Publix attributes $1.5 billion, or 16.1%, of its second-quarter sales to the coronavirus pandemic, which was declared a national emergency on March 13. The Lakeland, Fla.-based retailer’s overall sales for the second quarter ending June 27 were $11.4 billion, up nearly 22% from the previous year. Same-store sales for the three months increased nearly 20%.
Publix stock, which is not traded publicly but is available to current employees and board members, also saw a significant increase from $50.10 per share to $54.35 per share as of Aug. 1.
“Our associates’ efforts to serve our customers and communities have been remarkable,” said CEO Todd Jones in a statement. “I want to thank our associates for the comfort they bring to our customers and their fellow associates during this difficult time. It is heartwarming to see how much they care.”
Net earnings for the quarter were up more than 106%, rising from $661.1 million in 2019 to $1.14 billion this year. Earnings per share for the three months ended June 27 increased to $1.94 per share, up from 92 cents per share in 2019.
Half Yearly Results
Publix estimates that for the first six months of the year, the pandemic accounted for an extra $2.5 billion in sales, or 13.1%. Sales for the six months ending June 27 were $22.6 billion, an 18.9% increase from $19 billion in 2019. Same-store sales for the period increased 17.1%.
Net earnings for the six months ending June 27 were $2 billion, compared to $1.6 billion in 2019, an increase of 23.9%. Earnings per share for the six months increased to $2.89 per share, up from $2.29 per share in 2019.