SAN DIEGO (AP) -- Shares of PriceSmart Inc. dipped in Thursday trading, after the warehouse club operator reported its fiscal third quarter net income below Wall Street's expectations.
Shares fell $1.91, or 2.1 percent, to $89.72 during afternoon trading, after earlier falling as low as $85.36.
The company, which is based in San Diego, runs 31 warehouse clubs in Latin America and the Caribbean.
Net income for the three months ended May 31 rose 18 percent to $18.5 million, or 61 cents per share. That compares with $15.7 million, or 52 cents per share, for the 2012 third quarter.
Analysts, on average, expected net income of 64 cents per share, according to FactSet.
The company said in a call with investors that currency devaluation, particularly in Honduras, Jamaica and Colombia, hurt results. In addition, the company cut some product prices to help offset higher membership fees.
Revenue rose 13 percent to $571.7 million from $505.3 million last year. Analysts expected $568.6 million.
Revenue in stores open at least 13 and one-half months, a key measure of a retailer's health, rose 9.7 percent in the four weeks ended June 30. Fiscal year-to-date, the figure rose 9 percent.