An increase in sales helped the San Diego-based shopping warehouse company's profits rise on a year-over-year basis.
Net income was $28.3 million in the second quarter compared to $24.9 million in the second quarter of fiscal 2013.
However, an 11% year-over-year revenue increase to $674 million was not what analysts had predicted. Expectations were that PriceSmart would bounce back after a troubling start to the year and record higher revenues of $678.91 million.
PriceSmart also saw a gross profit margin decrease of 19 basis points to 14.5% due to a decline in warehouse club margins. The reduction in net warehouse margins resulted in a 16 basis points drop.
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