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Publix Profits Squeezed in Q2

LAKELAND, Fla. — Publix Super Markets here said profits were down slightly in the second quarter despite a 3.2% gain in revenues, including a 1.9% increase in comparable-store sales.

Net income of $382.4 million was off 0.2% from year-ago levels for the quarter. Total sales were $6.8 billion.

Through the first half, net income was up 1.3%, to $791 million, on a 3.7% increase in sales, to $13.9 billion. Comps for the first half of the year were up 2.6%. The company’s stock, which is not publicly traded and is only available to employees and board members, was valued at $22 per share, down from $22.70.

Read more: Publix Makes Knoxville Debut

“The economy continues to affect our results and stock price,” said Ed Crenshaw, chief executive officer, Publix. “During these difficult times, our associates remain focused on providing excellent customer service.”

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