Friday, warehouse retailer PriceSmart Inc. (PSMT) posted lower profit for the third quarter, despite an increase in revenue, reflecting the absence of a prior-year gain related to a settlement with PSC, SA.
The San Diego, California-based company's third-quarter net income totaled $8.68 million or $0.30 per share, compared to $10.60 million or $0.37 per share in the prior-year quarter.
Income from continuing operations for the quarter was $8.63 million or $0.30 per share, down from $10.58 million or $0.37 per share reported in the same quarter of last year.
The company noted that the prior-year quarter results included an expense reversal of $2.0 million resulting in a gain to operating income and net income of $2.0 million related to the reduction in fair value of put rights associated with the previously disclosed PSC Settlement.
On average, 3 analysts polled by Thomson Reuters expected the company to post earnings of $0.33 per share. Analysts' estimates typically exclude special items.
Quarterly revenues advanced to $306.5 million from the previous year's revenue of $283.7 million, but fell shy of three Wall Street analysts' consensus revenue estimate of $308.99 million.
Net warehouse sales for the third quarter of fiscal year 2009 ascended 7.8% to $299.6 million from $278.0 million generated a year earlier. As of May 2009, the company had 26 warehouse clubs in operation, compared to 25 warehouse clubs in 2008.
For the nine-month period, the company posted net income of $32.1 million or $1.10 per share, compared to $26.8 million or $0.91 per share in the year-ago period.
Income from continuing operations grew to $32.1 million or $1.10 per share from $26.6 million or $0.91 per share in the comparable period of the previous year.
Year-to-date revenues amounted to $946.5 million, an increase compared to $827.9 million posted in the year-earlier period.
Among other players in the industry, Chesapeake, Virginia based Dollar Tree Inc. (DLTR) expects second-quarter earnings to range between $0.47 and $0.51 per share, with sales in the range of $1.17 billion - $1.20 billion, based on low to mid single digit positive comparable store sales. Analysts expect earnings of $0.50 per share on revenue of $1.20 billion.
Family Dollar Stores Inc. (FDO) posted a 35.5% rise in third-quarter profit that totaled $87.7 million versus $64.7 million last year, and per share earnings grew 34.8% to $0.62 from $0.46 in the same quarter of last year. Quarterly net sales advanced to $1.84 billion from the previous year's sales of $1.70 billion, with comparable store sales growth of 6.2%.
PriceSmart shares, which have been trading between $10.35 and $24.82 in the past 52 weeks, closed Thursday's trading session at $18.66.
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