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Publix posts posts sales gains in Q2

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LAKELAND, Fla. — Publix Super Markets Inc. reported sales of $11.4 billion for the three months ended June 27, a 21.8% increase from $9.3 billion posted last year’s second quarter. Comparable store sales for the three-month period increased 19.9%.

The company estimates its sales for the quarter increased by 16.1% — or about $1.5 billion — due to the impact of the coronavirus pandemic.

Net earnings for the three months ended June 27 were $1.4 billion, up 106.8% over the $661.1 million posted in the same period last year. Earnings per share increased to $1.94 per share, up from $0.92 per share in 2019. Net earnings and earnings per share were impacted by net unrealized gains on equity securities. Excluding their impact, net earnings for the three months would have been $978.3 million, up 53.6% over the $637 million in 2019. Earnings per share would have been $1.39 per share, compared to $0.89 per share in 2019.

Publix’s sales for the six months ended June 27, 2020 were $22.6 billion, an 18.9% increase from $19 billion in 2019. Comparable store sales for the six months ended June 27, 2020 increased 17.1%. The company estimates its sales for the six months ended June 27, 2020 increased approximately $2.5 billion or 13.1% due to the impact of the coronavirus pandemic.

Net earnings for the six months ended June 27, 2020 were $2 billion, compared to $1.6 billion in 2019, an increase of 23.9%. Earnings per share for the six months ended June 27, 2020 increased to $2.89 per share, up from $2.29 per share in 2019. Net earnings and earnings per share were impacted by net unrealized gains on equity securities. Excluding the impact of net unrealized gains on equity securities in 2020 and 2019, net earnings for the six months ended June 27, 2020 would have been $1.9 billion, compared to $1.4 billion in 2019, an increase of 40.3%. Earnings per share would have been $2.74 per share, compared to $1.92 per share in 2019.

These amounts are based on unaudited financial statements that will be filed Monday with the U.S. Securities and Exchange Commission and made available on the company’s website at corporate.publix.com/stock.

Effective Aug. 1, 2020, Publix’s stock price increased from $50.10 per share to $54.35 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.

“Our associates’ efforts to serve our customers and communities have been remarkable,” Publix CEO Todd Jones said 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.”


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