PSMT - PriceSmart sees big jump in operating income

PriceSmart (PSMT) reports merchandise sales rose 7.7% Y/Y to $838.4M in FQ1, while comparable sales fell 3.6% with three more clubs opened than a year ago. Net operating income was $44.5M (+45% Y/Y) vs. $30.7M a year ago as operating efficiencies took hold. The company says it had 46 warehouse clubs in operation at the end of the quarter vs. 45 warehouse clubs a year ago. PriceSmart's pandemic update: "Although varying pandemic-related restrictions throughout our markets were on the rise again in December and continue to impact the business in early January, thanks to our tremendous team, we are becoming increasingly adept at early monitoring and quickly adjusting to challenges as they arise, as well as anticipating the needs and preferences of our Members." PriceSmart is up 1.14% in AH trading to $98.40. Shares are 40% higher over the last 90 days. PriceSmart was teed up in Seeking Alpha's Stock

For further details see:

PriceSmart sees big jump in operating income