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Pandemic means profits for Publix
Ken Suarez reports
LAKELAND, Fla. - Publix just did the numbers, and they are pretty astounding. In the first two weeks after a national emergency was declared because of COVID-19, Publix sales spiked by $1-billion.
The company saw a 16-percent increase in sales because shoppers were in a buying frenzy, grabbing as much toilet paper and as many cleaning supplies and non–perishable food items as possible.
“It’s incredible,” commented Jon Springer, an industry expert with Winsight Grocery Business, a national publication.
Springer says Publix was not the only grocery chain that was raking in the cash. He says Albertson’s, Kroger, Stop-N-Shop, Safeway, and others saw sales soar, but not as much as Publix.
Publix also took losses, almost $390-million in investment losses.