* Price Co., the San Diego-based operator...

* Price Co., the San Diego-based operator of 41 Price Club discount warehouses, reported a 26% increase in profits and a 22% increase in sales for its first quarter ended Dec. 18.

The increases are attributable to the opening of four more Price Clubs over the preceding year as well as to the “continued growth of existing locations,” Price Co. spokesman Donald Carter said.

For the three-month period, Price Club profits totaled $38.9 million on sales of $1.567 billion, up from a profit of $30.9 million on sales of $1.283 billion over the same quarter a year before.

First-quarter sales at stores open a year or more increased 13.8% over the year-before quarter. Price Club expects to open more outlets in San Diego, Concord and Babylon, N.Y. and Tucson, Ariz., by the fall, the company said.

Price Co. stock closed up $1 at $38.50 a share in over-the-counter trading Thursday.