Core Viewpoint - PriceSmart, Inc. announced an 11.1% increase in its annual dividend, reflecting the company's strong cash generation and confidence from the Board of Directors [1][2]. Dividend Declaration - The Board declared an annual cash dividend of $1.40 per share, with $0.70 payable on February 27, 2026, and another $0.70 payable on August 31, 2026 [2]. - This increase from last year's dividend of $1.26 per share, which was paid in two installments of $0.63 each, demonstrates the company's financial strength [2]. Annual Meeting Results - All eleven nominees for the Board of Directors were elected during the annual meeting, ensuring continuity in leadership [4]. - The elected directors include Sherry S. Bahrambeygui, Jeffrey R. Fisher, and others, who will serve until the next annual meeting or until a successor is appointed [4]. Executive Compensation and Audit Firm Approval - Stockholders approved the compensation for the Company's named executive officers for fiscal year 2025 on an advisory basis [5]. - Ernst & Young LLP was ratified as the independent registered public accounting firm for the fiscal year ending August 31, 2026 [5]. Company Overview - PriceSmart operates 56 warehouse clubs across 12 countries and one U.S. territory, focusing on membership shopping with high-quality merchandise at low prices [6]. - The company plans to open four new warehouse clubs in 2026, which will increase the total to 60 locations [6].

Core Viewpoint - PriceSmart held its 2026 virtual annual meeting where shareholders re-elected all 11 director nominees, approved the executive compensation plan, and ratified Ernst & Young as the independent auditor for fiscal 2026 with overwhelming support from shareholders [2][3][8]. Meeting Overview - The meeting was led by CEO David Price and conducted via a web portal and an 800-number dial-in line, addressing three proposals and other business matters [2]. - At least 95% of outstanding common shares (30,816,360 shares) were represented, exceeding the quorum requirement [3][4]. Voting Results - Proposal 1: All 11 director nominees received "considerably more" affirmative votes than required for election, indicating strong shareholder support [3][6]. - Proposal 2: The advisory vote on executive compensation passed with no less than 98% support from shares present and voting [3][8]. - Proposal 3: Ratification of Ernst & Young LLP as the independent auditor for the fiscal year ending August 31, 2026, passed with no less than 99% support [3][8]. Adjournment and Communication - After the voting results, the meeting was adjourned, and no questions were received from shareholders during the allotted time [9]. - The company directed investors to its investor relations page for further information and communication [11]. Company Background - PriceSmart, Inc. is a U.S.-based retailer specializing in membership warehouse clubs, founded in 1993, offering bulk goods at discounted prices to members [12]. - The product assortment includes groceries, household essentials, electronics, appliances, office supplies, furniture, and health and beauty items [13].

Financial Data and Key Metrics Changes - The meeting discussed the election of directors, advisory vote on executive compensation, and the ratification of Ernst & Young as the independent registered public accounting firm for the fiscal year ending August 31, 2026 [2][9] - The advisory vote on executive compensation received approval from no less than 98% of shares present and voting [11] - The ratification of Ernst & Young was approved by no less than 99% of shares present and voting [11] Business Line Data and Key Metrics Changes - No specific business line data or key metrics were provided during the meeting [2][12] Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting [2][12] Company Strategy and Development Direction - The company is focused on maintaining strong governance through the election of a diverse board of directors [3][10] - The company aims to ensure transparency and accountability in executive compensation [11] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting [2][12] Other Important Information - The meeting was held virtually, allowing stockholders to participate via a web portal and phone [2] - A quorum was confirmed with at least 95% of shares present, allowing the meeting to proceed [6][7] Q&A Session Summary - No questions were submitted during the Q&A session, and management indicated that they could not address material non-public information [13][14]

Financial Data and Key Metrics Changes - The meeting discussed the election of directors, advisory vote on executive compensation, and the ratification of Ernst & Young as the independent registered public accounting firm for the fiscal year ending August 31, 2026 [2][9] - The advisory vote on executive compensation was approved by no less than 98% of the shares present and voting [11] - The ratification of Ernst & Young was approved by no less than 99% of the shares present and voting [11] Business Line Data and Key Metrics Changes - No specific data on business line performance was provided during the meeting [2][4] Market Data and Key Metrics Changes - No specific market data or metrics were discussed during the meeting [2][4] Company Strategy and Development Direction - The company is focused on maintaining strong governance through the election of directors and ensuring transparency in executive compensation [2][9] - The selection of Ernst & Young as the independent auditor indicates a commitment to high standards of financial reporting and compliance [11] Management Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting [2][4] Other Important Information - The meeting was held virtually, allowing shareholders to participate via a web portal and phone [2] - A quorum was confirmed with at least 95% of shares present, allowing the meeting to proceed [6][7] Q&A Session Summary Question: Are there any questions from shareholders? - No questions were submitted through the portal during the meeting [13][14]

