PriceSmart Inc. said Tuesday that a key revenue figure increased sharply in August.
The San Diego-based company said its revenue from stores open more than a year increased 9.4 percent compared with the same five-week period last year. The figure is considered an important measure of a retailer's health, because it strips away the impact of recently opened or closed stores.
PriceSmart said its net revenue increased 15.5 percent for the month of August. Net sales for the month increased to $192.6 million from $166.7 million in August 2012
The company runs U.S.-style warehouse clubs in Latin America and the Caribbean.
PriceSmart had 31 warehouse clubs in operation at the end of August, versus 29 last year.
For the 12 months ended Aug. 31, net sales increased 12 percent to $2.24 billion from $2 billion for the prior fiscal year. Analysts, on average, were expecting revenue of $2.3 billion for the fiscal year, according to FactSet.
Shares of PriceSmart added $1.28 to $89.89 in midday trading, just ahead of a broader market gain. The company's stock is trading at the upper end of its 52-week trading range of $70.02 to $93.83.
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