PriceSmart jumps 20% on better-than-expected Q3 earnings
PriceSmart Inc. (Nasdaq:PSMT) is soaring more than 20% today after the company announced ahead of today’s opening that its third-quarter earnings had doubled. The San Diego-based company reported net income for the quarter ended May 31 of $10.6 million, or $0.36 per share, compared with $5.2 million, or $0.18 a share, for the same quarter a year ago. PriceSmart is a warehouse club that sells consumer goods to both individuals and businesses. The company said the better-than-expected third-quarter earnings were the result of stronger sales.
Shares of PriceSmart are trading at $22.11, up $3.69 or 20% from Monday’s close.
For detailed price information and recent news stories on PriceSmart Inc., click PSMT.
