Publix Posts Higher Q2 Sales, But Stock Price Falls
Although second-quarter sales are looking up for Publix Super Markets, the stock market is still proving difficult for the Southeast regional grocer to navigate.
Publix’s sales for the second quarter of 2010 were $6.2 billion, a 3.4 percent increase over last year’s $6 billion, while comparable-store sales for the quarter rose 2.4 percent. Net earnings for were $348.4 million, vs. $300.8 million in 2009, a 15.8 percent increase. Earnings per share rose to 44 cents for the quarter, from 38 cents per share in the year-ago period.
For the first half of 2010, Publix’s sales were $12.7 billion, a 2.7 percent rise from last year’s $12.4 billion, and comps edged up 1.6 percent. Net earnings for the first half of 2010 were $712.8 million, compared with $622.3 million in 2009, an increase of 14.5 percent. Earnings per share increased to $0.91 for the first half of 2010, up from $0.79 per share in 2009.
Effective Aug. 1, 2010, Publix’s stock price fell from from $18.50 per share to $18.45 per share, however. The grocer’s stock isn’t publicly traded and is sold only to current associates and board members.
“I’m proud that our Publix associates delivered strong operating results,” noted the company’s, CEO Ed Crenshaw. “Unfortunately, these results were not enough to offset the continuing challenges in the stock market.”
Privately owned and operated by its 142,000 employees, Lakeland, Fla.-based Publix has 1,020 stores in Florida, Georgia, South Carolina, Alabama and Tennessee.