PriceSmart, Inc. (NASDAQ:PSMT) stock rose 0.31% (As on July 11, 11:50:58 AM UTC-4, Source: Google Finance) after the company beaten the earnings expectations for the third quarter of FY 23.  For the third quarter of fiscal year 2023, net merchandise sales increased 7.1% to $1.07 billion from $999.0 million in the third quarter of fiscal year 2022. Net merchandise sales – constant currency increased 5.6% over the comparable prior year period. The Company had 51 warehouse clubs in operation as of May 31, 2023 compared to 50 warehouse clubs in operation as of May 31, 2022. The company had opened the new San Miguel club, the third club in El Salvador. The city of San Miguel, located on the east side of El Salvador, is an important city for our continued growth as it is one of the most populous cities in the country.

Comparable net merchandise sales for the 49 warehouse clubs that have been open for greater than 13 ½ calendar months increased 5.8% for the 13-week period ended June 4, 2023 compared to the comparable 13-week period of the prior year. Comparable net merchandise sales – constant currency for the 13 weeks ended June 4, 2023 increased 4.3%. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales positively by 1.5% versus the same period in the prior year.

The Company recorded operating income during the fiscal third quarter of $43.1 million compared to operating income of $33.8 million in the prior year period. Net income attributable to PriceSmart increased 53.6% to $29.6 million, or $0.94 per diluted share, in the third quarter of fiscal year 2023 compared to $19.3 million, or $0.62 per diluted share, in the third quarter of fiscal year 2022.

PSMT in the third quarter of FY 23 has reported the adjusted earnings per share of $1.02, beating the analysts’ estimates for the adjusted earnings per share of 85 cents. The company had reported the adjusted revenue growth of 6.4 percent to $1.1 billion in the third quarter of FY 23, which matches the analysts’ estimates for revenue of $1.1 billion. Adjusted EBITDA for the third quarter of fiscal year 2023 was $63.2 million compared to $51.3 million in the same period last year.

Additionally, the Board of Directors of PriceSmart, Inc. has authorized the Company to repurchase up to $75 million of common stock.