PriceSmart(US:PSMT) Prnewswireยท2024-10-30 20:01Core Insights - PriceSmart, Inc. reported a 9.6% increase in total revenues for the fourth quarter of fiscal year 2024, reaching $1.23 billion compared to $1.12 billion in the same period of the previous year [2] - Net merchandise sales grew by 9.5% to $1.19 billion, with comparable net merchandise sales increasing by 6.2% for the 13-week period ended September 1, 2024 [1][4] - The company achieved net income of $29.1 million, or $0.94 per diluted share, representing an 89% increase compared to $15.4 million, or $0.49 per diluted share, in the fourth quarter of fiscal year 2023 [6][12] Financial Performance - Total revenues for the fiscal year ended August 31, 2024, increased by 11.4% to $4.91 billion from $4.41 billion in the prior year [9] - Net merchandise sales for the fiscal year 2024 rose by 11.2% to $4.78 billion, with constant currency sales increasing by 8.6% [9][12] - Adjusted EBITDA for the fourth quarter of fiscal year 2024 was $70.7 million, up from $57.2 million in the same period last year [8] Comparable Sales - Comparable net merchandise sales for the 51 warehouse clubs open for more than 13.5 months increased by 6.2% for the 13-week period ended September 1, 2024 [4] - For the 52-week period ended September 1, 2024, comparable net merchandise sales increased by 7.7%, with constant currency growth of 5.2% [10] Operating Income - The company recorded operating income of $49.2 million in the fourth quarter of fiscal year 2024, compared to $32.1 million in the same quarter of the previous year [5][11] - Year-to-date operating income for fiscal year 2024 was $220.9 million, an increase from $184.5 million in the prior year [11] Future Growth - PriceSmart plans to open its seventh warehouse club in Guatemala in the summer of 2025, which will increase the total number of clubs to 56 [14][17]