PriceSmart, Inc. (NASDAQ: PSMT) plummeted 18.82% to $57.30 in the morning hour after the company announced its results of operations for the first quarter of fiscal year 2012 which ended on November 30, 2011.
The company reported a first quarter profit of $14 million, or $0.47 a share, down from $14.9 million, or $0.50 a share, a year earlier. Revenue jumped 24% to $478.7 million. Analysts polled by Thomson Reuters were looking for earnings of $0.58 a share on $473 million in revenue.
The Company had 29 clubs in operation as of November 30, 2011, compared to 28 warehouse clubs in operation as of November 30, 2010.
The Company recorded first quarter operating income of $24.3 million, as compared to operating income of $22.2 million for the first quarter of the prior year.
The Company plans to release its quarterly report on Form 10-Q for the first quarter of fiscal year 2012 on or before January 9, 2012, which will contain additional information about the quarter’s results.
PriceSmart business consists primarily of international membership shopping warehouse clubs similar to warehouse clubs in the United States.
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