Publix stock falls despite sales, earnings growth

LAKELAND, Fla. Publix reported that its sales for the second quarter of 2010 were $6.2 billion, a 3.4% increase from last year’s $6 billion. Comparable-store sales for the second quarter of 2010 increased 2.4%.

Net earnings for the second quarter of 2010 were $348.4 million, compared to $300.8 million in 2009, an increase of 15.8%. Earnings per share increased to 44 cents for the second quarter of 2010, up from 38 cents per share in 2009.

Publix’s sales for the first half of 2010 were $12.7 billion, a 2.7% increase from last year’s $12.4 billion. Comparable-store sales for the first half of 2010 increased 1.6%.

Net earnings for the first half of 2010 were $712.8 million, compared to $622.3 million in 2009, an increase of 14.5%. Earnings per share increased to 91 cents for the first half of 2010, up from 79 cents per share in 2009.

Effective Aug. 1, Publix’s stock price decreased from $18.50 per share to $18.45 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.

“I’m proud that our Publix associates delivered strong operating results,” said Publix CEO Ed Crenshaw. “Unfortunately, these results were not enough to offset the continuing challenges in the stock market.”