PriceSmart says it will open two new stores in Jamaica next year - one in Montego Bay, St. James and another on South Camp Road in Kingston - as part of its expansion drive following strong local sales growth.
The company reports that net merchandise sales from its two existing Jamaican locations, climbed by 13 per cent during the third quarter of this year, out performing the 7 per cent growth recorded across the wider Caribbean region.
Chief Executive Officer David Price says net profits for the region rose by 16 per cent to US$65.4 million.
The company's Caribbean sales totalled US$1.44 billion up to the end of August, while membership income rose by 16 per cent to US$22.9 million.
PriceSmart's Caribbean operations include Jamaica, the Dominican Republic, the US Virgin Republic, the US-Barbedos, Aruba, and Trinidad and Tobago.
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