PriceSmart's profit grows; Constellation Brands narrows loss

PriceSmart also reported that, for the period ended March 29, same-store sales were 8.5% higher, as recession-strapped consumers seek more value for their money by purchasing items in bulk.

Shares rose $0.75, or 4.1%, to close Wednesday at $19.21. The share price is 30.8% lower than a year ago.

Constellation Brands, the world's largest wine company by volume, lost the equivalent of $406.8 million, or $1.88 per share, in the period ending Feb. 28, compared to a loss of $834.8 million, or $3.91 per share, a year earlier. Sales fell 17% to $735.1 million.

Excluding one-time charges, the company earned $46.7 million, or 21 cents a share, just missing the consensus forecast of analysts surveyed by Thomson Reuters.

For the full year, the company lost $301.4 million, or $1.40 a share, compared to a loss of $613.3 million, or $2.83 a share, a year earlier. Net sales fell to $3.65 billion from $3.77 billion a year earlier.

Constellation shares fell 59 cents, or 5.1%, to $11.05 Wednesday, which is not much above the 52-week low of $10.66.

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