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LAKELAND, Fla. -- Publix here said yesterday its stock price increased to $18.25 per share, as the retailer reported a sales boost and profit increase for the second quarter.
Sales for the quarter were $5.3 billion for the employee-owned, Southeastern chain, an 11 percent increase from last year's $4.8 billion for the quarter. Comparable-store sales increased 8.5 percent. Sales for the latest quarter included approximately $62 million due Easter's falling in the period; Easter fell in the first quarter of 2005.
Net earnings for the second quarter were $264 million, compared to $234.9 million in 2005, an increase of 12.4 percent. Earnings per share were $0.31 for the second quarter of 2006, compared to $0.27 per share for the second quarter of 2005, adjusted for the effect of the 5-for-1 stock split that occurred July 1, 2006.
Based on the most recent appraisal, Publix said its stock price increased from $17.65 per share, adjusted for the effect of the 5-for-1 stock split that occurred July 1, 2006, to $18.25 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.
"For the last three years, our stock performance has been outstanding," said Publix c.e.o. Charlie Jenkins Jr. in a statement. "Our stock price has more than doubled during that time after considering the effect of our stock split. I want to congratulate our associates -- the owners of Publix -- on this achievement."