Friday, PriceSmart Inc.(PSMT), a shopping warehouse club operator, reported a lower profit for the fourth quarter, mainly due an increase in operating expense, notwithstanding the higher revenues recorded during the quarter. Comparable warehouse sales for the month of October was down 0.3%.
The San Diego, California-based company's fourth quarter net income was $10.3 million or $0.35 per share, compared to $11.3 million or $0.39 in the corresponding quarter last year.
Income from continuing operations declined to $10.3 million or $0.35 per share from $11.5 million or $0.39 per share in the year ago period. On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.30 per share for the quarter. Analysts' estimates typically exclude one-time items.
Total revenue for the quarter improved to $305.1 million from $292.0 million in the prior year quarter. Analysts expected revenue of $307.19 million for the quarter.
Net warehouse sales edged up to $298 million from $286.1 million in the same quarter last year.
In the recent quarter, the company realized a reduction to tax expense of $3.8 million or $0.13 per share, compared to $3.5 million or $0.12 per share in the year ago period.
Operating income declined to $11.9 million from $12.9 million in the same quarter last year. The company reported total operating expense of $293.21 million compared to $279.06 million in the year ago period.
PriceSmart said its comparable warehouse sales for warehouse clubs for the month of October decreased 0.3%, compared to the same period last year. Net sales for the month was $104.1 million, up 4.9% from $99.3 million in the same month last year.
The company had 26 warehouse clubs in operation at the end of October, compared to 25 warehouse clubs in operation in the same period last year.
For the full year 2009, the company reported net income of $42.3 million or $1.45 per share, compared to $38.1 million or $1.30 per share in the prior year. Revenue for the year was $1.3 billion,up 11.8% from $1.1 billion last year. Net warehouse sales increased 11.6% to $1.2 billion from $1.1 billion in the year ago.
PSMT is currently trading at $19.55, down $0.43 or 2.15%, on a volume of 0.03 million shares on the Nasdaq.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.