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PriceSmart Q2 profits slip


San Diego – Net income at PriceSmart Inc. fell 12% to $24.83 million during the second quarter of fiscal 2015, from $28.28 million in the same period a year earlier. Increased operating expenses helped cut profit even as revenues grew 10% to $750.3 million, from $674.38 million.

PriceSmart also attributed the drop in net income to the devaluation of the Colombian peso.

“The rest of the company performed well in the quarter with growth in sales and membership income, and higher operating profit,” said Jose Luis Laparte, president and CEO of PriceSmart.

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