PriceSmart Inc. (PSMT), 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
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