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PriceSmart Inc. Reports Q1 Results

PriceSmart Inc., the San Diego-based corporation which operates a chain of discount warehouse club stores in Central America and the Caribbean, reported net income of $24.9 million in its first quarter, which ended Nov. 30.

Net income was up 5 percent from the $23.7 million that the company reported in the quarter that ended in November 2015.

Total revenue for the recently ended quarter was $739.6 million, up from $711.9 million in the year-ago quarter.

PriceSmart (Nasdaq: PSMT) stores are similar to the stores operated by Price Co., the trendsetting San Diego discount warehouse retailer that was acquired by Costco. Robert Price is chairman of PriceSmart, which runs its Latin American operation from Sorrento Mesa.

The company had 39 warehouse clubs as of Nov. 30, up from 38 last year.

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