PriceSmart Earnings: PSMT Stock Dips on in-Line Profit, Sales Miss
PriceSmart (NASDAQ:PSMT) reported its quarterly results, which were mixed as earnings were in line with expectations, while revenue was below what Wall Street called for in its consensus estimate, sending PSMT stock down late Tuesday.
The San Diego, Calif.-based warehouse club chain operator said that for its second quarter of its fiscal 2019, it amassed a net income of $23.7 million, or 79 cents per share. This amount was about 68.1% higher than the company’s second-quarter profit from its fiscal 2018, which arrived at $14.1 million, or 47 cents per share.
PriceSmart’s earnings for the quarter was in line with the Wall Street consensus estimate, as analysts surveyed by FactSet predicted earnings of 79 cents per share. The chain added that its sales for the three-month period reached $854.4 million, which is about 1.8% stronger than the company’s year-ago revenue of $839.6 million.
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Analysts saw the company as raking in revenue of $856.7 million.
This is the first time PriceSmart has reported its quarterly earnings results since the business unveiled Sherry Bahrambeygui as its permanent CEO. She was appointed as interim boss in mid-November, eventually earning the role permanently on January 31–she was Vice Chair of the Board of Directors from October 2016 to October 2017.
PSMT stock declined roughly 1% during regular trading hours Tuesday ahead of the business reporting its quarterly results. PriceSmart then posted its figures for the period, with its in-line earnings not being enough from preventing shares from sliding 0.7% after the bell.
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