PriceSmart third-quarter net income rises 38 percent as revenue increases

PriceSmart 3Q net income rises on revenue boost

SAN DIEGO — Warehouse club operator PriceSmart Inc. said Friday that its fiscal third-quarter net income climbed 38 percent with a rise in revenue as shoppers continued seeking bargains.

PriceSmart earned $12 million, or 40 cents per share, for the three months that ended May 31. In the same period last year, the company earned $8.7 million, or 29 cents a share.

Revenue rose 13.7 percent to $348.6 million from $306.5 million as PriceSmart drew more membership income and improved warehouse club sales.

Many warehouse club operators have gained new customers during the down economy as shoppers seek bargains to save money.

PriceSmart operated 27 clubs during the quarter, compared with 26 club a year earlier. June revenue at its stores that have been warehouse clubs open at least a year rose 14.5 percent.

This figure is a key indicator of retailer performance since it excludes results from stores that open or close during the year.

PriceSmart’s monthly net sales rose 19 percent to $113.9 million in June from a year earlier.