Publix Super Markets reported another strong quarter during which its net earnings rose nearly 75%.
Net earnings rose 74.7% to $1.1 billion for the quarter ended July 1, compared to $628 million in the year-ago quarter. Earnings per share increased to $0.33 per share, up from $0.18 per share in 2022.
Excluding the impact of net unrealized gains on equity securities in 2023 and net unrealized losses on equity securities in 2022, adjusted net earnings would have been $1 billion, compared to $896 million in 2022, an increase of 16.3%. Earnings per share would have been $0.31 per share, compared to $0.26 per share in 2022.
Sales rose 8.9% to $14.1 billion, up from $12.9 billion in 2022. Comparable store sales for the three months increased 6.2%
Publix’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 period. increased 6.3%.
Effective Aug. 1, 2023, Publix’s stock price decreased from $14.97 per share to $14.75 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.)
“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.”
Publix, the largest employee-owned company in the U.S. with more than 250,000 associates, currently operates 1,346 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia.