Bolstered by the addition of five new discount warehouse stores and continued strong sales at 16 existing Price Club warehouses, San Diego-based Price Co. this week reported a 61% jump in net income for the year ended Aug. 31, to $46 million, and a 61% increase in revenue, to $1.8 billion.
The sales figures make the company the largest San Diego-based publicly held corporation. San Diego Gas & Electric is second, with annual revenue last year of $1.6 billion.
Net income for the fourth quarter rose 56%, to $12.9 million, while sales rose 55%, to $477 million.
Sales at warehouse stores that were open for the entire fiscal year increased 17% during the fourth quarter and 22% for the year.
Earlier this month, Price announced that it was negotiating with a Montreal-based company to open an undisclosed number of Price Clubs in Canada. The negotiations could be completed "shortly," according to a Price Co. spokesman.