Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of retailer PriceSmart (Nasdaq: PSMT) were crushed, falling as much as 20% today after the company released earnings.

So what: Net sales increased 24% to $478.7 million and net income was $14.0 million, or $0.47 per share, down from $0.50 per share a year ago. Analysts had expected earnings of $0.58 per share on revenue of $472.5 million.

Now what: An earnings disappointment like this will quickly send shares to the doghouse, and that’s exactly where PriceSmart is today. The company pointed to a $0.04 per-share loss on currency translation as one of the reasons the company fell short of estimates. I’m encouraged by the growth rate, but with the stock trading at a 29 P/E, multiple earnings need to be climbing for this Fool to get excited about PriceSmart.

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