PriceSmart records growth on both top and bottom lines

(Source: PriceSmart)

Warehouse club operator PriceSmart has posted total revenues of $1.29 billion for the second quarter, representing a 13.1 per cent year-on-year increase.

The company’s net merchandise sales rose 13.0 per cent to $1.26 billion, while comparables were up 8.8 per cent.

On the bottom line, net income increased 25.3 per cent to $39.3 million.

For the six months ended February 29, total revenues jumped 11.9 per cent to $2.46 billion, while net merchandise sales increased 11.9 per cent to $2.40 billion. The company’s net income grew 20.3 per cent to $77.3 million.

As of the end of the second quarter, PriceSmart operated 54 warehouse clubs in 12 countries and one US territory, compared to 50 as of February 28, last year.

The company has purchased land and plans to open its ninth warehouse club at Cartago, located in Costa Rica, early next year taking its network to 55 locations.

Headquartered in San Diego, PriceSmart owns and operates US-style membership shopping warehouse clubs in Latin America and the Caribbean, offering high-quality merchandise and services at low prices. 

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