RTTNews | Jan 6, 2022 04:32PM EST

16:32 Thursday, January 6, 2022 (RTTNews.com) - PriceSmart, Inc. (PSMT) Thursday said its profit for the first quarter rose to $30.5 million or $0.98 per share from $27.7 million or $0.90 per share last year.

Revenues for the first quarter increased 11.2% to $975.4 million from $877.4 million last year. Net merchandise sales increased 12.6% to $944.0 million from $838.4 million last year.

The company had 49 warehouse clubs in operation as of November 30, 2021 compared to 46 warehouse clubs in operation as of November 30, 2020. Comparable net merchandise sales for the 46 warehouse clubs that have been open for greater than 13 1/2 calendar months increased 9.4% for the 13-week period ended November 28, 2021 compared to the comparable period of the prior year.

Commenting on the results, CEO Sherry Bahrambeygui, said, "Our team achieved a stellar first quarter, with Net merchandise sales growing by 12.6% and Comparable net merchandise sales growing 9.4% as compared to the same period last year. Our 12-month trailing Membership renewal rate is 89.0% and our membership base has grown to its all-time high."

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