San Diego-based PriceSmart’s revenues for the first quarter of 2000 increased to $54 million, a 145 percent increase over last year’s first quarter results of $22 million.
PriceSmart reported a net loss of $2.8 million, or 54 cents per share in first quarter fiscal 2000, compared to the net income of $518,000 or 10 cents per share, in first quarter fiscal 1999, due to the company’s expansion of five new warehouses in Central America.
With additional warehouses in operation, warehouse sales increased 214 percent to $50.5 million for fiscal 2000 first quarter, up from $16.1 million in the prior year’s first quarter.
Costs associated with PriceSmart’s aggressive expansion efforts in Central America resulted in a net loss for the first quarter of fiscal 2000 of $2.8 million, or 54 cents per share, compared to net income of $518,000, or 10 cents per share, for the first quarter in 1999.
Selling, general and administrative expenses increased to $11.3 million for the first quarter 2000, compared to $7.2 million in the prior year’s first quarter. The company’s operating expenses have increased to support the current level of operations and the anticipated opening of between six and 10 new warehouses.