Publix Reports Second Quarter 2020 Results and Stock Price
The coronavirus pandemic was declared a national emergency on March 13, 2020. Due to the pandemic, Publix has been classified as an essential business and has remained open to serve the needs of its customers. It is a top priority of Publix to continue to serve the communities in which it operates in a way that protects the health and safety of its associates and customers. Publix also assisted businesses operating in its company-owned shopping centers by offering two months of rent relief to those businesses impacted by the coronavirus pandemic.
Publix’s sales for the three months ended June 27, 2020 were $11.4 billion, a 21.8 percent increase from $9.3 billion in 2019. Comparable store sales for the three months ended June 27, 2020 increased 19.9 percent. The company estimates its sales for the three months ended June 27, 2020 increased approximately $1.5 billion or 16.1 percent due to the impact of the coronavirus pandemic.
Net earnings for the three months ended June 27, 2020 were $1.4 billion, compared to $661.1 million in 2019, an increase of 106.8 percent. Earnings per share for the three months ended June 27, 2020 increased to $1.94 per share, up from $0.92 per share in 2019. Net earnings and earnings per share were impacted by net unrealized gains on equity securities. Excluding the impact of net unrealized gains on equity securities in 2020 and 2019, net earnings for the three months ended June 27, 2020 would have been $978.3 million, compared to $637 million in 2019, an increase of 53.6 percent. Earnings per share would have been $1.39 per share, compared to $0.89 per share in 2019.
Publix’s sales for the six months ended June 27, 2020 were $22.6 billion, an 18.9 percent increase from $19 billion in 2019. Comparable store sales for the six months ended June 27, 2020 increased 17.1 percent. The company estimates its sales for the six months ended June 27, 2020 increased approximately $2.5 billion or 13.1 percent due to the impact of the coronavirus pandemic.
Net earnings for the six months ended June 27, 2020 were $2 billion, compared to $1.6 billion in 2019, an increase of 23.9 percent. Earnings per share for the six months ended June 27, 2020 increased to $2.89 per share, up from $2.29 per share in 2019. Net earnings and earnings per share were impacted by net unrealized gains on equity securities. Excluding the impact of net unrealized gains on equity securities in 2020 and 2019, net earnings for the six months ended June 27, 2020 would have been $1.9 billion, compared to $1.4 billion in 2019, an increase of 40.3 percent. Earnings per share would have been $2.74 per share, compared to $1.92 per share in 2019.
These amounts are based on unaudited financial statements that will be filed today with the U.S. Securities and Exchange Commission and made available on the company’s website at corporate.publix.com/stock.
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.”