Publix Sales, Net Earnings Soar in Q2
It was a great second quarter for Publix Super Markets, which saw $14.1 billion in sales, an 8.9% year-over-year increase. Comparable-store sales for the three months ended July 1 increased 6.2%, and net sales increased 74.7% to $1.1 billion, compared to $628 million in 2022.
Earnings per share for the quarter increased to $0.33 per share, up from $0.18 per share in 2022. The company’s sales for the six months ended July 1 were $28.4 billion, an 8.6% increase from $26.2 billion in 2022. Comparable-store sales for the six months ended July 1, 2023 increased 6.3%.
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“As we enter the last half of the year, our associates remain focused on operational excellence and providing premier customer service,” said Publix CEO Todd Jones. “I’m so thankful to serve with them in making shopping at Publix a pleasure.”
After posting solid sales growth in both fourth quarter and full fiscal year 2022, Publix kept the momentum going in Q1. The grocer's sales for the three months ended April 1 were $14.3 billion, an 8.2% increase from $13.2 billion in 2022, and comparable-store sales increased 6.4%.
Also in Q1, net earnings were up 100.8% to $1.2 billion, compared to $618 million in 2022. Publix’s stock price increased from $14.55 per share to $14.97 per share, effective May 1. Publix stock is not publicly traded and is made available for sale only to current associates and members of its board of directors.
Following 11 store openings throughout Florida and Georgia earlier this year, Publix announced a second location in the Hampton Roads area of Virginia slated to open in early 2025 in the city of Chesapeake.
After being severely damaged by Hurricane Ian last September, Publix reopened its Fort Myers Beach, Fla., location on May 25 amid great fanfare. Additionally, the grocer opened a location in Royal Palm Beach, Fla., on July 6, and a store in Boiling Springs, S.C., on July 12.
Employee-owned and -operated Publix has close to 1,300 supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee, North Carolina and Virginia. Lakeland, Fla.-based Publix is No. 12 on The PG 100, Progressive Grocer’s 2023 list of the top food and consumables retailers in North America. PG also named the company as one of its Retailers of the Century.
