PriceSmart Q3 Profit Rises

(RTTNews) - PriceSmart, Inc. (PSMT) Thursday said its profit for the third quarter rose to $22.5 million or $0.73 per share from $12.7 million or $0.41 per share last year.

Revenues for the third quarter grew 11.9% to $895.3 million from $799.9 million last year. Net merchandise sales increased 11.6% to $857.5 million. The company had 47 warehouse clubs in operation as of May 31, 2021 compared to 45 warehouse clubs in operation as of May 31, 2020.

Commenting on the results, CEO Sherry Bahrambeygui said, "Our total and comparable sales grew in the third quarter of fiscal year 2021, 11.6% and 8.8%, respectively, versus the same period last year."

"We are on target with plans to open new warehouse clubs in Guatemala City, Guatemala and Bucaramanga, Colombia in the fall of 2021, and in Portmore, Jamaica in the spring of 2022," Bahrambeygui added.