Sales advanced in the second quarter that ended June 25 but earnings lagged at Publix.
In the quarter, Publix’s net earnings were $628.4 million, or 18 cents per share, versus $1 billion, or 29 cents per share, in the 2021 period, the company reported.
Earnings per share figures reflect an adjustment for a 5-for-1 stock split that occurred on April 14.
With the impact of net unrealized losses on equity securities in 2022 and net unrealized gains on equity securities in 2021 excluded, net earnings for the quarter would have been $895.5 million, or 26 cents per share, versus $920.3 million, or 27 cents per share, in the year-previous period, again adjusted to reflect the stock split.
Net sales were $12.9 billion, up 9.3% from the year-earlier quarter as comparable store sales increased 7.8%.
Effective August 1, Publix’s stock price declined from $14.91 per share to $13.84 per share. Publix stock is not publicly traded and is sold 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 Publix CEO Todd Jones in announcing the financial results. “I continue to be proud of our associates for making shopping a pleasure at Publix.”