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Why PriceSmart (PSMT) is Sinking After Hours

Stocks in this article: PSMT

NEW YORK ( TheStreet) -- After taking off 2.5% in Thursday's session, PriceSmart (PSMT) is booking further losses after the bell following lower-than-expected first-quarter earnings. In extended trading, shares lost 3.2% to $104.10.

The membership-only warehouse chain reported net income for the quarter ended Nov. 30 of 71 cents a share. Analysts polled by Thomson Reuters had forecast earnings of 75 cents a share. Revenue of $605.6 million was slightly lower than the $609.06 million expected, but 13.1% higher than the year-ago quarter.

Over the critical December shopping period, net sales increased 10.7% to $290.8 million from $253.7 million for the same month a year earlier. Over the four weeks ended Dec. 29, 2013, comparable warehouse sales jumped 6.7% compared to the equivalent period in 2012.

The San Diego-based business also announced it had acquired around 128,600 usable square feet of land in the southern area of Pereira, Colombia, as of Jan. 8. The company plans to use the land to construct a new warehouse club slated to open November 2014, the fourth Colombian PriceSmart club in operation. 

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