PriceSmart Reports Improved Revenues in 3Q

SAN DIEGO– Warehouse store chain PriceSmart Inc. has announced sharply higher revenues and improved earnings for its third quarter and the nine-month period ended May 31.

For the third quarter, total revenues increased 61% to $119.7 million from $74.3 million in the third quarter last year. Operating income before expenses was $2.6 million compared to a loss of $2.1 million.

For the nine months ended May 31, total revenue rose 73% to $352.8 million from $204.1 million in the comparable period last year. Income before expenses was $9 million compared to a loss of $5.1 million.

PriceSmart opened four new warehouse clubs during the third quarter, for a total of 21 warehouse clubs in 10 countries in Central America, the Caribbean and Asia (four in Panama, three each in Costa Rica, Dominican Republic, and Guatemala, two each in El Salvador and Honduras, and one each in Trinidad, Aruba, United States Virgin Islands and the Philippines).

As of May 31, PriceSmart membership accounts totaled approximately 485,000, representing approximately 925,000 cardholders.

“We continue to significantly grow sales, add market share and membership accounts in all our markets while improving cost efficiencies and margins,” says Gil Partida, PriceSmart’s president and CEO. “We believe that our numbers to date validate the PriceSmart international membership club concept and the talent of our employees.”

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