Publix’s sales for the three months ending June 29, 2024, reached $14.5 billion, reflecting a 3.1% increase from $14.1 billion in the same period of 2023. This growth was partially offset by a 1.1% sales impact from the Easter holiday shift, which fell in the first quarter of 2024 compared to the second quarter in 2023. Comparable store sales for the quarter increased by 1.1%.
Net earnings for the quarter were $972 million, down from $1.1 billion in 2023, marking an 11.4% decrease. Earnings per share (EPS) decreased to $0.29, compared to $0.33 in the prior year. Excluding the effects of net unrealized gains on equity securities, net earnings would have been $940 million, compared to $1 billion in 2023, a decrease of 9.8%. EPS, excluding these gains, would have been $0.29, down from $0.31 in 2023.
For the six months ending June 29, 2024, Publix reported sales of $29.6 billion, a 4.1% increase from $28.4 billion in 2023. Comparable store sales for the half-year rose by 2%. Net earnings for the six-month period were $2.3 billion, with EPS increasing to $0.71 from $0.70 in 2023. Excluding net unrealized gains, net earnings would have been $2 billion, compared to $2.1 billion in 2023, a 3.9% decrease. EPS, excluding these gains, would have been $0.61, down from $0.63 in 2023.
The financial results are based on unaudited statements filed with the U.S. Securities and Exchange Commission and available on Publix’s website at corporate.publix.com/stock.
Effective August 1, 2024, Publix’s stock price increased from $16.25 to $16.46 per share. Publix stock is not publicly traded but is available for purchase by current Publix associates and board members.
“Our associates make a difference for our customers and communities every day,” said Publix CEO Kevin Murphy. “I’m thankful for their efforts and commitment.”
Non-GAAP Financial Measures
In addition to reporting results in accordance with GAAP, Publix presents net earnings and EPS excluding the impact of equity securities measured at fair value. These non-GAAP measures exclude temporary market fluctuations that do not reflect operational performance and are intended to provide a clearer period-to-period comparison.
Reconciliation of Net Earnings:
Three Months Ended June 29, 2024 vs. July 1, 2023:
- Net Earnings: $972 million vs. $1,097 million
- Fair Value Adjustment: $(43) million vs. $(123) million
- Net Gain on Sale of Equity Securities: $0 vs. $48 million
- Income Tax Expense: $11 million vs. $20 million
- Net Earnings Excluding Fair Value Adjustment: $940 million vs. $1,042 million
- EPS Excluding Fair Value Adjustment: $0.29 vs. $0.31
Six Months Ended June 29, 2024 vs. July 1, 2023:
- Net Earnings: $2,338 million vs. $2,338 million
- Fair Value Adjustment: $(430) million vs. $(369) million
- Net Gain on Sale of Equity Securities: $0 vs. $48 million
- Income Tax Expense: $109 million vs. $82 million
- Net Earnings Excluding Fair Value Adjustment: $2,017 million vs. $2,099 million
- EPS Excluding Fair Value Adjustment: $0.61 vs. $0.63
Publix, the largest employee-owned company in the U.S., operates 1,376 stores across nine states. The company has been recognized by Fortune as a top workplace for 27 consecutive years and continues to be renowned for quality and customer service. For further details, visit the company’s newsroom at corporate.publix.com/newsroom.
