
          rentals.  Contingent rentals received are determined on the basis of a
          percentage of sales in excess of stipulated  minimums plus, in certain
          instances,  reimbursement of taxes and insurance.  Contingent  rentals
          were  estimated  at  December  29,  2001  and are  included  in  trade
          receivables.  Rental  income was  approximately  $12,986,000  in 2001,
          $11,513,000 in 2000 and $9,508,000 in 1999. The approximate amounts of
          minimum  future  rental  payments to be received  under  noncancelable
          operating leases are $11,367,000,  $9,576,000,  $7,182,000, $4,860,000
          and  $2,862,000  for the years 2002 through  2006,  respectively,  and
$11,839,000 thereafter.                                     

(b)  Line of Credit                                                   
--------------                                              
          In December  2001,  the Company  executed an agreement for a committed
          line of credit  totaling  $100  million.  This  364-day line of credit
          facility is available to fund liquidity requirements if necessary. The
          interest  rate is  based  on LIBOR or  prime.  There  were no  amounts
outstanding on this line of credit as of December 29, 2001. 

(c)  Litigation                                                       
----------                                                  
          The Company is a party in various legal claims and actions  considered
          in the normal course of business.  In the opinion of  management,  the
          ultimate  resolution  of  these  legal  proceedings  will  not  have a
          material adverse effect on the Company's financial condition,  results
of operations or cash flows.                                

                                         10                          (Continued)

10-K
36th Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 36th
    PUBLIX SUPER MARKETS, INC.

    Notes to Consolidated Financial Statements

(9) Quarterly Information (unaudited)                                         
---------------------------------                                     

     Following  is a summary  of the  quarterly  results of  operations  for the
     fiscal years ended  December  29, 2001 and December 30, 2000.  All quarters
have 13 weeks except the fourth quarter of 2000 which has 14 weeks.   

                             Quarter Ended
                            ----------------------------------------------------

                              March          June       September       December
                              -----          ----       ---------       --------

                            (Amounts are in thousands, except per share amounts)

2001                                                                
----                                                                
      Revenues              $3,938,820     3,729,763     3,736,347     3,965,089
      Costs and expenses    $3,720,245     3,557,971     3,568,910     3,754,813
      Net earnings          $  150,886       119,862       116,242       143,431
Basic and diluted                                                   
earnings per common                                             
share, based on                                                 
weighted average                                                
        shares outstanding  $      .74           .59           .58           .71

2000                                                                
----                                                                
      Revenues              $3,632,998     3,495,747     3,484,487     4,039,509
      Costs and expenses    $3,425,816     3,312,523     3,324,529     3,832,431
      Net earnings          $  142,363       128,266       113,860       145,917
Basic and diluted                                                   
earnings per common                                             
share, based on                                                 
weighted average                                                
        shares outstanding  $      .67           .60           .55           .70

                                         11                          (Continued)

10-K
Last Page of 37
TOC
1st
Previous
Next
↓Bottom
Just 37th
                                                        [Enlarge/Download Table]


                                                                  Schedule II              
                                                                  -----------              
                          PUBLIX SUPER MARKETS, INC.                                       

                     Valuation and Qualifying Accounts                                     

               Years ended December 29, 2001, December 30, 2000                            
                            and December 25, 1999                                          
                          (Amounts are in thousands)                                       

                                        Balance at     Additions     Deductions  Balance at
                                        beginning      charged to      from        end of  
       Description                       of year        income        reserves     year    
       -----------                       -------        ------        --------     ----    
                                                                                           

Year ended December 29, 2001                                                               

Reserves not deducted from assets:                                                         
  Self-insurance reserves:                                                                 
    -Current                             $ 84,095       201,133       182,180     103,048  
    -Noncurrent                           109,423        28,051           ---     137,474  
                                         --------       -------       -------     -------  
                                         $193,518       229,184       182,180     240,522  
                                         ========       =======       =======     =======  

Year ended December 30, 2000                                                               

Reserves not deducted from assets:                                                         
  Self-insurance reserves:                                                                 
    -Current                             $ 69,356       167,760       153,021      84,095  
    -Noncurrent                           100,154         9,269           ---     109,423  
                                         --------       -------       -------     -------  
                                         $169,510       177,029       153,021     193,518  
                                         ========       =======       =======     =======  

Year ended December 25, 1999                                                               

Reserves not deducted from assets:                                                         
  Self-insurance reserves:                                                                 
    -Current                             $ 61,413       143,407       135,464      69,356  
    -Noncurrent                            98,956         1,198           ---     100,154  
                                         --------       -------       -------     -------  
                                         $160,369       144,605       135,464     169,510  
                                         ========       =======       =======     =======  

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10-K’ Filing		Date		First		Last			Other Filings
		6/15/02		13
		5/14/02		1					10-Q
Filed on:		3/29/02
		3/14/02		17
		3/5/02		1		8
		2/28/02		19
		1/1/02		30		32
For Period End:		12/29/01		1		37			DEF 14A
		12/15/01		12		13
		10/1/01		30
		9/29/01		16					10-Q
		9/11/01		12
		6/30/01		12		16			10-Q
		6/21/01		16					S-8
		3/31/01		16					10-Q
		12/30/00		10		37			10-K,  DEF 14A
		12/31/99		32					11-K,  11-K/A
		12/25/99		10		37			10-K,  DEF 14A
		1/1/99		16
		12/26/98		16		23			10-K,  DEF 14A
		8/28/98		16
		12/28/96		16					10-K,  DEF 14A
		12/25/93		16					10-K
									List all Filings