The impact of the coronavirus pandemic propelled Publix in the second quarter, as net sales and net earnings rose substantially.
Publix’s sales for the second quarter ended June 27, 2020, were $11.4 billion, a 21.8% increase from $9.3 billion in 2019. Comparable store sales increased 19.9%. The company estimates its sales increased approximately $1.5 billion or 16.1% due to the impact of the coronavirus pandemic.
Net earnings for the third quarter 2020 were $1.4 billion, compared to $661.1 million in 2019, an increase of 106.8%. Earnings per share for the three months increased to $1.94 per share, up from $0.92 per share in 2019.
Effective August 1, 2020, Publix’s stock price increased from $50.10 per share to $54.35 per share. Publix stock is not publicly traded and is made available for sale only to current Publix associates and members of its board of directors.
“Our associates’ efforts to serve our customers and communities have been remarkable,” said Publix CEO Todd Jones. “I want to thank our associates for the comfort they bring to our customers and their fellow associates during this difficult time. It is heartwarming to see how much they care.”