Warehouse chain PriceSmart saw revenue increase in the fourth quarter of FY23 on the back of higher net merchandise sales.

The company’s revenue rose 9.5 per cent year over year to $1.12 billion, while net merchandise sales jumped 10 per cent to $1.09 billion.

PriceSmart ended the fiscal year with 51 warehouses in operation, one more than a year ago.

The company’s attributable net income fell 34 per cent to $15.4 million, while operating income declined 17.5 per cent to $32.1 million due to a tax litigation.

For the full-year, revenue increased 8.5 per cent to $4.41 billion as net merchandise sales rose 9 per cent to $4.3 billion.

Attributable net income for the 12 months ended August 31 increased 4.5 per cent to $109.2 million, while operating income rose 10.4 per cent to $184.5 million.