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Publix 2Q Sales Up 10 Percent; Stock Price Reaches All-time High

LAKELAND, Fla. - Publix posted a 10 percent sales increase in its second-quarter sales, with approximately $4.5 billion vs. $4.1 billion for the same period last year, while same-store sales at the supermarket chain increased 4.9 percent in the second quarter.

Net earnings for the second quarter were approximately $199.4 million this year, compared with $161.5 million in 2003, an increase of 23.5 percent. Earnings per share were $1.11 for the second quarter of 2004, compared to 87 cents in the second quarter of 2003.

Publix's sales for the first half of 2004 were approximately $9.2 billion -- a 9.1 percent increase from last year's $8.4 billion -- while net earnings for the first half of 2004 were approximately $402.8 million vs. $348.6 million in 2003, an increase of 15.5 percent. Earnings per share increased to $2.25 for the first half of 2004, up from $1.86 per share in 2003.

Publix said the second-quarter figures are based on unaudited reports that will be filed later this month with the U.S. Securities and Exchange Commission. The company's quarterly report to the SEC, Form 10-Q, will be available on the company's Web site at on Aug. 6.

Stock in the Sunshine State's market leader reached a record high last Friday of $58.50, a 12 percent increase from the $52.25 in May, the previous record. Only Publix employees and directors can buy stock in the company.

"I'm very pleased that our excellent operating performance and improvements in the stock market resulted in a significant increase in our stock price. I want to thank our Publix associates for their efforts in increasing our stock price by 38.5 percent in the last year," noted c.e.o. Charlie Jenkins Jr.

In other Publix news, the retailer began assessing a $1 automated teller surcharge if the customer's financial institution hasn't joined the supermarket chain's Presto! network. The policy became effective chainwide July 26, according Publix's Web site. Publix doesn't charge a fee for debit purchases made through point-of-sale terminals at its checkout lanes.
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