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    Publix Q2 Sales Up, But Earnings Dip

    CEO blames still-shaky economy

    Publix has posted sales for the second quarter of 2012 of $6.8 billion, a 3.2 percent rise from last year’s $6.6 billion, while comparable-store sales for quarter grew 1.9 percent, according to the Lakeland, Fla.-based grocer.

    The company’s net earnings for the second quarter were $381.6 million, from $382.4 million in 2011, a dip of 0.2 percent. Earnings per share for this time period edged up to 49 cents for 2012, from 48 cents per share last year.

    Publix’s sales for the first half of 2012 were $13.9 billion, a 3.7 percent increase from 2011’s $13.4 billion, while comps rose 2.6 percent.

    Net earnings for the first half of 2012 were $791 million, compared with $780.5 million in 2011, a 1.3 percent increase. Earnings per share grew to $1.01, from $0.99 per share in 2011.

    The results are based on unaudited reports that Publix will file next week with the U.S. Securities and Exchange Commission (SEC).

    As of Aug. 1, the company’s stock price had fallen from $22.70 per share to $22 per share. Publix stock isn’t publicly traded and is made available for sale only to current associates and members of the board of directors.

    “The economy continues to affect our results and stock price,” noted Publix CEO Ed Crenshaw. “During these difficult times, our associates remain focused on providing excellent customer service.”

    Privately owned and operated by its 152,500 employees, Publix has 1,055 stores in Florida, Georgia, South Carolina, Alabama and Tennessee.
     

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