A PriceSmart store in Bogota, Colombia
John Vizcaino | Reuters
Shares of PriceSmart sank Friday after the international warehouse club membership chain reported lower-than-expected quarterly earnings.
The stock was down as much as 7 percent intraday Friday, closing the day down 6 percent at $87 per share. PriceSmart is up more than 5 percent over the 12 months.
On Thursday, the San Diego, California–based company reported second-quarter earnings of 90 cents per share on revenue of $793.3 million. Analysts polled by Thomson Reuters expected earnings of 92 cents per share on revenue of $798.1 million.
PriceSmart also announced that for the month of March, net warehouse club sales increased 5.3 percent to $239.9 million, from $227.8 million in March a year earlier.