PriceSmart Inc., the San Diego based operator of shopping warehouse clubs in Latin America and the Caribbean, reported first quarter net income of $20 million, compared with net income of $14 million for the like quarter of the 2012 fiscal year.

Revenue for the first quarter was $535 million, compared with $477.5 million for the like quarter of FY 2012.

For the first quarter of 2013 which ended Nov. 30, net warehouse club sales grew nearly 12 percent to $523.6 million.

PriceSmart had 30 club stores in 12 countries and one U.S. territory as of Nov. 30, 2012, an increase of one store from the like quarter of the prior fiscal year.

For December, PriceSmart said its net sales were $253.7 million, up nearly 12 percent from December 2011.

--SDBJ Staff Report