Publix Earnings Down for the Quarter But Steady for First Half of ‘24
Timing played a role in the second quarter results for Florida-based grocer Publix Super Markets. The company’s slight dip in profits during the period were attributed in part to the Easter holiday that landed in the first fiscal quarter this year compared to last year, when it fell during the second quarter.
For the three-month period ending June 29, net earnings came in at $972 million, an 11.4% slide compared to the prior Q2. That said, the company noted that the decline would have been 9.8% if net unrealized gains on equity securities this year and last year were excluded. Earnings per share (EPS) were also down during the second quarter, ticking from $0.33 to $0.29 on a year-over-year (YoY) basis.
The grocer was in the black when it came to sales. Sales rose 3.1% YoY during the quarter to reach $14.5 billion. Comps likewise edged higher, up 1.1%.
Publix also released figures for the front half of the fiscal year. Sales climbed 4.1% during the first six months to reach $29.6 billion and comps went up 2%. Net earnings were identical, calculated at $2.3 billion for the opening six months of both FY 2023 and FY 2024.
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CEO Kevin Murphy lauded team members the employee-owned company for their performance. “Our associates make a difference for our customers and communities every day. I’m thankful for their efforts and commitment,” he said.
Meanwhile, Publix continues to invest in expansion. A new location in Wetumpka, Ala., opened this week at the Shoppes at Fort Toulouse, following other summer openings in Millbrook, Ala., Milledgeville, Ga., and Apollo Beach, Fla. Next up: a Publix slated to be unveiled at the Plaza at Normandy in Jacksonville, Fla. The retailer’s move north continues, too, as Publix recently announced a fourth location planned for northern Kentucky in the city of Florence.
Employee-owned and -operated Publix has 255,000-plus associates and more than 1,300 supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee, North Carolina, Virginia and Kentucky. The Lakeland, Fla.-based company is No. 12 on The PG 100, Progressive Grocer’s 2024 list of the top food and consumables retailers in North America. PG also named the company one of its Retailers of the Century.
