PriceSmart’s third-quarter net income rises

(Source: PriceSmart Trinidad/Facebook)

PriceSmart‘s fiscal third-quarter net income increased amid higher merchandise sales and membership income.

The membership warehouse club operator’s net income rose 9.9 per cent year over year to $32.5 million as revenue climbed 12.1 per cent to $1.23 billion in the three months ended May 31.

Net merchandise sales grew 11.6 per cent to $1.19 billion. The company said that foreign currency exchange rate fluctuations impacted net merchandise sales positively by $27.3 million or 2.5 per cent.

Export sales jumped 82.5 per cent to $11.6 million while membership income rose 15.2 per cent to $19.3 million. Other revenue and income swelled 21.8 per cent to $4.0 million.

The company ended the period with 54 warehouse clubs, up from 51 in the year-ago quarter.

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