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PriceSmart 1Q profit beats Wall St. expectations

SAN DIEGO (AP) -- PriceSmart Inc. shares jumped in after-hours trading Wednesday after the warehouse club operator reported a gain in fiscal first-quarter sales and profit.

The company, based in San Diego, earned $20 million, or 66 cents per share, for the quarter that ended Nov. 30. That compares with net income of $14 million, or 47 cents per share earned in the same quarter of the prior year. That beat the 62 cents per share analysts polled by FactSet expected.

Revenue increased to $535.3 million from $477.5 million. Analysts expected $535.4 million.

The company operated 30 clubs at the end of the period in Latin America and the Caribbean.

PriceSmart also said sales for the month of December increased by 11.6 percent to $253.7 million compared to the same month last year.

Its shares rose $4.48, or 5.8 percent, to $82.35 in after-hours trading. The stock was up $2.12 to close regular trading at $77.87.