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Thursday, Mar 28, 2024
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PriceSmart Earnings Increase

International warehouse club retailer PriceSmart reported 2008 fiscal year net income of $38 million on revenue of $1.1 billion for the year ended

Aug. 31.

That compared with net income of $13 million on revenue of $889 million for the 2007 fiscal year.

PriceSmart added two club stores this year in Guatemala and Trinidad, bringing the total to 25 stores in 11 countries and one U.S. territory. The firm recently acquired property in Panama and Costa Rica, with plans to relocate one existing store and open a new one.

Other locales being considered for expansion are in Trinidad, the Dominican Republic and Colombia.

Traded under PSMT on Nasdaq, shares gained nearly $2 on Nov. 7 when the fourth-quarter results were released, but slid a bit in the following days and closed Nov. 11 at $14.39.

, Mike Allen

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