Publix’s Q1 results in sales increase amid pandemic
Publix, an essential business amid the ongoing COVID-19 pandemic, is sharing its first quarter results for the year 2020.
The Lakeland, Fla.-based retailer reported sales of $11.2 billion — a 16.1% increase from the $9.7 billion reported the previous year — for the three months ended March 28.
Comparable-store sales for the same period also saw an increase of 14.4%, and the retailer estimated that for the three months ended March 28, sales have increased approximately $1 billion or 10.3% due to the coronavirus pandemic, the company said.
“Never before have we experienced a more challenging time,” said Publix CEO Todd Jones. “Our associates’ efforts to serve our customers and communities have been nothing short of extraordinary. I want to thank our associates, and couldn’t be more proud to serve alongside them.”
Net earnings for the same period were $667.3 million compared with the $981 million reported in 2019, decreasing 32%. Earnings per share also saw a decrease of 94 cents per share, down $1.37.
In addition, the company’s stock price also increased from $48.90 per share to $50.10 per share. Publix’s stock is not publicly traded and is only available to current associates and members of its board of directors.