PriceSmart Q4 profits drop 9% on increased expenses

San Diego PriceSmart said Friday its fourth-quarter profit declined 9%, negatively impacted by a rise in operating expenses.

Profit for the quarter ended Aug. 31 declined to $10.3 million from $11.3 million in the year-ago period.

Revenue rose to $305.1 million from $292 million.

The company had 26 warehouse clubs in operation at the end of fiscal year 2009, compared with 25 warehouse clubs a year earlier.