Publix Logs Modest Q2 Comps, Earnings Lifts
Publix Super Markets experienced modest gains during quarter two of fiscal 2017, with a small rise in earnings and a bump in same-store sales due to Easter falling in Q2 instead of Q1 this year.
Sales for the second quarter of 2017 came to $8.4 billion, a 3.6 percent rose from last year’s $8.1 billion, while the grocer’s comps for the quarter edged up 1.6 percent. According to the Lakeland, Fla.-based grocer, sales for the quarter were positively affected by 1.2 percent, thanks to Easter’s occurring in the second quarter of 2017. Last year, the effect of the Easter holiday was in the first quarter.
Publix’s net earnings for the second quarter of 2017 were $495.1 million, versus $478.2 million last year, a 3.5 percent increase.
For the first half of 2017, the company’s sales were $17.1 billion, a 1.5 percent rise from last year’s $16.8 billion. Meanwhile, comps for the same time period dipped 0.3 percent, and net earnings were $1.05 billion, compared with $1.06 billion in 2016, a 0.9 percent decline. Earnings per share remained the same, at $1.37 per share.
As of Aug. 1, Publix’s stock price dropped from $39.15 per share to $36.05 per share. The company’s stock isn’t publicly traded and is sold only to current Publix associates and members of its board of directors.
“This has been a tough quarter for supermarket companies in the stock market,” acknowledged Publix CEO and President Todd Jones. “We continue to be focused on growing sales and profits while providing premier customer service.”