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PriceSmart fiscal Q2 profit falls YOY

PriceSmart Inc. said its normalized net income for the fiscal second quarter ended Feb. 29 came to 79 cents per share, compared with the S&P Capital IQ consensus estimate of 88 cents per share.

EPS decreased year over year from 81 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $23.6 million, a decline from $24.2 million in the prior-year period.

The normalized profit margin fell to 3.0% from 3.2% in the year-earlier period.

Total revenue grew year over year to $777.9 million from $750.3 million, and total operating expenses increased on an annual basis to $738.7 million from $708.2 million.

Reported net income rose from the prior-year period to $25.4 million, or 85 cents per share, from $24.5 million, or 82 cents per share.