Home » Publix Reports Sales, Stock Price Up In Second Quarter

Publix Reports Sales, Stock Price Up In Second Quarter

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Publix’s sales for the three months ended June 30, 2018, were $8.8 billion, a 4 percent increase from $8.4 billion in 2017. Comparable store sales for the three months ended June 30 increased 1.7 percent. The company estimates sales were negatively impacted by 1.2 percent due to the effect of the Easter holiday being in the first quarter in 2018. In 2017, the effect of the Easter holiday was in the second quarter.

Net earnings for the second quarter were $616.2 million, compared to $495.1 million in 2017, an increase of 24.5 percent. Earnings per share increased to $0.84, up from $0.65 per share in 2017. Net earnings and earnings per share were positively impacted by the decrease in the federal statutory income tax rate from 35 percent to 21 percent effective in 2018 due to the Tax Cuts and Jobs Act of 2017. Net earnings and earnings per share also were impacted by a new accounting standard requiring equity securities be measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings. Excluding the impact of the new accounting standard, net earnings would have been $571 million, an increase of 15.3 percent, and earnings per share would have been $0.78 for the three months ended June 30, 2018.

Publix’s sales for the six months ended June 30 were $18 billion, a 5.4 percent increase from $17.1 billion in 2017. Comparable store sales for the six months increased 3.4 percent. Net earnings were $1.3 billion, compared to $1.05 billion in 2017, an increase of 23.4 percent. Earnings per share increased to $1.77, up from $1.37 per share in 2017. Net earnings and earnings per share were positively impacted by the Tax Act. Net earnings and earnings per share also were impacted by the new accounting standard. Excluding the impact of the new accounting standard, net earnings would have been $1.28 billion, an increase of 21.4 percent, and earnings per share would have been $1.74.

Effective Aug. 1, Publix’s stock price increased from $41.75 per share to $42.55 per share.

“Since the beginning of the year, our stock price has increased from $36.85 to $42.55, over 15 percent,” said Publix President and CEO Todd Jones. “Our associates deserve the credit for continuing to make us a leader in customer service.”


Keep reading:

Costco, Publix Named Top-Rated Workplaces By Indeed

Publix Names New Human Resources, Public Affairs VPs

Publix Acquires Winn-Dixie Lease In Gulf Shores, Alabama

About the author

Alissa Marchat

A word nerd and a grocery geek. She is a proud new homeowner and a great lover of avocado toast.

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