PriceSmart-PRICESMART ANNOUNCES FISCAL 2025 SECOND QUARTER OPERATING RESULTS AND OPENING OF NINTH WAREHOUSE CLUB IN COSTA RICA

Core Insights - PriceSmart, Inc. reported a 5.6% increase in total revenues for the second quarter of fiscal year 2025, reaching $1.36 billion compared to$ 1.29 billion in the same period last year [2] - Net merchandise sales grew by 5.8% to $1.33 billion, with a constant currency increase of 7.0% [2][7] - The company achieved net income of$ 43.8 million, or $1.45 per diluted share, marking an 11.4% increase from the previous year [5][9] Financial Performance - Total revenues for the first six months of fiscal year 2025 increased by 6.6% to$ 2.62 billion compared to $2.46 billion in the prior year [7] - Net merchandise sales for the first half of fiscal year 2025 rose by 6.8% to$ 2.56 billion, with a constant currency increase of 7.6% [7] - Adjusted EBITDA for the second quarter was $87.0 million, up from$ 84.1 million in the same period last year [6] Comparable Sales - Comparable net merchandise sales for the 53 warehouse clubs open for more than 13.5 months increased by 6.7% for the 13-week period ending March 2, 2025 [4] - Comparable net merchandise sales on a constant currency basis for the same period rose by 7.9% [4][26] - For the 26-week period ending March 2, 2025, comparable net merchandise sales increased by 6.2%, with a constant currency increase of 7.1% [8][26] Operational Updates - As of February 28, 2025, PriceSmart operated 54 warehouse clubs, with a new club recently opened in Costa Rica, bringing the total to 55 [3][11] - The company plans to open an additional warehouse club in Quetzaltenango, Guatemala in the summer of 2025, which will increase the total to 56 [15] Currency Impact - Foreign currency exchange rate fluctuations negatively impacted net merchandise sales by $14.7 million, or 1.2%, in the second quarter compared to the prior year [2][24] - For the first six months, the negative impact from foreign currency exchange was$ 19.4 million, or 0.8% [7][24]