Shares of PriceSmart Inc.
PSMT,
+1.85%
dropped more than 6% in the extended session Monday after the operator of warehouse-club retail stores mostly in the Caribbean and Central and South America reported fiscal third-quarter sales that matched Wall Street expectations. PriceSmart earned $25.5 million, or 94 cents a share, in the quarter, compared with $19.3 million, or 62 cents a share, in the prior-year period. Revenue rose 6.4% to $1.10 billion, the company said. Analysts polled by FactSet expected PriceSmart to report earnings of 85 cents a share on sales of $1.10 billion. PriceSmart also said that its board has authorized a stock buyback program of up to $75 million, with timing and total amount depending on broad market conditions and other considerations. PriceSmart shares ended the regular trading day up 0.9%.
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