Yet store count isn’t the only aspect of the Publix business that keeps growing.
In August the company reported another impressive period of earnings, with $14.1 billion in sales, an 8.9% year-over-year increase, in the second quarter. Same-store sales for the three months ended July 1 increased 6.2%, and net sales increased 74.7% to $1.1 billion, compared with $628 million in 2022.
Earnings per share for the quarter increased to 33 cents per share, up from 18 cents per share in 2022. The company’s sales for the six months ended July 1 were $28.4 billion, an 8.6% increase from $26.2 billion in 2022. Same-store sales for the six months ended July 1 increased 6.3%.
Last year at the groundbreaking in Kentucky, CEO Todd Jones said: “More than 90 years later, we’ve kept true to our values, including supporting the communities in which we live and work. We look forward to sharing the Publix difference with Kentuckians.”
The “Publix difference” is clearly resonating with consumers across the Southeast who want a great shopping experience from a retailer that prioritizes customer service, technology and sustainability.
In August, Publix was named to Newsweek’s 2024 America’s Best Customer Service list, ranking No. 1 in the supermarket category for the sixth year in a row.
Also in August, the retailer made public its plans to build a $50 million technology campus near its headquarters in downtown Lakeland as it looks to ramp up its focus on omnichannel options for customers.
Additionally, in February, Publix hosted a Hunger Summit at its headquarters, where Jones explained the company’s focus on feeding the hungry. He said that food insecurity is “continuing to grow. More and more people in our country, in our backyard, right here in Lakeland, are having more difficult times putting meals on the table. ... Food insecurity is a really big priority for us.”
Jones added that fighting food insecurity and giving back to communities is one of the six pillars the company was built on.
“The first pillar is customer value,” he said. “I was asked earlier: ‘What are you doing to help with inflation?’ Well, being passionately focused on customer value means being more efficient. It means taking information that we have, like we’re working with our business partners, and sharing how can we complement each other so that we can add more value to the communities that we serve, the customers that we serve.”
The second pillar, Jones said, is to be intolerant of waste, while the third is “to be dedicated to the dignity, the value and employment security of our associates. ... It’s what Mr. George [Jenkins] founded the company on. It’s their company. They’re the owners. It’s their opportunity to grow with the company, and we need to continue to be dedicated to that employment security,” he noted.
“The next pillar is to be devoted to the highest standard of stewardship for our stockholders,” Jones continued, with the last pillar being responsible citizens in Publix’s communities, “whether it is working on environmental issues or helping people who have home insecurities,” as he put it. “We’re involved with Habitat for Humanity to make sure that we can help where people don’t have shelter. And then lastly, of course, food insecurity.”
Jones became emotional talking about this last but most important topic. “I’ve never not had a meal,” he explained. “I’ve had to trade off a lot of other things in my life, but there was always a roof over our head, and there was always food there to eat. A wonderful guiding principle from my parents helped me understand the importance of that. And with little means, it was amazing what my parents always did to sacrifice personally to do for others that have even a lot less than what we have. Publix founder Mr. George came from that, and he had very humble beginnings, and he knew the importance of it. So it’s just important for us to continue that legacy.”