logo
Share SHARE
FONT-SIZE Plus   Neg

PriceSmart Profit Rises, But Misses Estimates

PriceSmart Inc. (PSMT: Quote), an operator of membership warehouse clubs, Wednesday said its profit for the second quarter increased from last year, driven mainly by higher revenues. Earnings for the quarter fell short of analysts' expectations, while revenue exceeded estimates.

The San Diego, California-based company's attributable net income for the quarter improved to $20.2 million or $0.67 per share from $17.9 million or $0.60 per share last year. On average, four analysts polled by Thomson Reuters expected earnings of $0.69 per share for the quarter. Analysts' estimates typically exclude special items.

PriceSmart, which operates warehouse shopping clubs in Central America, Latin America and the Caribbean, said total revenues for the quarter grew to $549.8 million from $449.6 million last year. Wall Street analysts on consensus estimated revenues of $539.68 million for the quarter.

Net warehouse club sales increased 22.2 percent to $537.8 million from last year.

Total operating expenses for the quarter increased to $519.5 million from $422.9 million last year.

The company had 29 clubs in operation as of February 2012 compared to 28 clubs as of February 2011.

PSMT closed Wednesday's trading on the Nasdaq at $71.08, down 1.66%, on a volume of 0.3 million shares. The stock further lost 2.22% in after-hours trade.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. said Tuesday after the markets closed that its first quarter profit rose 38% from last year, driven by all time record revenue from iPhone and Mac sales as well as record performance of its App Store. The company's quarterly earnings per share also breezed past Wall Street expectations as did its quarterly sales. We are just a few weeks into 2015 and it has already been a busy year for merger deals and merger talks. Here is a list of some of the M&A stories that have made headlines so far in 2015. Diversified electronics maker TE Connectivity Ltd. is nearing a deal to sell its network solutions business unit to CommScope Holding Co., Inc. (COMM) in a deal valued at about $3 billion, according a Wall Street Journal report on Monday. A deal could be announced as early as this week. There has...
comments powered by Disqus
RELATED NEWS
Trade PSMT now with 
Follow RTT