PriceSmart reports profit, sales up in Q4

San Diego PriceSmart reported Tuesday that net income for the quarter ended Aug. 31 rose to $13.2 million, compared with net income of $10.3 million in the year-ago quarter.

Total revenue for the fourth quarter was $365.7 million compared with $305.1 million in the prior year. Net warehouse sales were $357 million, up from $298 million a year earlier.

For the year, net warehouse sales increased 11.6% to $1.4 billion, compared with $1.2 billion in the prior year, and total revenue for fiscal year 2010 increased 11.5% to $1.4 billion, from $1.3 billion in fiscal year 2009. For fiscal year 2010, the company recorded net income attributable to PriceSmart of $49.3 million.

PriceSmart owns and operates 28 U.S.-style membership shopping warehouse clubs in Central America and the Caribbean.