PriceSmart(PSMT) - 2024 Q3 - Quarterly Results

Revenue Growth - Total revenues for the nine months ended May 31, 2024 increased 12.0% to $3.69 billion compared to $3.29 billion in the prior year[1] - Total revenues for the third quarter of fiscal year 2024 grew 12.1% to $1.23 billion compared to $1.10 billion in the prior year[27] Net Merchandise Sales - Net merchandise sales increased 11.8% to $3.59 billion, with constant currency growth of 8.3% and a positive foreign exchange impact of $111.4 million (3.5%)[1] - Comparable net merchandise sales for 50 warehouse clubs open over 13.5 months increased 8.2%, with constant currency growth of 5.0% and a 3.2% positive foreign exchange impact[2] - Net merchandise sales for the three months ended May 31, 2024, were $1,194.531 million, representing an 11.6% growth compared to the same period in 2023[19] - Net merchandise sales on a constant-currency basis for the three months ended May 31, 2024, were $1,167.249 million, reflecting a 9.1% growth[19] - Net merchandise sales increased 11.6% to $1.19 billion in the third quarter of fiscal year 2024 from $1.07 billion in the same period last year[27] - Comparable net merchandise sales for the 50 warehouse clubs open for over 13.5 months increased 7.8% for the 13-week period ended June 2, 2024[29] - Comparable net merchandise sales on a constant-currency basis for the thirteen weeks ended June 2, 2024, grew by 5.6%[20] Operating Income and Net Income - Operating income increased to $171.7 million, up from $152.4 million in the prior year period[3] - Net income increased 17.0% to $109.8 million, or $3.62 per diluted share, compared to $93.8 million, or $3.01 per diluted share, in the prior year[3] - Operating income for the third quarter of fiscal year 2024 was $49.9 million, up from $43.1 million in the prior year period[30] - Net income for the third quarter of fiscal year 2024 increased to $32.5 million, up 9.9% from $29.6 million in the same period last year[22][30] - Adjusted net income for the three months ended May 31, 2024, was $32.489 million, compared to $32.542 million in the same period in 2023[16] - Adjusted net income for the third quarter of fiscal year 2024 was $32.5 million, or $1.08 per diluted share, compared to $32.5 million, or $1.04 per diluted share, in the prior year[31] Adjusted EBITDA - Adjusted EBITDA for the first nine months of fiscal year 2024 was $232.9 million, up from $218.4 million in the same period last year[4] - Adjusted EBITDA for the third quarter of fiscal year 2024 was $71.0 million, up from $63.9 million in the same period last year[32] Membership Income - Membership income increased to $55.6 million for the nine months ended May 31, 2024, up from $48.8 million in the prior year[10] Cost of Goods Sold and Expenses - Cost of goods sold for net merchandise sales increased to $3.02 billion, up from $2.70 billion in the prior year period[10] - Selling, general and administrative expenses increased to $346.8 million, up from $306.7 million in the prior year period[10] Cash and Cash Equivalents - Cash and cash equivalents decreased from $239.984 million in August 2023 to $128.271 million in May 2024, a decline of 46.5%[12] Total Assets and Liabilities - Total assets increased slightly from $2,005.608 million in August 2023 to $2,020.698 million in May 2024[12] - Merchandise inventories increased from $471.407 million in August 2023 to $516.464 million in May 2024, a growth of 9.6%[12] - Accounts payable increased from $453.229 million in August 2023 to $491.203 million in May 2024, a growth of 8.4%[12] - Retained earnings increased from $817.559 million in August 2023 to $861.158 million in May 2024, a growth of 5.3%[12] Warehouse Club Expansion - The company plans to open one new warehouse club in Cartago, Costa Rica in spring 2025, increasing total clubs to 55[7] - The company operated 54 warehouse clubs as of May 31, 2024, compared to 51 in the prior year[28] Foreign Exchange Impact - Foreign currency exchange rate fluctuations positively impacted net merchandise sales by $27.3 million, or 2.5%, compared to the same period last year[27] Diluted Earnings Per Share - Diluted earnings per share for the third quarter of fiscal year 2024 were $1.08, compared to $0.94 in the same period last year[30] - Adjusted net income per diluted share for the three months ended May 31, 2024, was $1.08, compared to $1.04 in the same period in 2023[16]