SAN DIEGO, July 10, 2024 /PRNewswire/ -- PriceSmart, Inc. ("PriceSmart" or the "Company") (NASDAQ: PSMT), operator of 54 warehouse clubs in 12 countries and one U.S. territory, today announced results for the fiscal third quarter of 2024, which ended on May 31, 2024. Total revenues for the third quarter of fiscal year 2024 increased 12.1% to $1.23 billion compared to $1.10 billion in the comparable period of the prior year. For the third quarter of fiscal year 2024, net merchandise sales increased 11.6% to ...

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Retail sales remained stagnant in April, demonstrating customer fatigue arising out of stubborn inflation. It seems that Americans are going slow on their spending as inflation continues to sting, and elevated interest rates have made debts less lucrative. Per the Commerce Department, retail sales for April remained virtually unchanged at $705.2 billion. The March number was revised down to a 0.6% rise from the previously reported 0.7%. Rising prices have had an impact to the effect that retail sales fell s ...

Total Growth CapEx⁽¹⁾ Total Maintenance CapEx⁽²⁾ (1) Reflects $7.7 million of separation costs associated with the departure of our former Chief Executive Officer in February 2023. (2) Reflects the tax effect of the above-mentioned adjustments. (3) Primarily consists of transaction costs of converting the local currencies into available tradable currencies in some of our countries with liquidity issues and foreign currency losses or gains due to the revaluation of monetary assets and liabilities (primarily ...

Financial Data and Key Metrics Changes - The company declared an annual cash dividend of $1.16 per share, a 26% increase from last year's $0.92 per share dividend, reflecting confidence in cash-generating activities [1] - For the first half of fiscal year 2024, net merchandise sales increased by 11.9% or 8% in constant currency, with comparable net merchandise sales increasing by 8.4% or 4.7% in constant currency [26] - Net income for the second quarter of fiscal year 2024 was $39.3 million or $1.31 per diluted share, compared to $31.3 million or $1.02 per diluted share in the same period last year [52] Business Line Data and Key Metrics Changes - In Central America, net merchandise sales increased by 12.4% or 8.8% in constant currency, with an 8.1% increase in comparable net merchandise sales [26] - In the Caribbean, net merchandise sales increased by 7.2% or 8.9% in constant currency, with comparable net merchandise sales increasing by 6.3% or 8% in constant currency [31] - In Colombia, net merchandise sales increased by 34.5% or 11% in constant currency, with comparable net merchandise sales increasing by 20.7% [32] Market Data and Key Metrics Changes - Membership accounts grew by 5% year-over-year to almost 1.9 million accounts, with a strong 12-month renewal rate of 88.3% [48] - Total gross margin for the second quarter decreased by 30 basis points to 15.7% compared to 16% in the same quarter last year [49] - The average price per item increased approximately 3.9% year-over-year, while average items per basket decreased approximately 1.4% [35] Company Strategy and Development Direction - The company plans to open a new warehouse club in Costa Rica in early 2025, which will be its 9th club in the country [2] - The company is focusing on enhancing its digital channel, with total orders placed online increasing by 26.6% [4] - The implementation of a new tool called RELEX aims to modernize supply chain management and improve inventory planning [81] Management's Comments on Operating Environment and Future Outlook - Management noted improvements in Colombia's political and financial environment, contributing positively to business operations [7] - The company is optimistic about growth opportunities in El Salvador, Guatemala, and Jamaica, with a focus on sourcing production closer to its markets [10][87] - Management acknowledged challenges in meeting demand during high sales volumes, particularly in December, but emphasized effective inventory management [25][62] Other Important Information - The company expects annualized after-tax savings of approximately $1.1 million from the acquisition of the Via Brasil club in Panama [38] - Total SG&A expenses decreased to 12.2% of total revenues for the second quarter, down from 12.6% in the prior year [36] - The company is remodeling several high-volume clubs and expanding its presence in various markets [79] Q&A Session Summary Question: What challenges did the company face in meeting demand during December? - Management acknowledged that high sales volumes exceeded expectations, creating operational stress but did not result in significant additional expenses [62] Question: What is the outlook for new openings in markets like El Salvador and Guatemala? - Management expressed confidence in growth opportunities in these regions, supported by improved sourcing strategies [10][87] Question: Can you elaborate on the increase in general and administrative expenses? - The increase was attributed to higher compensation costs and non-recurring professional fees, with ongoing investments in IT and management [11][70]

PRICESMART ANNOUNCES FISCAL 2024 SECOND QUARTER OPERATING RESULTS; $1.00 PER SHARE SPECIAL DIVIDEND; PLANS FOR NINTH WAREHOUSE IN COSTA RICA NET MERCHANDISE SALES GREW 13.0% COMPARABLE NET MERCHANDISE SALES INCREASED 8.8% $1.31 EARNINGS PER DILUTED SHARE & ADJUSTED EARNINGS PER DILUTED SHARE San Diego, CA (April 9, 2024) - PriceSmart, Inc. ("PriceSmart" or the "Company") (NASDAQ: PSMT), operator of 54 warehouse clubs in 12 countries and one U.S. territory, today announced results for the fiscal second quart ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 29, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to COMMISSION FILE NUMBER 000-22793 PriceSmart, Inc. (Exact name of registrant as specified in its charter) Delaware 33-0628530 (State or ot ...

PriceSmart, Inc. (NASDAQ:PSMT) Q1 2024 Earnings Conference Call January 10, 2024 12:00 PM ET Company Participants Michael McCleary - Chief Financial Officer Robert Price - Interim Chief Executive Officer Conference Call Participants Hector Maya - Scotiabank Jon Braatz - Kansas City Capital Operator Good afternoon, everyone and welcome to the PriceSmart, Inc. Earnings Release Conference Call for the First Quarter of Fiscal Year 2024 which ended on November 30, 2023. After remarks from our company's represent ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to COMMISSION FILE NUMBER 000-22793 PriceSmart, Inc. (Exact name of registrant as specified in its charter) Delaware 33-0628530 (State or ot ...