Supermarket retailer Publix reported a slight rise in net sales and slight decrease in net income for its second quarter, pointing to the timing of Easter in its results.
Publix’s sales for the second quarter of 2016 were $8.1 billion, a 2.1% increase from last year’s $8 billion in the second quarter. Comparable store sales for the second quarter of 2016 increased 1.1%. The company estimates that sales were negatively impacted by 1.2% due to the effect of the Easter holiday being in the first quarter in 2016. In 2015, the effect of the Easter holiday was in the second quarter.
Net earnings for the second quarter of 2016 were $478.2 million, compared to $482.7 million in 2015, a decrease of 0.9%. Earnings per share were unchanged at $0.62 per share.
“Our results were impacted by weakening tourism in some market areas and the timing of Easter,” said Todd Jones, Publix CEO and president. “Our associates remain focused on providing excellent customer service.”
Publix currently operates 1,121 stores in Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina.
