Welcome to our dedicated page for Pricesmart news (Ticker: PSMT), a resource for investors and traders seeking the latest updates and insights on Pricesmart stock.
PriceSmart, Inc. (PSMT) is a retail trade company that owns and operates U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean. The news flow for PriceSmart centers on its warehouse club operations, financial performance and expansion activity across multiple countries and one U.S. territory.
Company news releases frequently report quarterly and annual operating results, including total revenues, net merchandise sales, comparable net merchandise sales, operating income, net income and adjusted EBITDA. These updates often highlight net merchandise sales growth and comparable net merchandise sales trends, both on a reported basis and on a constant-currency basis, along with explanations of the impact of foreign currency exchange rate fluctuations on reported results.
Another recurring theme in PriceSmart’s news is its club network development. The company has announced openings of new warehouse clubs, such as additional clubs in Costa Rica and Guatemala, and has described plans for new locations in markets including the Dominican Republic and Jamaica. These announcements often specify the city where a new club is planned and indicate how the total number of warehouse clubs will change once the new locations are open.
PriceSmart also issues press releases about corporate events such as CEO and CFO transition plans, including the timing of leadership changes and related employment and compensation arrangements. In addition, the company regularly announces the dates and dial-in details for its quarterly earnings conference calls, providing investors with information on when financial results will be released and how to access management’s discussion.
Investors and followers of PSMT can use this news stream to monitor PriceSmart’s financial performance, membership warehouse club expansion, leadership updates and other operational developments as disclosed by the company.
PriceSmart (NASDAQ: PSMT) announced its fiscal 2024 third-quarter results, highlighting a 12.1% increase in total revenues to $1.23 billion from $1.10 billion in the prior year. Net merchandise sales grew by 11.6% to $1.19 billion, positively impacted by foreign currency exchange rates. Comparable net merchandise sales for stores open over 13.5 months rose 7.8%, with constant currency sales up 5.6%.
Operating income increased to $49.9 million from $43.1 million last year, while net income improved 9.9% to $32.5 million, or $1.08 per diluted share. Adjusted EBITDA reached $71.0 million, up from $63.9 million. Year-to-date, revenues grew 12% to $3.69 billion, and net income rose 17% to $109.8 million, or $3.62 per diluted share. Comparable net merchandise sales for the year-to-date rose 8.2%, with constant currency sales up 5%. The company operates 54 warehouse clubs across 12 countries and one U.S. territory, with plans to open a new club in Costa Rica in 2025.
PriceSmart (NASDAQ: PSMT) has released its fiscal year 2023 Environmental and Social Responsibility (ESR) report, highlighting the company's commitment to sustainability and community impact.
The report details PriceSmart's initiatives in environmental stewardship, social responsibility, and corporate governance, including employee development, energy conservation, and supply chain optimization. The company has received global recognition as one of Newsweek's Top 100 Global Most Loved Workplaces for 2022 and 2023.
Key efforts include expanding solar energy production, recycling stations, nearshoring the supply chain, and supporting women-led businesses in Central America. Additionally, PriceSmart is enhancing its employee volunteerism programs.
PriceSmart will release its third-quarter fiscal 2024 financial results on July 10, 2024, followed by a conference call on July 11, 2024.
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