PriceSmart Q1 profit dips, beats Street

San Diego Warehouse club operator PriceSmart reported Friday that its fiscal first-quarter profit edged down, negatively impacted by increased operating expenses. Still, the results beat Wall Street's expectations.

PriceSmart earned $10.4 million for the three months ended Nov. 30, down 3% from $10.7 million a year ago.

Sales climbed 3% to $315.4 million from $305.2 million on improved warehouse club sales and slightly higher membership income. Same-store sales rose 3.5%.

PriceSmart had 26 clubs in 11 countries and one U.S. territory during the quarter, compared with 25 clubs a year earlier.