Sales at Publix jump 20% in second quarter

Publix Super Markets saw net and comparable sales surge about 20% in the fiscal 2020 second quarter, fueled by coronavirus-triggered demand.

For the quarter ended June 27, sales climbed 21.8% to $11.4 billion from $9.3 billion a year earlier, Lakeland, Fla.-based Publix said Monday. Comp-store sales grew 19.9% for the period year over year.

Similarly, double-digit sales gains were recorded in the fiscal 2020 first half, with net sales rising 18.9% to $22.6 billion and same-store sales advancing 17.1% versus a year ago.

Publix estimated that second-quarter sales jumped 16.1%, or $1.5 billion, and first-half sales were up 13.1%, or $2.5 billion, as a result of higher demand amid the COVID-19 pandemic.

“Our associates’ efforts to serve our customers and communities have been remarkable,” Publix CEO Todd Jones said in a statement. “I want to thank our associates for the comfort they bring to our customers and their fellow associates during this difficult time. It is heartwarming to see how much they care.”

On the earnings side, net income for the second quarter totaled $1.4 billion, or $1.94 per share, compared with $661.1 million, or 92 cents per share, in the prior-year period. Adjusted net income, which excludes the impact of net unrealized gains on equity securities, was $978.3 million, or $1.39 per share, versus $637 million, or 89 cents per share, a year earlier.

Related:Publix goes chainwide with Instacart Meals ‘digital deli’

Net earnings for first six months of fiscal 2020 came in at $2 billion, or $2.89 per share, compared with $1.6 billion, or $2.29 per share, in the fiscal 2019 first half. On an adjusted basis, backing out the impact of net unrealized gains on equity securities, net earnings for the 2020 first half were $1.9 billion, or $2.74 per share, versus $1.4 billion, or $1.92 per share, in the year-ago period.

As of Aug. 1, Publix’s stock price stood at $54.35 per share, up from $50.10 when the company reported first-quarter results on May 1 and $48.90 at the fiscal 2019 year-end report on March 1. As an employee-owned company, the grocer doesn’t publicly trade its shares, which are available for sale only to current Publix associates and board members.

Publix operates 1,252 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia, up from 1,222 stores a year ago.

For our most up-to-date coverage, visit the coronavirus homepage.