Publix Super Markets saw a dip in its net earnings for the second quarter as a result of a “difficult economic environment”.
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Net earnings dipped to US$295.8m for the period compared to $306.4m in 2007, a decrease of 3.5%. Earnings per share were unchanged at $0.36 per share.
Publix’s sales for the second quarter of 2008 were $5.9bn, a 3.5% increase from last year’s $5.7bn. Comparable-store sales for the second quarter of 2008 increased 1.3%.
Sales for the first half of 2008 were $12.1bn, a 4.8% increase from last year’s $11.5bn. Net earnings were up to $638.9m, compared to $624m in 2007, an increase of 2.4%.
Earnings per share increased to $0.77 for the first half of 2008, up from $0.74 per share in 2007.
“I am proud of the way our Publix associates have continued to serve our customers in this difficult economic environment,” Publix CEO Ed Crenshaw said.
