PriceSmart's profits for the first quarter of 2014 climbed to US$21.432 million, the company said in a statement to the US Securities and Exchange Commission on January 9, 2014. PriceSmart's fiscal year begins in September, so its first quarter of fiscal year 2014 ended on November 30, 2013.
"Net income was US$21.4 million, or US$0.71 per diluted share, in the first quarter of fiscal year 2014. Net income in the first quarter of fiscal year 2013 was US$20.005 million, or US$0.66 per diluted share," the statement said. The company recorded operating income for the 2014 first quarter of US$32.4 million, compared to operating income of US$29.7 million for the first quarter of the prior year.
For the first quarter of fiscal year 2014, net warehouse club sales increased 12.6 per cent to US$589.7 million from US$523.6 million in the first quarter of fiscal year 2013, PriceSmart said. Total revenues for the first quarter of fiscal year 2014 was US$605.6 million compared to US$535.3 million in the first quarter of the prior year. The company had 32 clubs in operation as of November 30, 2013, compared to 30 warehouse clubs in operation as of November 30, 2012.
