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PriceSmart profit, sales up in Q3
San Diego -- Warehouse club operator PriceSmart reported Thursday that net income for the quarter ended May 31 rose to $16.3 million, compared with $12 million in the year-ago period.
Sales surged 23.6% to $421.6 million, from $341.2 million.
The company had previously announced it acquired 131,524 sq. ft. of land in Cali, Colombia, upon which it will build its second warehouse club in Colombia.
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See what happens when Walmart enters the market
Now that Walmart has completed its acquisition of a majority stake in South African retailer Massmart a major competitor contends it will need to lay off 8.6% of its work force to improve its competitive position.
That’s according to South African media reports indicating rival Pick n Pay Stores said it was looking to eliminate 3,137 of its 36,673 positions. Conversely, Walmart has said it will create 15,000 jobs in South Africa within five years, implying a fairly robust level of expansion.