Publix’s Q2 Sales Rise Slightly, Net Earnings Dip

Publix Super Markets has reported second-quarter 2016 sales of $8.1 billion, a 2.1 percent increase from last year’s $8 billion. The grocer’s comparable-store sales for the second quarter of 2016 edged up 1.1 percent. According to Lakeland, Fla.-based Publix, its sales were negatively affected by 1.2 percent because of the Easter holiday’s occurrence in the first quarter in 2016, whereas in 2015, Easter fell in the second quarter.

“Our results were impacted by weakening tourism in some market areas and the timing of Easter,” noted Publix CEO and President Todd Jones. “Our associates remain focused on providing excellent customer service.”  

The company’s net earnings for the second quarter were $478.2 million, versus $482.7 million last year, a 0.9 percent decline. Earnings per share remained the same at 62 cents.

For the first half of 2016, Publix’s sales were $16.8 billion, a 3.3 percent increase from $16.3 billion for the year-ago period, while comps rose 2.2 percent. Net earnings for the first half of 2016 were $1.1 billion, compared with $1 billion in 2015, a 2.8 percent increase. Earnings per share grew to $1.37 for the first half of 2016, from $1.33 per share last year.

The amounts are based on unaudited reports filed Aug. 1 with the U.S. Securities and Exchange Commission and available on the company’s website.

As of Aug. 1, 2016, Publix’s stock price fell from $43.95 per share to $41.90 per share. The company’s stock is not publicly traded and is made available for sale only to current associates and members of its board of directors.

Privately owned and operated by its 184,000 employees, Publix has 1,121 stores in Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina.