PriceSmart, Inc. (NASDAQ: PSMT) announced its financial results for the second quarter of fiscal 2018 after the bell on Thursday. With revenues beating estimates, shares of the company jumped 6.75% to $90.40 per share on Friday.
The company reported its total revenues of $839.6 million, increasing from the $793.3 million for the same period last year. Net warehouse club sales, which comprised around 97% of total sales, was $816.6 million for the second quarter, increasing 5.7% from $772.3 million for the same period last year.
Net income for the second quarter decreased from $27.2 million, or $0.90 per diluted share, for the same period last year, to $14.1 million, or $0.47 per diluted share. According to the company, the results for the quarter reflect the influence of U.S. Tax Reform. Adjusted earnings per share was $0.89 for the quarter, which was in line with analysts’ estimates.
Additionally, operating income for the second quarter was of $37.3 million, dropping from the $39.4 million for the same period last year.
“We increased the annual membership fee in Colombia by 15.4%,” the company said. “In addition, we introduced the Platinum membership [offering] in Panama and Dominican Republic, which contributed to an increase in the membership income per average membership account by 3.8%.”
In the statement, the company also announced that Maarten Jager has been appointed as Executive Vice President and Chief Financial Officer, which will be effective on April 24th 2018.