Publix Q2 sales up but stock price falls amid stock market challenges
Publix Super Markets reported mixed results for its second quarter.
The grocer said its sales increased 9.3% to $12.9 billion for the quarter ended June 25, up from $11.8 billion in 2021. Comparable store sales increased 7.8%.
The company’s net earnings fell 37.7% to $628.4 million for the quarter ended June 25, compared to $1 billion in the year-ago period. Earnings per share for the quarter fell to $0.18 per share, down from $0.29 per share in 2021, adjusted for the effect of the 5-for-1 stock split that occurred on April 14, 2022.
Excluding the impact of net unrealized losses on equity securities in 2022 and net unrealized gains on equity securities in 2021, net earnings for the three months ended June 25, 2022 would have been $895.5 million, compared to $920.3 million in 2021, a decrease of 2.7%. Earnings per share would have been $0.26 per share, compared to $0.27 per share in 2021, adjusted for the effect of the stock split.
Effective Aug. 1, 2022, Publix’s stock price decreased from $14.91 per share to $13.84 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.)
“Unfortunately, our results were not enough to offset challenges in the stock market,” said Publix CEO Todd Jones. “I continue to be proud of our associates for making shopping a pleasure at Publix.”
Publix is the largest employee-owned company in the United States. It operates 1,298 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia. In June, Publix broke ground on its first store in Kentucky, in Louisville.
Net earnings for the six months ended June 25, 2022 were $1.2 billion, compared to $2.5 billion in 2021, a decrease of 50.2%. Earnings per share for the six months ended June 25, 2022 decreased to $0.37 per share, down from $0.72 per share in 2021, adjusted for the effect of the stock split. Excluding the impact of net unrealized losses on equity securities in 2022 and net unrealized gains on equity securities in 2021, net earnings for the six months ended June 25, 2022 would have been $1.9 billion, compared to $1.8 billion in 2021, an increase of 6.4%. Earnings per share would have been $0.57 per share, compared to $0.53 per share in 2021, adjusted for the effect of the stock split.