Publix posts another strong quarter

Employee-owned grocer Publix Super Markets, which continues to open new stores at a brisk pace, reported another solid quarter Tuesday, with net earnings up nearly 75%.

Publix, which sells stock only to its current employees and members of its board, said that for the quarter ended July 1, sales totaled $14.1 billion, up 8.9% from a year ago. Same-store sales during the period rose 6.2%.

Publix’s net earnings for the second quarter were $1.1 billion, up 74.7% from the same period in 2022.

For the six-month period ended July 1, Lakeland, Florida-based Publix reported sales of $28.4 billion, up 8.6% from a year ago. Same-store sales during the six-month time frame increased 6.3%.

Net earnings for the first half of the year grew 87.6%, to $2.3 billion.

Starting Tuesday, Publix’s stock price decreased from $14.97 per share to $14.75 per share, the grocer said.

“As we enter the last half of the year, our associates remain focused on operational excellence and providing premier customer service,” CEO Todd Jones said in a statement.

Last month, Publix announced plans to open a new grocery store in Carrollton, Virginia, early next year.

The grocer employs more than 240,000 workers and operates more than 1,340 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia.