Another 'tough quarter' for Publix
Publix cited a "tough quarter for supermarket companies" as the reason why the grocery chain cut the price of its stock and reported nearly flat same store sales.
Publix’s sales for the second quarter of 2017 were $8.4 billion, a 3.6 percent increase from last year’s $8.1 billion. Same store sales for the second quarter of 2017 increased 1.6 percent. Publix’s stock price decreased from $39.15 per share to $36.05 per share. The stock price has been on a slide since early 2016.
“This has been a tough quarter for supermarket companies in the stock market,” said Publix CEO & President Todd Jones. “We continue to be focused on growing sales and profits while providing premier customer service.”
Since Amazon announced its $13.4 billion bid to buy Whole Foods, the stock price of other supermarket chains has plummeted. Kroger’s shares have dropped 20 percent since Amazon’s announcement.
Net earnings for the second quarter of 2017 were $495.1 million, compared to $478.2 million in 2016, an increase of 3.5 percent. Earnings per share for the second quarter increased to $0.65 for 2017, up from $0.62 per share in 2016.
Publix’s sales for the first half of 2017 were $17.1 billion, a 1.5 percent increase from last year’s $16.8 billion. Comparable-store sales for the first half of 2017 decreased 0.3 percent.
Net earnings for the first half of 2017 were $1.05 billion, compared to $1.06 billion in 2016, a decrease of 0.9 percent. Earnings per share was unchanged at $1.37 per share.
Publix has 1,150 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia.