PriceSmart has reported solid improvements in both its top and bottom lines for the second quarter ended February 28.

The company’s total revenues increased 5.6 per cent year-on-year to $1.36 billion, while net merchandise sales rose 5.8 per cent to $1.33 billion.

Comparable net merchandise sales, which applies for warehouse clubs that have been open for greater than 13.5 calendar months, were up 6.7 per cent.

On the bottom line, operating income edged up from $63.6 million last year to $65.3 million, and net income soared 11.4 per cent to $43.8 million.

As of February 28, PriceSmart had 54 warehouse clubs in operation across 12 countries and one US territory.

The company opened its 55th warehouse club earlier this month, which also marked its ninth location in Costa Rica. 

Last month, the company announced its EVP and chief transformation officer David Price will become CEO on September 1, as his father Robert Price will resign as interim CEO.