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PriceSmart (PSMT) Q3 Earnings & Revenues Miss Estimates

PriceSmart, Inc. PSMT reported third-quarter fiscal 2017 earnings of 62 cents per share, missing the Zacks Consensus Estimate of 69 cents by 10.1%. Earnings increased 12.7% from 55 cents a year ago.

Total revenues during the quarter were $730.3 million, missing the Zacks Consensus Estimate of $732 million by 0.2%. The figure, however, reflects an increase of 3.7% year over year, supported by higher sales across the board, barring export sales.

Segment Details

Net warehouse club sales, comprising 97.3% of the total revenue, grew 3.8% year over year to $710.7 million. Export sales dropped to $6.5 million from $7.1 million in the year-ago period. Membership income grew 4.9% year over year to $12 million. Sales from other category were $1 million against $1.1 million in the third quarter of fiscal 2016.

Inside the Headline Numbers

PriceSmart had 39 warehouse clubs in operation as of May 2017 compared with 38 in May 2016.

The company's total operating expenses increased 3.8% year over year to $702.6 million, primarily because of higher cost of goods sold and selling, general and administrative...