Earnings, private stock price take a hit at Publix
LAKELAND, Fla. — Publix sales grew $6.8 billion in the second quarter, a 3.2% increase from $6.6 billion for the same period last year. Same-store sales rose 1.9%.
Net earnings took a slight hit, declining 0.2%, to $381.6 million from $382.4 million in 2011. However, earnings per share for the second quarter increased to 49 cents for 2012, up from 48 cents per share in 2011.
Publix’s sales for the first half of 2012 were $13.9 billion, a 3.7% increase from last year’s $13.4 billion. Comparable-store sales for the first half of 2012 increased 2.6%.
Net earnings for the first half of 2012 were $791 million, compared with $780.5 million in 2011, an increase of 1.3%. Earnings per share increased to $1.01 for the first half of 2012, up from 99 cents per share in 2011.
Effective Aug. 1, Publix’s stock price decreased from $22.70 per share to $22.00 per share. Publix stock is not publicly traded and is made available for sale only to current Publix associates and members of its board of directors.
“The economy continues to affect our results and stock price,” said Publix CEO Ed Crenshaw. “During these difficult times, our associates remain focused on providing excellent customer service.”