Revenue, Sales Up at Publix in Q2
A week after reinstating mask mandates for employees, Publix reported a jump in revenue and comps for the second quarter.
The Florida-based operator of 1,239 supermarkets said revenue for the second quarter ended June 26 was $11.8 billion, a 3.9% increase from $11.4 billion in 2020. Same-store sales increased 2.3%. The numbers are a deceleration from the first quarter as the company continues to cycle against its pandemic sales in 2020.
“Throughout the pandemic, our associates have continued to provide legendary customer service,” said Publix CEO Todd Jones. “I’m so thankful to serve alongside them in making shopping at Publix a pleasure.”
Last week the company said, in response to the surge of COVID cases across the U.S., that “effective Aug. 2, Publix is requiring associates, regardless of their vaccination status, to wear face coverings over their noses and mouths while inside any Publix location. We encourage all to do their part to slow the spread of COVID-19. Customers and associates should remain physically distanced from others while inside any Publix store.”
Net earnings for second quarter were $1 billion, compared to $1.4 billion in 2020, a decrease of 26.2%. Earnings per share decreased to $1.46 per share, down from $1.94 per share in 2020. Excluding the impact of net unrealized gains on equity securities in 2021 and 2020, net earnings would have been $920.3 million, compared to $978.3 million in 2020, a decrease of 5.9%. Earnings per share would have been $1.33 per share, compared to $1.39 per share in 2020.
Publix’s sales for the six months ended June 26 were $23.5 billion, a 3.9% increase from $22.6 billion in 2020. Same-store sales for the six month period increased 2.4%.
Net earnings for the six months were $2.5 billion, compared to $2 billion in 2020, an increase of 23.1%. Earnings per share for the six months increased to $3.62 per share, up from $2.89 per share in 2020.
Effective Aug. 1, Publix’s stock price increased from $61.30 per share to $63.10 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.
Publix was recently recognized by Fortune as one of the Best Workplaces for Millennials for the sixth consecutive year, ranking No. 76 out of 100 in the large companies category.
Privately owned and operated by its more than 200,000 employees, Lakeland, Fla.-based Publix has over 1,200 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia. The company is No. 12 on The PG 100, Progressive Grocer’s 2020 list of the top food and consumables retailers in North America.
