LAKELAND – Publix Super Markets Inc. posted strong second-quarter sales and financial numbers, but that couldn’t bolster the company’s stock price, which retreated 8 percent.

Two supermarket analysts agreed the Publix stock, like almost every other supermarket stock, is being depressed by uncertainty over the pending merger between online-retailing behemoth Amazon and Whole Foods Market, a leading grocery chain in high-end organic and specialty foods.

Publix reported sales Tuesday for the second quarter through the end of June totaling $8.4 billion, a 3.6 percent increase from $8.1 billion in the second quarter 2016. It attributed a third of the increase to the Easter holiday falling in the second quarter this year versus the first quarter of 2016.

Same-store sales, a key industry metric reflecting performance at stores open more than a year, rose 1.6 percent for this year’s second quarter, according to the company statement. That includes the impact from the roving Easter holiday.

The Lakeland-based supermarket chain realized a $495.1 million second quarter profit, up 3.5 percent from $478.2 million a year ago. Earnings per share increased 5 percent to 65 cents, up from 62 cents per share in last year’s second quarter.

Despite the rising numbers, Publix saw the value of its stock decline to $36.05 per share from $39.15 on May 1.

“This has been a tough quarter for supermarket companies in the stock market,” said Publix CEO & President Todd Jones in a news release. “We continue to be focused on growing sales and profits while providing premier customer service.”

Publix is a privately held company, and its stock price is estimated quarterly by financial consultants based on comparisons with a “peer group” of other U.S. supermarket chains with publicly traded stock. They are Ahold Delhaize, Kroger, Supervalu and Weis Markets.

Only Publix employees can buy the company’s stock, and former employees also hold a significant number of shares.

Publix stock valuation was probably affected by June’s blockbuster Amazon/Whole Foods announcement, said Lorrie Griffith, editor-in-chief of the Shelby Report, a leading supermarket-industry trade publication.

Federal regulators are still reviewing Amazon's proposal to buy Whole Foods for $13.7 billion. The announcement sent supermarket stocks plummeting, including the four chains in the Publix peer group, Griffith said.

“A lot of companies were surprised by the Amazon-Whole Foods deal. That’s at least part of the impact Publix stockholders are seeing,” she said.

None of the peer stocks had recovered their stock value since Amazon’s June 16 announcement.

Kroger closed at $24.61 per share Tuesday on the New York Stock Exchange, down from $30.28 at the June 15 close. Ahold showed the best performance in the group, closing at $20.56 on Tuesday from $21 on June 15 on the Over the Counter market.

“Until that deal goes through, there’s still going to be uncertainty in the stock market with regards to supermarkets,” Griffith said.

David Livingston, a veteran supermarket industry analyst based in Wisconsin, agreed the Amazon deal has depressed industry stock values, including Publix. But he was bullish on its future.

“I think the company is on the verge of excellent results down the road as other supermarket companies implode,” Livingston said. “I think they (Publix executives) have something up their sleeves. For the morale of the company, it’s not in their interests to keep stock prices low.”

Livingston disagreed with setting the Publix stock value based on performance of other supermarket companies because Publix has been performing above the industry, he said.

Griffith agreed Publix posted above-average results in the second quarter.

“In the traditional grocery sector, those are still strong results,” she said.

Griffith noted, however, the Publix results for the entire first half of 2017 were not as strong, particularly a 0.3 percent decrease in same store sales.

Publix reported $17.1 billion in sales for the first half of this year, a 1.5 percent increase from last year’s $16.8 billion. But the first half profit fell 1 percent to $1.05 billion compared with $1.06 a year ago while earnings per share stayed at $1.37 for both periods.

Griffith and Livingston agreed much of the overall sales growth stems from Publix continuing to open more stores in its six-state Southeastern region, which includes Florida, Georgia, North and South Carolina and Tennessee. It recently added a seventh state with a new store near Richmond, Va.

“The total sales increases sound normal because they’re opening more stores,” Livingston said. “The same-store sales increases sound good because everybody is getting negative increases right now. Anything above minus 2 percent is good right now.”

Kevin Bouffard can be reached at kevin.bouffard@theledger.com or at 863-401-6980.