PriceSmart, Inc (NASDAQ:PSMT) reported upbeat earnings and revenue for its third quarter, while comparable net merchandise sales declined 3.6% during the quarter.
The San Diego-based PriceSmart, operator of 46 warehouse clubs in 12 countries and one U.S. territory, announced Friday total revenues for the third quarter of fiscal year 2020 increased 1.4% to $799.9 million compared to $788.6 million in the third quarter of the prior year.
PSMT recorded operating income for the third quarter of fiscal year 2020 of $24.0 million, as compared to operating income of $22.0 million in the prior year. Net income attributable to PriceSmart was $12.7 million, or $0.41 per diluted share, in the third quarter of fiscal year 2020. Net income in the third quarter of fiscal year 2019 was $14.1 million, or $0.46 per diluted share.
CEO Sherry Bahrambeygui said, "During the third quarter of fiscal year 2020, our Company has traversed an extraordinary arc that started with responding to unexpected challenges and quickly evolved to strengthening our business for the future.
“With our top priority firmly placed on the well-being of our employees and Members, the quarter began with the rapid adaptation to remote-work without compromising effectiveness.
“We immediately focused on precautionary and safety measures for our front-line employees in-country and in our distribution centers internationally. Our Company then led the way in best practices in-country to strive to keep our members and the public safe.
PSMT shares leaped $2.66, or 4.4%, to $63.13
