PriceSmart Inc. (NASDAQ: PSMT) published its financial results for the fiscal second quarter on Thursday after the bell. The company said its earnings and revenue posted an increase in the quarter that concluded on 28th February.
PriceSmart shares that you can conveniently trade via a range of user-friendly apps opened about 8% down on Friday. Including the price action, the stock is now exchanging hands at £64.84 per share. In comparison, the U.S. firm had started the year 2021 at a higher $67.21 per share.
PriceSmart reports £20.55 million of profit
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PriceSmart said that its net profit in the second quarter printed at £20.55 million that translates to 67.03 pence per share. In the same quarter last year, its net profit was capped at a lower £18.65 million, or 61.93 pence per share.
The largest operator of membership warehouse clubs in Central America and the Caribbean reported £683.13 million of total revenue in Q2 that represents an annualised growth of 3.4%. Net merchandise sales in the recent quarter printed at £654.57 million or 3.1% higher than last year.
The San Diego-headquartered company said it was operating 47 warehouse clubs as of the end of Q2, compared to 45 last year. For these 45 warehouse clubs, PriceSmart reported a 1.1% year over year increase in comparable net merchandise sales.
In separate news from the United States, Okta Inc reiterated its guidance for the year in its meeting with analysts on Thursday.
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PriceSmart’s sales jump 0.5% in March
On Friday, PriceSmart said that its net merchandise sales in March jumped 0.5% to £224.12 million, despite the Coronavirus-driven increase in sales in March 2020. The health emergency has so far infected more than 31 million people in the United States and caused over half a million deaths.
Chief Executive Sherry S. Bahrambeygui commented on the earnings report on Thursday and said:
“Although varying pandemic-related restrictions throughout our markets change almost daily, our global team of approximately 10,000 associates has continued to source exciting, distinctive, carefully curated merchandise and deliver goods and services at a great value in a safe and clean environment.”
PriceSmart performed largely upbeat in the stock market last year with an annual gain of close to 30%. At the time of writing, the Nasdaq-listed company has a market cap of £2.0 billion and a price to earnings ratio of 31.63.