San Diego, PriceSmart Inc. narrowed its operating loss from $3.1 million to $465,000 in its in its fourth quarter ended Aug. 31. Net sales grew 18.6% to $155.4 million.
For the fiscal year, PriceSmart recorded an operating loss of $5.3 million, vs. a $6.7 million loss the previous year. Net revenues grew 13.7% to $618.8 million for the fiscal year.
The warehouse club retailer also announced the opening of its fourth location in Costa Rica, and the acquisition of a Panama City commercial center that already houses a PriceSmart club, plus additional commercial property that the merchant plans to develop.