Publix stock rises on strong quarter
LAKELAND, Fla. — Investors will wish even harder that Publix would go public, now that the company has reported strong quarterly results and a jump in its private stock price.
Publix, which is not publicly-traded company, said that its stock price rose from $21.65 per share to $22.05 per share, effective Aug. 1. The stock is only available to current Publix associates and members of its board of directors.
Publix reported that its sales for the second quarter of 2011 were $6.6 billion, a 5.8% increase from last year’s $6.2 billion. Comparable-store sales for the second quarter of 2011 increased 4.2%.
Net earnings for the second quarter of 2011 were $382.4 million, compared with $348.4 million in 2010, an increase of 9.7%. Earnings per share for the second quarter increased to 48 cents for 2011, up from 44 per share in 2010.
“I’m proud our good operating performance resulted in another increase in our stock price,” said Publix CEO Ed Crenshaw. “I congratulate our associates for continuing to deliver premier service.”