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Net Income, Revenue, Same-Store Sales Grow at PriceSmart

PriceSmart Inc., the operator of 26 club warehouse stores in 11 countries mainly in the Caribbean, reported second quarter net income of $13.7 million on revenue of $366.1 million. That compared to net income of $12.7 million on revenue of $334.8 million for the like quarter in 2009.

For the first six months of its fiscal year ended Feb. 28, PriceSmart reported net income of $24 million, up from $23.4 million in the prior fiscal year’s first half, and total revenue of $681.5 million, up from $640 million in the prior fiscal year first half.

For the four weeks ended March 28 sales at warehouse stores open at least 12 months increased 12 percent compared to the same month last year, the company said.

Traded under PSMT on Nasdaq, shares of the company climbed 12 cents April 9 to close at $23.92, close to its 52-week high of $24. Its low was $13.76.

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— Mike Allen

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