LAKELAND, Fla. (FNS) -- Publix Super Markets here said net income increased 8.3% to $49.6 million in the second quarter ended June 25.
Sales in the chain's 452 supermarkets rose 12.7% to $2.02 billion from $1.8 billion in last year's second quarter, according to a recent filing with the Securities and Exchange Commission. Same-store sales rose 4.8%, Publix reported in its 10-Q filing.
Total revenues, which were boosted slightly by income from claims for hurricane damage, rose 13% to $2.04 billion in the quarter, the retailer said. Publix is the nation's eighth-largest supermarket chain.
Net earnings increased 26% in the first half to $128 million. Publix is an employee-owned company.
Half-year sales at the company's supermarkets increased 12% to $4.2 billion.
Publix said cash from operating activities fell 14.8% to $207 million in the first half of 1994 from $243 million in the same period last year. Much of the drop in operating cash was attributed to higher income taxes -- $92 million in the first six months of 1994, compared with $49 million in 1993's first half.
Capital expenditures totaled $193.4 million in the first half of 1994, as Publix opened 25 new stores and remodeled 11 others, according to the SEC filing. In the year-ago first half, Publix spent $130 million on capital improvements.
Publix said it plans to spend an additional $207 million on capital projects in the second half.
On its balance sheet, Publix said cash and cash equivalents totaled $119 million at the end of the second quarter. This compared with $330 million at the end of the year-ago quarter.
As part of its ongoing expansion effort in Georgia, Publix last week opened its second location in DeKalb County, a 55,000-square-foot food and pharmacy unit. It was the 27th store Publix has opened in Georgia during the past two years.