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PriceSmart reports Q3 net income of $21.3M

PriceSmart Inc. (Nasdaq: PSMT) announced its results of operations for the third quarter of fiscal year 2014, including a net income of $21.3 million, or 70 cents per diluted share, in the quarter ended May 31. That's up from a net income of $18.5 million, or 61 cents per diluted share, in the third quarter of 2013.

Net warehouse club sales increased 7.6 percent to $597.9 million from $555.8 million in the third quarter of 2013. Total revenues for the third quarter of fiscal year 2014 were $615.0 million, compared to $571.7 million year-over-year. PriceSmart had 33 warehouse clubs in operation as of May 2014, up slightly from 31 warehouse clubs in operation in May 2013.

PriceSmart, which is headquartered in San Diego and owns membership shopping warehouse clubs in Latin America and the Caribbean, recorded operating income during the quarter of $31.2 million, compared to $28.5 million in the prior year.

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