AP News

PriceSmart's key February revenue figure climbs


SAN DIEGO (AP) — PriceSmart said Thursday that revenue at warehouse clubs open at least 13.5 months rose 8.9 percent in February.

This figure is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.

The warehouse club operator said that revenue for the five weeks ended March 3 increased 7.8 percent to $164.7 million. Last year the month had one extra day.

Six-month revenue at warehouse clubs open at least 13.5 months climbed 8.8 percent. Total revenue rose 10.9 percent to $1.12 billion.

PriceSmart Inc. also announced that it purchased some land in Honduras on which it plans to build a warehouse club. It will be PriceSmart's third warehouse club there. The San Diego company said it currently expects to open the warehouse club in the spring of 2014.

PriceSmart owns and runs U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean. It now runs 30 warehouse clubs in 12 countries and one U.S. territory (five in Costa Rica; four each in Panama and Trinidad; three each in Guatemala and the Dominican Republic; two each in Colombia, El Salvador and Honduras; and one each in Aruba, Barbados, Jamaica, Nicaragua and the U.S. Virgin Islands).

PriceSmart plans to report its fiscal second-quarter financial results on April 9.

Its shares rose 17 cents to $74.46 in morning trading Thursday.


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