Warehouse club chain PriceSmart has posted a 7.8 per cent increase in revenues for the first quarter ended November 30.

The company’s net merchandise sales also rose 7.8 per cent, while comparable net merchandise sales were up 5.7 per cent.

Operating income remained flat and net income fell slightly by 1.6 per cent. Adjusted EBITDA was $79.1 million compared to $77.8 million in the same period last year.

As of the end of the quarter, the chain had 54 warehouse clubs in 12 countries and one US territory, up by one location compared to the year-ago period.

The company plans to open one warehouse club in Cartago, Costa Rica this spring and another in Quetzaltenango, Guatemala this summer.

In the last fiscal year, PriceSmart achieved an 11.4 per cent increase in revenues and 27 per cent growth in net income.