US-based supermarket chain Publix has reported its sales for the second quarter (Q2) of the fiscal year 2022 (FY22) grew by 9.3% to $12.9bn, compared with $11.8bn in the corresponding period of 2021 (FY21).
The company’s comparable store sales increased by 7.8%, while its net earnings declined by 37.7% to $628.4m from $1bn in Q2 2021.
During the three months to 25 June, Publix’s earnings per share (EPS) decreased to $0.18, down from $0.29 in the prior-year period.
For the first half (H1) of FY22, Publix recorded $26.2bn in sales, up by 11.4% from $23.5bn in the same period of FY21, while its comparable store sales grew by 9.7%.
Publix saw a 50.2% drop in net earnings to $1.2bn during the six-month period, compared with $2.5bn in H1 2021.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataSee Also:
The company’s EPS for H1 was $0.37, down from $0.72 in the same period of last year.
Its stock price for each share decreased from $14.91 to $13.84 as of 1 August, though its stock is only sold to its current associates and members of its board of directors.
Publix CEO Todd Jones said: “Unfortunately, our results were not enough to offset challenges in the stock market.
“I continue to be proud of our associates for making shopping a pleasure at Publix.”
Publix is an employee-owned company, with more than 230,000 associates in the US.
The company operates a network of 1,298 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia.
In April this year, Publix partnered with grocery delivery and service provider Instacart to launch a 15-minute delivery service in Miami, Florida.
The service will deliver fresh produce, pantry staples, household goods and other items from Publix using Instacart’s nano-fulfilment solution, Carrot Warehouses.
The two companies began working together in 2016, when they launched one-hour deliveries.
