PriceSmart fiscal 2Q beats market expectations
PriceSmart fiscal 2Q revenue and profit up, shares rise in after-hours trading
SAN DIEGO (AP) -- PriceSmart Inc. shares rose in Tuesday after-hours trading after the warehouse club operator reported that its fiscal second-quarter profit and revenue beat market expectations.
The San Diego-based company earned $24.9 million, or 82 cents per share, for the period that ended Feb. 28. That compares with $20.2 million, or 67 cents per share, in the same quarter of the prior year.
Revenue increased to $607.4 million from $548.4 million a year ago.
Analysts polled by FactSet expected the company to earn 77 cents per share on revenue of $605.9 million.
PriceSmart's warehouse club sales for March increased 11.5 percent to $192.3 million from the same month last year. Revenue from stores open at least a 13 ½ months, a key indicator of retail performance because it strips away the impact of recently opened or closed stores, increased 7.9 percent for the month compared to March of the prior year.
PriceSmart shares rose $2.53, or 3.2 percent, to $82.74 in after-hours trading. The stock fell 21 cents to close the regular session at $80.21
The company has a total of 30 warehouse clubs in 12 countries and one U.S. territory.
