PriceSmart has reported an uplift in sales for the second quarter as the warehouse club chain continued to expand its network.

Total revenues for the quarter ended February 28 rose 9.7 per cent year-on-year to $1.5 billion. Net merchandise sales increased 9.9 per cent to $1.47 billion (up 7.8 per cent in constant currency).

The company had 56 warehouse clubs in operation across 12 countries and one US territory as of February 28, compared to 54 locations in the prior-year period.

Comparable net merchandise sales for the warehouse clubs that have been open for more than 13.5 calendar months grew 7.6 per cent.

On the bottom line, operating income was up from $65.3 million to $75.4 million, and net income soared 12.2 per cent to $49.1 million.

For the first six months, total revenues increased 9.8 per cent to $2.88 billion, and net income rose 9.9 per cent to $89.3 million. 

PriceSmart has leased land and plans to open its eighth warehouse club in Guatemala, located in Villa Nueva. The club will be built on a five-acre property and is expected to open next spring. 

Once this club and four other previously announced clubs are open, the company will operate 61 warehouse clubs.