PriceSmart 1Q Profit Surges 63%

San Diego PriceSmart Inc., which operates warehouse food clubs in Central America and the Caribbean, said Wednesday its first-quarter earnings surged 63% as sales grew faster than operating costs.

Net income jumped to $6.7 million from $4.1 million in the year-ago period, while revenue rose 24% to $250.4 million from $202.5 million.

Sales at warehouse clubs open at least a year added 21.6%. In December, net sales rose 25% to $122.6 million.