FLORIDA – Publix’s second-quarter results put a spotlight on food inflation and its effect on grocery shopping, as the grocery chain posted only modest sales growth and a decline in comparable-store sales amid what it called economic conditions that have weighed on consumer spending.
Publix said sales for the quarter ended June 27 were $15.7 billion, up 1% from $15.6 billion a year earlier. Sales for the six months ended June 27 were $31.9 billion, a 1.5% increase from $31.4 billion. Comparable-store sales fell 0.5% for the quarter and 0.3% for the six-month period.
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The company said the comparisons were also affected by a Medicare maximum fair price change that took effect Jan. 1 and reduced drug prices for 10 medicines, which reduced sales. Publix added that broader economic conditions have hurt consumer spending — pressure that often shows up in grocery aisles as shoppers trade down, buy fewer items or shift to lower-priced brands when food prices climb.
Net earnings for the quarter were $1.7 billion, up 20.5% from $1.4 billion a year earlier, and earnings per share rose to $0.52 from $0.42. Excluding net unrealized gains on equity securities, adjusted quarterly net earnings were $1.06 billion, or $0.33 per share, compared with $1.04 billion, or $0.32, a year earlier.
For the six months, net earnings were $2.45 billion, a 2.7% increase from $2.39 billion, with earnings per share of $0.76 versus $0.73. On an adjusted basis excluding fair-value changes, six-month net earnings were $2.20 billion, or $0.69 a share, compared with $2.22 billion, or $0.68, in 2025.
Publix also said its internal stock price for associates fell to $19.60 a share effective Aug. 1 from $20.45. The company’s stock is not publicly traded and is sold only to current associates and board members.
“I’m grateful for our associates’ commitment to our customers, our communities and each other, especially during this difficult economic time,” Publix CEO Kevin Murphy said.
The results are based on unaudited financial statements that will be filed with the U.S. Securities and Exchange Commission and posted on the company’s website.