1. News
August 2, 2022

Publix reports 9.3% sales increase in second quarter of FY22

The retailer’s stock price decreased from $14.91 to $13.84 for each share as of 1 August.

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.

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.