Slow and steady, PriceSmart keeps growing

International wholesale club PriceSmart keeps attracting shoppers to its stores, as the retailer reported an increase in same store sales for the third quarter.

Steadily rising customer traffic helped log a 2.6% increase in same store sales for the third quarter ended May 31.Total revenue improved by 13%, as PriceSmart booked big sales gains -- up 13% -- along with a nice boost in membership fees -- up 17%.Net income this quarter was flat, at $21 million.

The company says its consistent growth in club membership and new warehouse sales are wonderful harbingers for future success.

PriceSmart, headquartered in San Diego, owns and operates U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean, selling high quality merchandise at low prices to PriceSmart members. PriceSmart now operates 37 warehouse clubs in 12 countries and one U.S. territory (six each in Costa Rica, and Colombia; five in Panama, four in Trinidad; three each in Guatemala, the Dominican Republic, and Honduras; two in El Salvador; and one each in Aruba, Barbados, Jamaica, Nicaragua and the United States Virgin Islands).