LAKELAND, FL - Publix is on the up and up. The retail chain announced that, as of June 30th of this year, the company’s second quarter results showed a 4 percent increase—from $8.4 billion in 2017 to $8.8 billion in 2018. Comparable stores sales have also seen an increase, jumping 1.7 percent.
Sales saw a negative impact of 1.2 percent because of the Easter holiday being in the first quarter this year, which occurred during the second quarter last year.
“Since the beginning of the year, our stock price has increased from $36.85 to $42.55, over 15 percent,” CEO and President Todd Jones shared. “Our associates deserve the credit for continuing to make us a leader in customer service.”
According to a press release, the following represents the company’s financial results:
- Net earnings for the three months ended June 30, 2018 were $616.2 million, compared to $495.1 million in 2017, an increase of 24.5 percent
- Earnings per share for the three months ended June 30, 2018 increased to $0.84, up from $0.65 per share in 2017
- Net earnings and earnings per share for the three months ended June 30, 2018 were positively impacted by the decrease in the federal statutory income tax rate from 35 percent to 21 percent effective in 2018 due to the Tax Cuts and Jobs Act of 2017 (Tax Act)
- Net earnings and earnings per share also were impacted by a new accounting standard requiring equity securities be measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings
- Excluding the impact of the new accounting standard, net earnings would have been $571 million, an increase of 15.3 percent, and earnings per share would have been $0.78 for the three months ended June 30, 2018
Beyond the second quarter, the company’s first six months of the year saw an increase of 5.4 percent in its sales—going from $17.1 billion in 2017 to $18 billion in 2018. Further, a 3.4 percent increase was seen in Publix’s comparable store sales for the first six months ending June 30th.
The press release expresses the following in regards to the first six months’ growth:
- Net earnings for the six months ended June 30, 2018 were $1.3 billion, compared to $1.05 billion in 2017, an increase of 23.4 percent
- Earnings per share for the six months ended June 30, 2018 increased to $1.77, up from $1.37 per share in 2017. Net earnings and earnings per share for the six months ended June 30, 2018 were positively impacted by the Tax Act
- Net earnings and earnings per share also were impacted by the new accounting standard
- Excluding the impact of the new accounting standard, net earnings would have been $1.28 billion, an increase of 21.4 percent, and earnings per share would have been $1.74 for the six months ended June 30, 2018
The amounts announced are based on unaudited financial statements, which will be filed with the U.S. Securities and Exchange Commission and later made available to the public on the company’s website.
Starting August 1st, Publix’s stock price spiked from $41.75 per share to $42.55 per share. Stock for Publix is not publicly traded and is only available for purchase for Publix associates and members of its board of directors.
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