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 ...

Financial Data and Key Metrics Changes - For fiscal year 2023, total net merchandise sales exceeded $4.3 billion, with a 9% increase or 8.3% in constant currency compared to the prior year [77] - Adjusted net income for fiscal year 2023 was $126.5 million or adjusted $4.06 per diluted share, up from $103.1 million or $3.33 per diluted share in the prior year [8] - Net income for the fourth quarter was $15.4 million or $0.49 per diluted share, down from $23.3 million or $0.75 per diluted share in the same period last year [22] Business Line Data and Key Metrics Changes - In Central America, net merchandise sales increased 13.6% or 7.1% in constant currency, with comparable net merchandise sales up 11.4% or 5.2% in constant currency [4] - In Colombia, net merchandise sales increased 2.1% or 0.1% in constant currency, with comparable net merchandise sales up 2.8% or 0.6% in constant currency [19] - In the Caribbean, net merchandise sales increased 6% or 7.2% in constant currency, with comparable net merchandise sales up 5.8% or 7.2% in constant currency [54] Market Data and Key Metrics Changes - Membership accounts grew 2.5% year-over-year to 1.81 million, with a 12-month renewal rate of 86.9% [5] - The average price per item increased approximately 7.3% year-over-year, while the average items per basket decreased approximately 2.1% [20] - Total omni-channel sales increased 18% as a percentage of net merchandise sales, representing a record 4.9% of net merchandise sales [61] Company Strategy and Development Direction - The company is focused on enhancing its omni-channel shopping options and has begun migrating to a new point-of-sale system to improve efficiencies [11][62] - The company plans to open new clubs in Guatemala and El Salvador, with ongoing remodeling of high-volume clubs [24][59] - The company is committed to leveraging its assets to strengthen membership value and improve merchandise offerings, including health services [3] Management's Comments on Operating Environment and Future Outlook - Management noted that despite specific headwinds, the core business remains strong, with good growth in sales and improved expense ratios [13] - The effective tax rate for fiscal year 2023 was 35.4%, with expectations of around 32% for fiscal year 2024 [57] - Management expressed confidence in the company's strong brand reputation and its ability to build additional services for members [94] Other Important Information - The company recorded a net loss of $1.5 million in total other expenses for the fourth quarter, an improvement from a $3.5 million loss in the same period last year [7] - The company opened a new produce distribution center in Guatemala to enhance fresh produce delivery [10] - The company has initiated a share repurchase program, completing the buyback of approximately 1,007,000 shares for about $75 million [9] Q&A Session All Questions and Answers Question: What would it take for the Company to have a significantly more ambitious store opening plan? - Management indicated that entering another country might be necessary for more aggressive growth [40] Question: How much of a risk is the tax impact seen this quarter? - Management acknowledged the risk but noted that they expect to stabilize the effective tax rate around 32% for fiscal year 2024 [70] Question: What is the impact of the $5 membership fee increase? - Management believes the increase is nominal and that the perceived value of membership will outweigh the fee increase [103] Question: Can you provide an update on the situation in Guatemala and Panama? - Management stated that the situation in Guatemala has calmed down and that any impact on revenues in October was not significant [102]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended August 31, 2023 OR ☐ 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 other jurisdi ...

PriceSmart, Inc. (NASDAQ:PSMT) Q3 2023 Earnings Conference Call July 11, 2023 12:00 PM ET Company Participants Michael McCleary - Executive Vice President and Chief Financial Officer Robert Price - Interim Chief Executive Officer and Chairman Conference Call Participants Jon Braatz - Kansas City Capital Victor Cardenas - Scotiabank Operator Good afternoon, everyone, and welcome to PriceSmart, Inc.'s Earnings Release Conference Call for the Third Quarter of Fiscal Year 2023, which ended on May 31st, 2023. Af ...