PriceSmart Falls After Q3 Earnings (PSMT)

Discount warehouse operator

released its fiscal third-quarter earnings after the closing bell on Wednesday. The company missed Wall Street earnings expectations, but revenue for the quarter came in above estimates. In late trade, the stock was last down almost four percent to $88.29.

The San Diego-based company reported net income of $18.5 million or $0.61 per share, compared to $15.7 million or $0.52 per share, in last year's corresponding quarter. This missed analysts' consensus EPS estimates of $0.64. Revenue in the period rose to $571.7 million from $505.3 million a year ago. This came in ahead of Wall Street consensus expectations of $568.33 million. Net warehouse club sales for the fiscal third-quarter rose 12.3 percent. PriceSmart also said that for June, comparable warehouse sales for the 29 warehouse clubs open at least 13 1/2 months rose 9.7 percent and net sales for June were up 14.2 percent.