Financial Data and Key Metrics Changes - The meeting discussed the election of directors, advisory vote on executive compensation, and the ratification of Ernst & Young as the independent accounting firm for the fiscal year ending August 31, 2026 [2][8] - The advisory vote on executive compensation received approval from no less than 98% of shares present and voting [11] - The ratification of Ernst & Young was approved by no less than 99% of shares present and voting [11] Business Line Data and Key Metrics Changes - No specific data on business line performance was provided during the meeting [2][4] Market Data and Key Metrics Changes - No specific market data or metrics were discussed during the meeting [2][4] Company Strategy and Development Direction - The company is focused on maintaining strong governance through the election of directors and ensuring transparency in executive compensation [2][8] - The selection of Ernst & Young as the independent auditor reflects the company's commitment to high standards of financial reporting [11] Management Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting [2][4] Other Important Information - A quorum was confirmed with at least 95% of shares represented, allowing the meeting to proceed [6][10] - The company emphasized the importance of compliance with SEC regulations regarding the disclosure of material information [13][14] Q&A Session Summary - No questions were submitted during the Q&A session, and management reiterated the limitations on discussing material non-public information [13][14]

Core Insights - PriceSmart's stock price has reached new all-time highs in early 2025, indicating a potential upside of $45 as it broke out of a previous trading range and established new support levels [2][3] - The company's fiscal Q1 results for 2026 showed strong revenue growth of nearly 10%, driven by new store openings and comparable store sales, with net revenue of $1.38 billion exceeding analyst expectations by 140 basis points [5][6] - PriceSmart is positioned as a leader in emerging markets, benefiting from GDP growth in these regions, particularly in Latin America, which is expected to grow over 100 basis points faster than the global average [4] Financial Performance - The fiscal Q1 results indicated a 10.6% increase in net merchandise sales (9.5% on an FX-neutral basis) and an 8% increase in comparable sales, reflecting strong operational performance [5] - The company reported GAAP earnings of $1.29, beating consensus estimates by 1 cent, despite increased investment activities impacting earnings [6] Growth Strategy - PriceSmart plans to build four new stores, which are already under construction, and expand into key Caribbean markets such as Costa Rica, Jamaica, and the Dominican Republic [6] - The stock is considered to present value relative to peers and has shown faster growth over a comparable period, reinforcing its competitive position in the market [4]

Core Viewpoint - PriceSmart Inc has delayed the opening of two new warehouse clubs in Jamaica due to disruptions from Hurricane Melissa, with new expected opening dates set for autumn 2026 and winter 2026 for the respective locations [1][2]. Group 1: New Store Openings - The third Jamaican location in Montego Bay is now scheduled for autumn 2026, while the fourth location on South Camp Road in Kingston is expected to open in winter 2026, which is about three months later than previously planned [2]. - The company does not anticipate any further delays for new club openings at this time, according to CEO David Price [2]. Group 2: Financial Investments - PriceSmart has acquired five acres in Montego Bay for the new club and has leased property opposite Sabina Park cricket ground for the Kingston site, with plans to spend approximately US$27.6 million (J$4.4 billion) on construction [3]. - The Kingston lease is for 30 years, with two options for 10-year renewals [3]. Group 3: Current Operations and Performance - Jamaica currently has two PriceSmart clubs, which experienced heavy traffic during the Christmas season, with customers reportedly waiting up to four hours to check out [4]. - PriceSmart operates 56 clubs across 12 countries and one US territory, an increase from 54 clubs a year earlier [5]. - The company reported first-quarter earnings per share of US$1.29, which fell short of forecasts of US$1.35, while revenue increased to US$1.38 billion, exceeding expectations [5]. Group 4: Future Expansion Plans - CEO David Price mentioned that the existing Jamaican clubs have "weathered the storm well" and resumed operations quickly, with plans for expansion and remodeling of the Portmore club to begin in fiscal 2026 [6]. - The expansion will include larger floor space and more parking, which are seen as effective ways to drive sales and enhance the member experience [6].

