16/09/2014 11:29:26 Free Membership Login

PriceSmart 3Q Net Falls 3.6% on Higher Costs; Shares Off

Date : 07/09/2012 @ 5:22PM
Source : Dow Jones News
Stock : Costco Wholesale Corp. (MM) (COST)
Quote : 126.011  0.301 (0.24%) @ 11:14AM
Costco Wholesale Corp. (MM) share price Chart

PriceSmart 3Q Net Falls 3.6% on Higher Costs; Shares Off

Pricesmart (NASDAQ:PSMT)
Historical Stock Chart

3 Years : From Sep 2011 to Sep 2014

Click Here for more Pricesmart Charts.
   By Kristin Jones 
 

PriceSmart Inc.'s (PSMT) fiscal third-quarter earnings fell 3.6% as expenses jumped, masking the discount store operator's continued increase in revenue.

Shares fell 6.5% to $58.95 in after-hours trading as results missed expectations. Through Monday's close, the stock was down 9.4% this year.

PriceSmart, which is based in California, operates warehouse shopping clubs mostly in Central America and the Caribbean. Like other club stores, including peer Costco Wholesale Corp. (COST), the company has struggled with rising costs for merchandise. In recent quarters, PriceSmart has reported wavering profits even as sales have soared.

For the quarter ended May 31, the company reported a profit of $15.7 million, or 52 cents a share, down from $16.3 million, or 55 cents a share, a year earlier. The latest quarter included a loss from foreign exchange transactions of $449,000, compared with a $1.2 million gain the previous year.

Revenue leapt 18% to $506.8 million.

Analysts polled by Thomson Reuters recently expected per-share income of 59 cents on revenue of $511 million.

Net warehouse club sales--the source of most of PriceSmart's revenue--jumped 17%, with help from an additional warehouse club in Barranquilla, Colombia. Membership income increased 19%.

Total operating expenses grew 18% from a year earlier, with a 19% increase in expenses from warehouse club operations.

Write to Kristin Jones at kristin.jones@dowjones.com



Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE and AMEX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

1 site:2 us 140916 11:29