PriceSmart Inc (NASDAQ:PSMT) shares rose approximately 9% after reporting Q1 FY24 results that surpassed expectations. Revenue increased by 10.6% year-over-year to $1.17 billion, beating the consensus of $1.16 billion. Net merchandise sales grew by 10.7% year-over-year to $1.14 billion, with foreign currency exchange rate fluctuations contributing positively. Comparable net merchandise sales for the 50 warehouse clubs open for over 13 ½ months rose by 8.0%. Adjusted EBITDA was $77.8 million, up from $75.2 million a year ago, and adjusted EPS of $1.24 exceeded the consensus of $1.09. The company had $275 million in cash and equivalents and increased its warehouse clubs count to 53 from 50 the previous year. PSMT shares are trading higher at $80.10 in premarket.