Publix Q2 sales increase while earnings dip

Lakeland, Fla.-based Publix, the largest employee-owned U.S. company, announced $14.5 billion in sales during its second quarter, marking a 3.1% increase from the previous year. 

The grocer, which employs more than 255,000 associates at 1,376 stores across Florida, Georgia, Alabama, Tennessee, South Carolina, Virginia, and Kentucky, said net earnings dipped 11.4% to $972 million year over year for the quarter.  

Earnings per share declined to $0.29, down from $0.33 per share in the same period a year ago. Publix stock is only available for purchase by Publix associates and members of its board of directors. 

“Excluding the impact of net unrealized gains on equity securities in 2024 and 2023, net earnings for the three months ended June 29, 2024, would have been $940 million, compared to $1 billion in 2023, a decrease of 9.8%,” the company reported. “Earnings per share for the three months ended June 29, 2024 would have been $0.29 per share, compared to $0.31 per share in 2023.”

Sales rose 4.1% for the first half of the fiscal year, reaching $29.6 billion. Comparable store sales for the first half of fiscal 2024 increased by 2%, Publix reported. 

Also, during the first six months of the year, net earnings reached $2.3 billion, and earnings per share increased by one cent to $0.71 per share.

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“Excluding the impact of net unrealized gains on equity securities in 2024 and 2023, net earnings for the six months ended June 29, 2024, would have been $2 billion, compared to $2.1 billion in 2023, a decrease of 3.9%,” Publix added.” “Earnings per share for the six months ended June 29, 2024 would have been $0.61 per share, compared to $0.63 per share in 2023.”

Publix also made headlines on Wednesday with the news that the grocery chain was ranked No. 1 in customer satisfaction for its pharmacy operations by J.D. Power 2024 U.S. Pharmacy Study. 

“At Publix, providing premier service is ingrained in our culture,” Publix CEO Kevin Murphy said in a press release. “I’m proud of our pharmacy teams, who are dedicated to delivering the best care possible to our customers.”