Wednesday, operator of membership shopping warehouse clubs, PriceSmart, Inc. (PSMT) posted slightly higher September sales, however, comparable warehouse sales for the period declined 1.1%.
Net sales increased 2.4% to $95.8 million from $93.6 million last year. PriceSmart said the number of warehouse clubs in operation at the end of September 2009 increased to 26 from 25 a year ago.
PriceSmart August comparable warehouse sales were up 0.6% from last year. August net sales increased 3.5% to $102.5 million from $99 million a year earlier.
For the 52-week period ended August 30 in fiscal 2009, comparable warehouse sales were up 8.7%, while fiscal sales rose 11.6% to $1.22 billion from $1.10 billion in 2008.
PriceSmart believes it is well positioned to profit from the growth in developing markets due to its purchasing power and experience with membership warehouse clubs in the Latin American and the Caribbean markets, selling at low prices, being fair on wages and offering fair returns to stockholders.
PSMT is trading down 0.16% at $18.85 on the Nasdaq, lower by 3 cents.
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