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Publix Experiences 21.8 Percent Boost in Sales During Second Quarter

Photo Courtesy of Publix.

Publix’s sales have increased 21.8 percent year-over-year, the company announced during its second-quarter earnings report. As an essential retailer, the Lakeland-based grocer has remained open through the nationwide COVID-19 pandemic, which was declared a national emergency March 13. For its second quarter, which spanned the three months ending June 27, Publix’s sales reached $11.4 billion, an increase from $9.3 billion the same time a year ago. The company estimates its sales in the second quarter increased approximately $1.5 billion, or 16.1 percent, due to the pandemic.

Photo Courtesy of Getty Images.

Publix’s 2Q sales jumped 21.8% to $11.40 billion, driven by comp growth of 19.9%. The Company estimates 2Q sales increased $1.50 billion, or 16.1%, due primarily to the impact of the coronavirus pandemic. Net earnings were $1.40 billion, compared to $661.1 million in 2019, impacted by net unrealized gains on equity securities. For the year-to-date period, sales rose 18.9% to $22.60 billion, and comps increased 17.1%. During the first half of the year, 16 supermarkets were opened (four replacements), 82 supermarkets were remodeled and four supermarkets were closed. Effective August 1, Publix’s stock price increased $4.25 to $54.35 per share. Publix stock is not publicly traded and is made available for sale only to current Publix associates and members of its board. Source: Credintell

2020 Rebusiness Online.

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