Core Insights - PriceSmart, Inc. reported strong financial performance in its fiscal first quarter of 2026, with earnings per share (EPS) of $1.29, slightly above estimates of $1.28, and revenue of approximately $1.38 billion, exceeding forecasts of $1.36 billion [2][6] Financial Performance - The company's revenue increased by 9.9% from the previous year's $1.26 billion, demonstrating consistent growth [2] - Net merchandise sales grew by 10.6%, reaching $1.35 billion, up from $1.22 billion in the first quarter of fiscal year 2025, with comparable net merchandise sales rising by 8.0% [3][6] - Foreign currency exchange rate fluctuations contributed an additional $13.8 million, or 1.1%, to net merchandise sales [3] Valuation Metrics - PriceSmart's shares have risen by nearly 40% over the past year, trading at 23 times forward earnings, which is considered a discount compared to Costco [4][6] - The company's price-to-earnings (P/E) ratio is approximately 25.92, with a price-to-sales ratio and enterprise value to sales ratio both at about 0.74, indicating favorable valuation relative to its sales and earnings [4] Financial Health - PriceSmart maintains a low debt-to-equity ratio of approximately 0.14 and a current ratio of around 1.33, indicating strong liquidity [5] - The enterprise value to operating cash flow ratio is approximately 13.51, reflecting the company's ability to cover its enterprise value with operating cash flow [5] Growth Potential - The company has plans to expand in Costa Rica, demonstrating growth potential in underpenetrated markets [5]

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Financial Data and Key Metrics Changes - Net merchandise sales and total revenue reached almost $1.4 billion during Q1, with net merchandise sales increasing by 10.6%, or 9.5% in constant currency [6][24] - Comparable net merchandise sales increased by 8%, or 6.9% in constant currency [6] - Operating income for Q1 increased by 8% to $62.9 million, while net income rose to $40.2 million, or $1.29 per diluted share, up from $37.4 million, or $1.21 per diluted share in the prior year [25][26] Business Line Data and Key Metrics Changes - In Central America, net merchandise sales increased by 9.6%, or 9.2% in constant currency, with all markets showing positive comparable net merchandise sales growth [7] - The Caribbean saw a 5.7% increase in net merchandise sales, or 7.8% in constant currency, with all markets also reporting positive growth [8] - Colombia experienced a significant increase in net merchandise sales of 27.8%, or 15% in constant currency, contributing positively to consolidated comparable net merchandise sales [8] Market Data and Key Metrics Changes - Membership accounts grew by 6.7% year over year to over 2 million accounts, with a strong renewal rate of 89.3% [9] - Digital channel sales reached $89.8 million, up 29.4% year over year, representing 6.6% of total net merchandise sales [17] - Private label sales represented 27% of total merchandise sales, down 70 basis points from the previous year, but would have shown an increase on a comparable basis [15] Company Strategy and Development Direction - The company is focused on expanding its real estate footprint, with plans for new clubs in the Dominican Republic, Jamaica, and Costa Rica, aiming to operate 60 warehouse clubs in total [10][12] - Supply chain transformation is a key strategy, with new distribution centers planned in Trinidad, Colombia, and the Dominican Republic to improve product availability and reduce lead times [14] - The company is investing in technology to enhance member experience and operational efficiency, including a new point of sale system and human capital management system [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in future growth, citing resilient consumer demand and strong execution by teams across various markets [5] - The company is monitoring economic factors such as remittance flows and potential impacts from Venezuelan migration to Colombia, but has not seen changes in consumer demand [21][37] - December's performance was impacted by external factors, but management remains optimistic about trends entering calendar 2026 [22] Other Important Information - The effective tax rate for Q1 was 27.9%, up from 26.5% a year ago, primarily due to non-recurring items [26] - Cash provided by operating activities reached $71.2 million, an increase of $32.7 million compared to the prior year [27] - The company is committed to growing its private label penetration through strategic product development [16] Q&A Session Summary Question: Were the comps positive in Honduras and Panama despite supply chain issues? - Management indicated that while they do not share detailed country-level data, there was a good recovery in Honduras post-election and acceptable results in Panama [31][32] Question: What factors contribute to Colombia's strong performance? - Management attributed Colombia's strength to external factors like the peso's strength and internal factors such as a strong team and product mix [33][34] Question: What impact might increased Venezuelan migration have on Colombia's economy? - Management refrained from speculation but noted strong consumer demand in Colombia and a good brand position [37] Question: Why did cash in Trinidad increase from $60 million to $80 million? - Management explained that the increase is due to seasonal cash flow fluctuations and does not indicate material changes in market conditions [38][39] Question: What insights have been gained from the Chilean market? - Management noted that Chile is competitive and digitalized, with no direct club models present, which presents an opportunity for differentiation [45] Question: How will warehouse and parking expansions impact operations? - Management stated that expansions help improve member experience and operational efficiency, although specific regional impacts could not be disclosed [48][49]