Publix reports Q2 hike in sales
Challenges in the stock market brought mixed outcomes for Publix, as it released its results for the first three and first six months, ending June 25, 2022.
The retailer’s sales for the three months ending June 25, 2022 were $12.9 billion, a 9.3% increase from $11.8 billion in 2021. Comparable store sales for the same period increased 7.8%.
Publix reported that net earnings for the three months ending June 25, 2022 were $628.4 million, compared with $1 billion in 2021, a decrease of 37.7%. Earnings per share for the same period decreased to 18 cents per share, down from 29 cents per share in 2021, adjusted for the effect of the five for one stock split that occurred on April 14, 2022, the company said.
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Excluding the impact of net unrealized losses on equity securities in 2022 and net unrealized gains on equity securities in 2021, the retailer’s net earnings for the three months ending June 25, 2022 would have been $895.5 million, compared with $920.3 million in 2021, a decrease of 2.7%. Earnings per share would have been 26 cents per share, compared with 27 cents per share in 2021, adjusted for the effect of the stock split.
Publix’s sales for the six months ending June 25, 2022 were $26.2 billion, an 11.4% increase from $23.5 billion in 2021. Comparable store sales for the six months ending June 25, 2022 increased 9.7%.
Publix’s net earnings for the six months ending June 25, 2022 were $1.2 billion, compared to $2.5 billion in 2021, a decrease of 50.2%. Earnings per share for the six months ending June 25, 2022 decreased to 37 cents per share, down from 72 cents per share in 2021, adjusted for the effect of the stock split.
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Excluding the impact of net unrealized losses on equity securities in 2022 and net unrealized gains on equity securities in 2021, net earnings for the six months ending June 25, 2022 would have been $1.9 billion, compared with $1.8 billion in 2021, an increase of 6.4%. Earnings per share would have been 57 cents per share, compared with 53 cents per share in 2021, adjusted for the effect of the stock split.
Effective Aug. 1, Publix’s stock price decreased from $14.91 per share to $13.84 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.
“Unfortunately, our results were not enough to offset challenges in the stock market,” said CEO Todd Jones. “I continue to be proud of our associates for making shopping a pleasure at Publix.”