PriceSmart, Inc. (NASDAQ:PSMT) stock rose 1.17% (As on July 11, 11:54:56 AM UTC-4, Source: Google Finance) after the company posted a fiscal third-quarter earnings and revenue beat. For the third quarter of fiscal year 2024, net merchandise sales increased 11.6% to $1.19 billion from $1.07 billion in the third quarter of fiscal year 2023. Net merchandise sales – constant currency increased 9.1% over the comparable prior year period. The Company had 54 warehouse clubs in operation as of May 31, 2024 compared to 51 warehouse clubs in operation as of May 31, 2023. Comparable net merchandise sales for the 50 warehouse clubs that have been open for greater than 13 ½ calendar months increased 7.8% for the 13-week period ended June 2, 2024 compared to the comparable 13-week period of the prior year. The company’s expansion strategy is also on track, with plans to open a new warehouse club in Cartago, Costa Rica, in the spring of 2025, which will mark the company’s 55th location.

Meanwhile, adjusted net income for the first nine months of fiscal year 2024 was $109.8 million, or an adjusted $3.62 per diluted share, compared to adjusted net income of $106.1 million, or an adjusted $3.41 per diluted share, in the comparable prior year period. Total revenues for the nine months ended May 31, 2024 increased 12.0% to $3.69 billion compared to $3.29 billion in the comparable period of the prior year. For the first nine months of fiscal year 2024, net merchandise sales increased 11.8% to $3.59 billion from $3.21 billion in the comparable prior year period.

PSMT in the third quarter of FY 24 has reported the adjusted earnings per share of $1.08, beating the analysts’ estimates for the adjusted earnings per share of $1.01, according to analysts polled by FactSet. The company had reported the adjusted revenue growth of 12.1 percent to $1.23 billion in the first quarter of FY 24, beating the analysts’ estimates for revenue of $1.21 billion. The Company recorded operating income during the fiscal third quarter of $49.9 million compared to operating income of $43.1 million in the prior year period. Adjusted net income for the third quarter of fiscal year 2024 was $32.5 million, compared to adjusted net income of $32.5 million in the comparable prior year period. Adjusted EBITDA for the third quarter of fiscal year 2024 was $71.0 million compared to $63.9 million in the same period last year.