Wednesday, June 20, 2018
Business

Publix stock drops but sales increase in second quarter

Lakeland-based Publix Supermarkets' stock price dipped although sales and profits increased during the second quarter of 2017.

Effective today, Publix's stock price decreased from $39.15 per share to $36.05 per share, the company rerported. The grocery chain's stock is not publicly traded and is made available for sale only to Publix associates and the company's board of directors. This is the sixth time in recent quarterly results that the company has decreased its stock value. Since Publix is not publicly traded, its stock price fluctuates based on what the company is valued at.

Publix, Florida's largest grocery store chain, reported sales for the second quarter of $8.4 billion, a 3.6 percent increase from last year's $8.1 billion. Comparable-store sales for the second quarter, which ended June 30, increased by 1.6 percent. Sales were impacted 1.6 percent by the Easter holiday falling in the second quarter this year, the company said. In 2016, the Easter holiday was during the first quarter.

"This has been a tough quarter for supermarket companies in the stock market," said Publix CEO and President Todd Jones in a statement. "We continue to be focused on growing sales and profits while providing premier customer service."

Related Coverage: Publix stays atop Florida company rankings on latest Fortune 500 list of largest corporations

The company's net earnings were $495.1 million compared to the $478.2 million recorded in the second quarter of 2016. That's an increase of 3.5 percent. Earnings per share for the second quarter increased to 65 cents, up from 62 cents per share last year.

Sales for the first half of 2017 were $17.1 billion, up 1.5 percent from last year's $16.8 billion. Comparable-store sales for the first half of the year decreased, however, by 0.3 percent.

Net earnings for the first half of 2017 were $1.05 billion compared to $1.06 billion last year, a drop of about 1 percent. Earnings per share did not change, and remain at $1.37 per share.

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