Publix cuts stock price as Q2 sales increase

LAKELAND, Fla. — Florida's largest supermarket chain on Tuesday reported higher sales and revenues for its second quarter. Prior to releasing its results, the company cut the price of its stock.



Publix’s sales in the second quarter rose 3.6% to $8.4 billion, from last year’s $8.1 billion. Same-store sales increased 1.6%.  



Net earnings increased 3.5% to $495.1 million, compared to $478.2 million in the year-ago period. 



Publix’s sales for the first half of 2017 were $17.1 billion, a 1.5% increase over the year-ago period. Comparable-store sales for the first half of 2017 decreased 0.3%.



Net earnings for the first half of 2017 were down 0.9% to $1.05 billion. Earnings per share was unchanged at $1.37 per share.



Publix’s stock price decreased from $39.15 per share to $36.05 per share. Publix stock is not publicly traded and is made available for sale only to current associates and members of its board of directors. Unlike publicly traded stock, Publix adjusts its own stock price based on what auditors feel the company is valued at.



“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.”



Publix is privately owned and operated by its 188,000 employees. Currently, it has 1,150 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia.