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Thursday, August 2, 2018

Publix's sales increased over last three months, despite NRA controversy

Posted By on Thu, Aug 2, 2018 at 1:49 PM

  • Photo via Publix on Facebook
Publix stores sold $8.8 billion worth of goods during the months of April, May and June, representing a $400 million increase over the same period last year, according to the company's second quarter results.

Why do those months in particular matter? Well, for one, they encompass the time period in which gun reform activists held die-ins at Publix stores as a response to the company's donations to state Agriculture Commissioner Adam Putnam's campaign for Florida governor. You know, the same Republican who once called himself a "proud NRA sellout" – a statement that's continued to haunt his political life ever since.

The outcry came in the wake of the mass shooting at Marjory Stoneman Douglas High School on Feb. 14, which left 17 dead and 17 more injured. On May 23, as a way of tamping down the fervor, Publix officials announced that the company would halt all political donations.

But without the negative publicity, could Publix have made more money through the second quarter?

That's likely the case due to the Trump administration's massive tax cuts for corporations, which the GOP-controlled Congress approved last year.

According to the company's second quarter report, Publix's net earnings were $616.2 million, compared to $495.1 million over the same period in 2017.

Publix stock also increased from $41.75 per share on March 30 to $42.55 per share on June 30, which was great news for Publix associates and the company's board of directors – the only folks that the grocery chain's stock is made available for sale for.

"Since the beginning of the year, our stock price has increased from $36.85 to $42.55, over 15 percent," Publix CEO and president Todd Jones said in the release. "Our associates deserve the credit for continuing to make us a leader in customer service."

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