Publix reports second-quarter sales gains of 8.9% but lowers its stock price

While second-quarter sales at Publix Super Markets rose by 8.9% compared with the same period last year, its stock price fell by 22 cents per share, according to financial results the grocer filed Tuesday with the U.S. Securities Exchange Commission.

For context, most grocery sector stocks have seen declines over the past year, including Publix's peer group: Albertsons, Weis Markets and Kroger.

Lakeland-based Publix is a privately held, employee-owned company and its stock is not publicly traded. The stock is sold only to employees and board members. The Publix board of directors sets the price of the company’s stock and dividends.

On Tuesday, Publix’s stock price was set at $14.75 per share, decreasing from $14.97 last quarter.

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Publix's stock dividends have remained steady at about 12% even after factoring in last year’s 5-to-1 stock split.

In year over year comparisons, earnings per share of Publix stock for the three months ended July 1 increased to 33 cents per share, up from 18 cents per share in 2022, the release said.

Publix’s sales for the three months ended July 1 were $14.1 billion, which shows an 8.9% increase from $12.9 billion in sales for 2022, the release said.

Comparable store sales between April and June increased 6.2%, the release said. Net earnings for the three months ended July 1 were $1.1 billion, compared with $628 million in 2022, an increase of 74.7%.

The SEC filing also shows that while sales rose, operating income and cash flow were basically flat.

Publix equity securities – or investments in the stock market – rebounded this year after losing value last year, the release said. Net earnings for the second quarter on its investments would have been $1 billion in pre-tax dollars, compared with $896 million in 2022, for an increase of 16.3%. Earnings per share would have been 31 cents per share, compared with 26 cents per share in 2022.

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 the six months ended July 1 increased 6.3%.

For the year to date, net earnings for the first two quarters that ended July 1 were $2.3 billion, compared with $1.2 billion in 2022, an increase of 87.6%, the release said. Earnings per share for the six months ended July 1 increased to 70 cents per share, up from 37 cents per share in 2022.

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“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 in the press release.

Publix is one of the 10 largest-volume supermarket chains in the country with more than 250,000 employees. The grocer operates 1,346 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia. Stores are set to open soon in an eighth state, Kentucky.

This article originally appeared on The Ledger: Publix quarterly report shows higher sales and lower stock price