Warehouse club chain PriceSmart has started the fiscal year off with a solid set of results for the first quarter.

The discount retailer’s revenues for the quarter ended November 30 rose 9.9 per cent to $1.38 billion. 

Net merchandise sales increased 10.6 per cent to $1.35 billion (up 9.5 per cent in constant currency). Comparable net merchandise sales for the warehouse clubs that have been open for greater than 13.5 calendar months increased 8 per cent.

The company recorded operating income of $62.9 million, compared to $58.3 million in the prior-year period. Net income grew 7.3 per cent to $40.2 million.

As of November 30, the company had 56 warehouse clubs in 12 countries and one US territory, a net increase of two year-on-year. It expects to reach 60 locations by this fall.

For the last fiscal year, PriceSmart reported a 7.2 per cent increase in revenues to $5.27 billion and 7.7 per cent growth in net merchandise sales to $5.15 billion.