Publix Super Markets reversed a comparable-store sales decline it incurred in the first quarter by posting a comp-store increase of 1.6% in the second quarter, according to financial results filed Tuesday.
The Lakeland, Fla.-based regional powerhouse posted a 3.5% increase in net income for the period, to $495.1 million, while sales rose 3.6% to $8.4 billion.
Publix said its second-quarter sales were positively impacted by 1.2% due to the shift of the Easter holiday from the first quarter of a year ago to the second quarter of the current year.
Through the first half, net income fell 0.9%, to $1.05 billion, on a 1.5% increase in sales to $17.1 billion. Comp-store sales for the first half decreased 0.3%, following a first-quarter decline of 2.1%.
For the second quarter in a row, the company’s stock price declined. Effective Aug. 1, the stock — which is not publicly traded and is only available to current and former employees and to board members — was priced at $36.05, down from $39.15 after the first quarter.
“This has been a tough quarter for supermarket companies in the stock market,” said Todd Jones, Publix president and CEO. “We continue to be focused on growing sales and profits while providing premier customer service.”
Aug. 4, 2017: Publix's current stock price has been corrected.
