PriceSmart announces third quarter results of operations and June sales
For the third quarter of fiscal year 2014, net warehouse club sales increased 7.6% to $597.9 million from $555.8 million in the third quarter of fiscal year 2013. Total revenues for the third quarter of fiscal year 2014 were $615.0 million compared to $571.7 million in the comparable period of the prior year. The Company had 33 warehouse clubs in operation as of May 2014 compared to 31 warehouse clubs in operation as of May 2013.
The Company recorded operating income during the quarter of $31.2 million, as compared to operating income of $28.5 million in the prior year. Net income was $21.3 million, or $0.70 per diluted share, in the third quarter of fiscal year 2014 as compared to $18.5 million, or $0.61 per diluted share, in the third quarter of fiscal year 2013.
For the first nine months of fiscal year 2014, net warehouse club sales increased 10.4% to $1,844.7 million from $1,671.3 million in the first nine months of fiscal year 2013. Total revenues for the first nine months of the fiscal year 2014 increased 10.5% to $1,895.0 million from $1,714.4 million in the same period of the prior year. For the first nine months of fiscal year 2014, the Company recorded operating income of $102.9 million and net income of $71.0 million, or $2.34 per diluted share. During the nine month period in fiscal year 2013, the Company recorded operating income of $94.6 million and net income of $63.4 million, or $2.09 per diluted share.
The Company also announced that for the month of June 2014, net warehouse club sales increased 4.0% to $194.3 million, from $186.9 million in June a year earlier. For the ten months ended June 30, 2014, net warehouse club sales increased 9.7% to $2,039.0 million, from $1,858.1 million for the ten months ended June 30, 2013. There were 33 warehouse clubs in operation at the end of June 2014 and 31 warehouse clubs in operation at the end of June 2013.
For the four weeks ended June 29, 2014, comparable warehouse sales for the 30 warehouse clubs open at least 13 1/2 full months increased 1.0%, compared to the same four-week period last year. For the forty-three week period ended June 29, 2014, comparable warehouse sales increased 5.4%, compared to the comparable forty-three week period a year ago.
PriceSmart management will host a conference call at 12:00 p.m. Eastern time (9:00 a.m. Pacific time) on Friday, July 11, 2014, to discuss the financial results. Individuals interested in participating in the conference call may do so by dialling (877) 719-9789 toll free, or (719) 325-4784 for international callers and entering participant code 9238757. A digital replay will be available through July 31, 2014, following the conclusion of the call by dialling (888) 203-1112 for domestic callers, or (719) 457-0820 for international callers, and entering replay passcode 9238757.
source: marketwatch.com
