Warehouse club chain PriceSmart is eyeing an entry into the Chile market after reporting sales growth in the third quarter.

The company’s total revenues for the quarter ended May 31 rose 7.1 per cent to $1.32 billion, extending the 5.6 per cent uplift in the second quarter.

Net merchandise sales were up 8 per cent, and comparable net merchandise sales for the warehouse clubs that have been open for more than 13.5 calendar months increased 7 per cent.

The company had 55 warehouse clubs in operation as of May 31, compared to 54 in the year-ago period.

On the bottom line, operating income grew 12.6 per cent to $56.2 million and net income soared 8.2 per cent to $35.2 million.

The company revealed it was evaluating Chile as a potential new market for multiple warehouse clubs. It has hired local consultants to help in the process and is actively looking for potential sites.

The firm noted that the expansion remains subject to finding appropriate sites for warehouse clubs and distribution facilities, the results of market analyses and receipt of governmental permits.

PriceSmart currently operates in 12 countries in Latin America and the Caribbean and one US territory (the US Virgin Islands).