Publix Shares Q2 2022 Results

Lakeland, Fla.-based grocery chain Publix has shared its Q2 2022 results, highlighted by an increase in sales but a decrease in earnings.

For the three month period ending June 25, sales were $12.9 billion, a 9.3% increase from $11.8 billion in 2021. Comparable store sales increased 7.8%.

Net earnings for Q2 were $628.4 million, compared to $1 billion in 2021, a decrease of 37.7%. Earnings per share decreased to $0.18 per share, down from $0.29 per share in 2021, adjusted for the effect of the 5-for-1 stock split that occurred on April 14, 2022. 

Effective Aug. 1, Publix announced that its stock price decreased from $14.91 per share to $13.84 per share, although the company is not publicly traded.

“Unfortunately, our results were not enough to offset challenges in the stock market,” said Publix CEO Todd Jones. “I continue to be proud of our associates for making shopping a pleasure at Publix.”

For the year so far, Publix’s sales for the six months ended June 25, 2022 were $26.2 billion, an 11.4% increase from $23.5 billion last year. Comparable store sales for the same period increased 9.7%. Net earnings for the six month period were $1.2 billion compared to $2.5 billion in 2021, a decrease of 50.2%.

Publix, the largest employee-owned company in the U.S. currently operates nearly 1,300 stores across seven Southern states.