Market Updates
PriceSmart Earnings Down On Higher Markdowns
Scott Peters
12 Jul, 2022
New York City
PriceSmart declined 12% to $64.05 after the wholesale club chain's quarterly earnings were affected by supply chain disruptions despite rising sales.
Sales in the quarter ending in May increased 15% to $1.03 billion and net income declined to $19.3 million from $22.6 million a year ago.
Diluted earnings per share fell to 62 cents from 73 cents a year ago.
The earnings were affected by larger than normal markdowns after the retailer ordered more inventories and customers avoided discretionary items and focused on essential goods.
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Earnings
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