Publix Sees Earnings Decline in Q2

Publix Super Markets on Friday said it suffered a profit squeeze in second quarter, as net income fell 3.5%, to $295.8 million, even though sales were up for the period.

LAKELAND, Fla. — Publix Super Markets here on Friday said it suffered a profit squeeze in second quarter, as net income fell 3.5%, to $295.8 million, even though sales were up for the period. The employee-owned chain, with 940 stores in the Southeast, said sales for the quarter increased 3.5%, to $5.9 billion, and comparable-store sales were up 1.3%. Through the first half, net income rose 2.4%, to $638.9 million, on a sales gain of 4.8%, to $12.1 billion. The company said its stock was recently appraised at $19.70 per share, up from $19.45 at its last appraisal.

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