Publix posts 2.1% sales gain in second quarter

Print Friendly, PDF & Email

Net earnings fell 0.9% in period, but rose in first half

LAKELAND, Fla. — Publix Super Markets Inc. reported sales of $8.1 billion for the second quarter, a 2.1% increase from last year’s $8 billion. Comparable-store sales increased 1.1%. The company estimates that sales were negatively impacted by 1.2% due to the effect of the Easter holiday being in the first quarter in 2016. In 2015, the effect of the Easter holiday was in the second quarter.

Net earnings for the quarter were $478.2 million, compared to $482.7 million in 2015, a decrease of 0.9%. Earnings per share were unchanged at $0.62 per share.

Sales for the first half were $16.8 billion, up 3.3% over last year’s $16.3 billion. Comparable-store sales for the first half increased 2.2%, net earnings increased 2.8% to $1.1 billion. (The company says the numbers it released are based on unaudited reports that it filed on Monday with the U.S. Securities and Exchange Commission.)

Publix also announced that it’s stock price decreased from $43.95 per share to $41.90 per share. Publix stock is not publicly traded and is made available for sale only to current Publix associates and members of its board of directors.

“Our results were impacted by weakening tourism in some market areas and the timing of Easter,” Publix president and CEO Todd Jones said in a statement. “Our associates remain focused on providing excellent customer service.”

Publix, which is privately owned and operated by its 184,000 employees, reported annual sales of $32.4 billion in 2015. The supermarket operator currently has 1,121 stores in Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina.



Comments are closed.