Why PriceSmart Stock Soared by Nearly 15% This Morning
Shares of warehouse retailer PriceSmart (NASDAQ: PSMT) -- Latin America's answer to Costco (NASDAQ: COST) -- surged by nearly 15% in early trading on the Nasdaq Wednesday before retracing a bit. But as of 11:30 a.m. ET, the stock was still holding onto a 6.4% gain.
Heading into its fiscal 2024 first-quarter report, analysts had forecast that PriceSmart would earn $1.09 per share, a bit less than the $1.12 per share it had earned in the prior-year period. Instead, PriceSmart reported a profit of $1.24 per share on sales of $1.17 billion.
Those $1.17 billion in sales amounted to better than a 10% year-over-year lift, although 4 percentage points of the gain came from currency exchange rate fluctuations. Also helping PriceSmart's results was the addition of three new warehouse clubs.
Source Fool.com
