×

PriceSmart shares sink after quarterly earnings fall short

  • PriceSmart's second-quarter earnings were 2 cents short of estimates.
A PriceSmart store in Bogota, Colombia
John Vizcaino | Reuters
A PriceSmart store in Bogota, Colombia

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.

PriceSmart 5-day chart