Publix sees $1 billion sales increase amid pandemic
Company at $11.2B for first three months of 2020
Publix sales soared to $11.2 billion for the first three months of the year, with the grocery store giant estimating business was up about $1 billion because of the coronavirus pandemic.
The Lakeland-based company reported Friday sales through March 28 were up 16.1% from $9.7 billion in the same quarter last year. Comparable store sales increased 14.4%.
In early March, customers filled stores looking for toilet paper, cleaning supplies and extra groceries as the pandemic spurred panic shopping. The chain has more than 100 stores in Orange, Seminole, Lake and Osceola counties.
Publix is an employee-owned company so its stock is only available to its workforce and board of directors. The company increased its value to $50.10 a share from $48.90 on Friday.
“Never before have we experienced a more challenging time,” Publix CEO Todd Jones said in a news release. “Our associates’ efforts to serve our customers and communities have been nothing short of extraordinary. I want to thank our associates and couldn’t
be more proud to serve alongside them.”
Excluding value changes on equity securities, net earnings would have been $956.2 million in the quarter, up 28.9% from $741.7 million in the first quarter last year.
The pandemic has put pressure on Publix to keep its workforce safe as its stores remain open for people needing groceries, with employees at some stores testing positive for the virus.
While business spiked in March, Publix mandated employees wear masks on April 20.
The company previously rolled out sneeze guard-like barriers at cash registers, customer service desks and pharmacies to separate workers and shoppers and also added directional floor markers to keep customers going one way down aisles and farther apart. Publix has put some of its earnings to helping families and farmers struggling because of the economic impacts of coronavirus. Through April 24, the company had purchased 430,000 pounds of produce and 47,000 gallons of milk from farmers to donate to food banks as part of an ongoing initiative it announced April 22.