Publix posts profit

By RICHARD MULLINS | MEDIA GENERAL NEWS SERVICE
Published: August 07, 2009

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The economy may be hurting some stores. Less so Publix lately.

The massive Lakeland-based grocery chain with stores across Florida said sales and profits were up in its most recent quarter, though some established stores saw some slowdown.

Sales for the quarter were $6 billion, up 2.7 percent from the same quarter last year, while comparable-store sales for the second quarter of 2009 decreased 2.6 percent. Net earnings for the second quarter of 2009 were $300.8 million, up 1.7 percent from the same quarter last year.

Stock in Publix does not trade publicly. Rather, the company releases some financial figures as part of employee stock-ownership programs. The company stock price was set at $16.05 per share, up from $15.55 per share.

"Although the economy continues to be weak, I'm pleased with the improvement in our operating results and stock price," said Publix CEO Ed Crenshaw.

Publix has 1,008 stores in Florida, Georgia, South Carolina, Alabama and Tennessee.