LAKELAND, Fla. – While many businesses are struggling due to shutdowns, Publix reported a huge increase in profits for the first three months of 2020, buoyed by an estimated $1 billion due to the coronavirus pandemic.
Publix, an employee-owned company based in Lakeland, said Friday that its sales increased to $11.2 billion for the first three months of the year. Sales through March 28 of this year were up 16.1% from $9.7 billion in the same quarter last year.
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The company estimates its sales during the three-month period increased about $1 billion, or 10.3%, due to the impact of the pandemic.
Coronavirus was declared a national emergency in mid-March, and grocery stores, declared essential businesses, have seen long lines as Americans stock up on products like toilet paper and meat.
“Never before have we experienced a more challenging time,” said Publix CEO Todd Jones. “Our associates’ efforts to serve our customers and communities have been nothing short of extraordinary. I want to thank our associates and couldn’t be more proud to serve alongside them.”
The stock price of Publix increased from $48.90 per share to $50.10 per share. Publix stock is not publicly traded.