PriceSmart(PSMT) - 2025 Q2 - Quarterly Results

Revenue Growth - Total revenues for Q2 FY2025 increased by 5.6% to $1.36 billion compared to $1.29 billion in the same period last year[3] - Year-to-date total revenues for the six months ended February 28, 2025, increased by 6.6% to $2.62 billion compared to $2.46 billion in the prior year[7] Merchandise Sales - Net merchandise sales grew by 5.8% to $1.33 billion from $1.26 billion in Q2 FY2024, with a constant currency increase of 7.0%[3] - Comparable net merchandise sales for clubs open for more than 13.5 months increased by 6.7% for the 13-week period ended March 2, 2025[5] - Net merchandise sales for the three months ended February 28, 2025, reached $1,334,555 million, with a growth rate of 5.8% compared to the previous year[23] - Comparable net merchandise sales growth for the thirteen weeks ended March 2, 2025, was 6.7%, while the comparable net merchandise sales on a constant-currency basis grew by 7.9%[24] Net Income - Net income rose by 11.4% to $43.8 million, or $1.45 per diluted share, compared to $39.3 million, or $1.31 per diluted share, in Q2 FY2024[6] - Net income for the three months ended February 28, 2025, was reported at $43,760 million, an increase from $39,271 million for the same period in 2024, reflecting a growth of 3.8%[21] Operating Income and EBITDA - Adjusted EBITDA for Q2 FY2025 was $87.0 million, up from $84.1 million in the same period last year[6] - Operating income for the first six months of FY2025 was $123.5 million, compared to $121.8 million in the prior-year period[9] - Adjusted EBITDA for the six months ended February 28, 2025, was $161,895 million, compared to $166,137 million for the same period in 2024, indicating a decrease of 2.0%[21] Foreign Currency Impact - Foreign currency exchange rate fluctuations negatively impacted net merchandise sales by $14.7 million, or 1.2%, in Q2 FY2025[3] - The unfavorable impact of foreign currency exchange on net merchandise sales for the six months ended February 28, 2025, was $19,406 million, equating to a 0.8% decrease[23] Company Expansion - The company opened its ninth warehouse club in Costa Rica, bringing the total to 55 clubs[11] - The company plans to open one additional warehouse club in Quetzaltenango, Guatemala, in the summer of 2025[14] Assets and Liabilities - Total assets increased to $2,092,665 million as of February 28, 2025, up from $2,022,694 million on August 31, 2024, representing a growth of 3.5%[19] - Total current liabilities increased to $701,805 million as of February 28, 2025, compared to $680,148 million on August 31, 2024, marking a rise of 3.5%[19] Retained Earnings and Equity - Retained earnings rose to $932,673 million as of February 28, 2025, up from $890,272 million on August 31, 2024, reflecting an increase of 4.7%[19] - The company reported a total stockholders' equity of $1,172,586 million as of February 28, 2025, compared to $1,122,965 million on August 31, 2024, indicating a growth of 4.4%[19] Salaries and Benefits - The company experienced a decrease in accrued salaries and benefits, which fell to $38,258 million from $48,263 million, a decline of 20.7%[19]