Profits increased slightly and sales grew for Publix Super Markets Inc. in the second quarter.
Lakeland-based Publix earned $404.1 million during the quarter, up 0.8 percent from last year, according to financial results announced Friday. Sales increased 6.6 percent on an annual basis to $7.5 billion.
Same-store sales grew 6.3 percent. Same-store sales are considered an important indicator of a retailer’s health because they measure sales activity at locations open at least a year.
Publix is “continuing to have strong performances, that’s encouraging,” said Meg Major, content director for Progressive Grocer, a trade publication for food retailers. “A 6-plus percent increase in same-store sales is a very productive quarter.”
Major said rising food prices, which have included beef and fresh fruit, could pose an issue for grocers and consumer spending.
A July 25 report from the Department of Agriculture said “it appears that supermarkets are maintaining minimal price inflation on packaged food products, possibly in an effort to keep prices competitive in light of rising cost pressures for most perishable items.”
Publix said sales benefited 1.3 percent from the Easter holiday being in the second quarter of 2014; the holiday occurred in the first quarter of 2013.
Second quarter earnings per share came to 52 cents versus 51 cents last year.
Publix stock also increased to $33.85 per share, up $1.35 — or 4.2 percent — from the last pricing in May.
“This is our eighth consecutive quarter with an increase in our stock price,” said Publix CEO Ed Crenshaw, in a prepared statement. “Our associate owners deserve the credit for continuing to make us a leader in our industry.”
The price of Publix stock is determined by the company’s board of directors, using an independent appraisal. Shares are not publicly traded, and are sold only to employees and board members.
Publix continues to make progress on its expansion into North Carolina. The chain has opened five stores thus far in the Charlotte area and plans to open nine additional locations by the end of 2015.
The company also has been active in real estate deals, having recently acquired Publix-anchored shopping centers in Tallahassee, New Smyrna Beach and Flagler Beach, according to media reports.
In addition, Publix is reportedly testing a program that would allow its digital coupon users to receive personalized offers, but the company has yet to provide many details.
