PriceSmart Fiscal 4th-quarter Profit Declines

SAN DIEGO (AP) — PriceSmart Inc., which runs warehouse-shopping clubs, said Friday its fourth-quarter profit declined 9 percent as an increase in operating expenses hurt its bottom line.

Profit declined to $10.3 million, or 35 cents per share, from $11.3 million, or 39 cents per share, last year.

Revenue for the quarter ended Aug. 31 rose to $305.1 million from $292 million.

For the four weeks ended Oct. 25, sales at warehouses open at least one year declined 0.3 percent compared with the same four-week period last year.

Total operating expenses rose 5 percent to $293.2 million from $279.1 million.

Profit rose to $42.3 million, or $1.46 per share, from $38.1 million, or $1.32 per share, a year ago.

Revenue rose to $1.25 billion from $1.12 billion.

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