Publix produced strong sales in its first quarter, noting that it has been classified as an essential business and has remained open to serve the needs of its customers during the pandemic.
The retailer’s sales for the three months ended March 28, 2020 were $11.2 billion, a 16.1% increase from $9.7 billion in 2019. Comparable store sales increased 14.4%. The company estimates its sales for the quarter increased approximately $1 billion or 10.3% due to the impact of the coronavirus pandemic.
Net earnings for the first quarter were $667.3 million, compared to $981 million in 2019, a decrease of 32%. Earnings per decreased to $0.94 per share, down from $1.37 per share in 2019. Net earnings and earnings per share were impacted by net unrealized losses and gains on equity securities.
“Never before have we experienced a more challenging time,” said Publix CEO Todd Jones. “Our associates’ efforts to serve our customers and communities have been nothing short of extraordinary. I want to thank our associates and couldn’t be more proud to serve alongside them.”