PriceSmart Blows Out Earnings

If you took the advice yesterday to take a look at the Latin American Costco COST, you would be a very happy shareholder this morning. PriceSmart PSMT reported third quarter earnings of 51 cents per share on $431.1 million, versus estimates of 46 cents per share on $390.6 million in revenues. In addition, the Company entered into an option agreement in May 2011, to acquire approximately 131,524 square feet of land in Cali, Colombia upon which the Company anticipates constructing its second warehouse club in Colombia. Shares of PriceSmart gained 63 cents yesterday to close at $54.25.