Pricesmart Inc Stock Price, News & Analysis

PriceSmart, Inc. (NASDAQ: PSMT) reported a strong financial performance for the fiscal second quarter of 2023, ending February 28, with total revenues increasing by 10.0% to $1.14 billion. Net merchandise sales rose 10.3% to $1.12 billion, while comparable net merchandise sales jumped 8.5%. Adjusted earnings per diluted share reached $1.25, compared to $1.03 in the prior year, although net income slightly declined by 0.6% to $31.3 million, or $1.02 per diluted share. The company also announced plans to open its fourth warehouse club in El Salvador in early 2024, enhancing its growth strategy. As of March 5, 2023, PriceSmart operated 50 warehouse clubs, with plans for further expansion in the coming years.

On March 14, 2023, PriceSmart, Inc. (NASDAQ: PSMT) announced plans to open its sixth warehouse club in Guatemala, located in Escuintla, approximately 40 miles from Guatemala City. The new small format club will occupy five acres and is expected to begin operations in fall 2023, bringing the total to 53 warehouse clubs. Additionally, PriceSmart will release its second quarter financial results for fiscal 2023 on April 10, 2023, with a conference call scheduled for April 11, 2023, at 12:00 p.m. Eastern time.

PriceSmart, Inc. (NASDAQ: PSMT) announced a 7.0% increase in its annual dividend to $0.92 per share during its annual stockholders meeting on February 3, 2023. The dividend will be distributed in two payments: $0.46 on February 28, 2023 and $0.46 on August 31, 2023. Interim CEO Robert Price emphasized the company's strong cash flows and commitment to growth. Additionally, John Thelan was appointed to the Board of Directors, bringing expertise from Costco. The annual meeting also saw the election of ten directors and the approval to increase the share pool under the equity incentive plan.