Benzinga | Jul 9, 2021 08:13AM EDT

PriceSmart Q3 Results Smash Estimates

* PriceSmart Inc (NASDAQ:PSMT) reported third-quarter FY21 revenue of $895.3 million, a growth of 11.92% year-on-year, beating the consensus of $848.3 million.

* Net merchandise sales increased 11.6% Y/Y to $857.5 million.

* Comparable net merchandise sales for the 45 warehouse clubs increased 8.8% Y/Y.

* The operating margin for the quarter was 4%, with $36 million in operating income.

* EPS of $0.73 beat the analysts' estimate of $0.65.

* Cash and equivalents totaled $190.68 million as of May 31, 2021.

* "Operational efficiencies, digital capabilities, optionality for our supply chain, and we believe, the trust of our employees and Members to do our best to anticipate their needs and keep them safe, have contributed to our strong performance for the third quarter," said CEO Sherry S. Bahrambeygui.

* Price action: PSMT shares traded higher by 2.43% in premarket at $91.01 on the last check Friday.