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.

PriceSmart (PSMT) reported an 8.1% revenue increase to $1.05 billion for Q1 FY2023, ending November 30, 2022. Net merchandise sales rose 8.6% to $1.03 billion, despite a 2.3% adverse currency impact. Comparable sales grew 5.0%, and the membership base increased by 3.9% to 1.76 million with an 87.9% renewal rate. Net income reached $32.9 million ($1.05 per share), a 7.9% increase over the previous year. The company aims to open two additional clubs in 2023, expanding to 52 total clubs.

PriceSmart, Inc. (NASDAQ: PSMT) will release its financial results for Q1 of fiscal 2023 on January 9, 2023, after market close. A conference call will be held on January 10, 2023, at 12:00 p.m. ET for discussion. Interested participants can call (855) 209-8211 for U.S. or (412) 317-5214 for international access. A digital replay will be available until January 17, 2023. Currently, PriceSmart operates 50 warehouse clubs across 12 countries and territories, with plans to open two additional locations in 2023.

PriceSmart, Inc. (NASDAQ: PSMT) announced that Sherry Bahrambeygui will resign as CEO, effective February 3, 2023, to pursue new interests. Robert Price, founder and Chairman, will serve as Interim CEO. John Hildebrandt has been promoted to President and COO, while David Price will become Executive VP and Chief of Staff. Bahrambeygui will support the transition and remain on the Board. The leadership changes occur amidst a backdrop of record revenues and profits for the company, positioning it for continued growth.

PriceSmart (NASDAQ: PSMT) reported a strong fiscal fourth quarter of 2022, achieving net merchandise sales of $989.9 million, a 13.6% increase year-over-year, despite a 2.9% negative currency impact. Total revenues surpassed $1 billion, reaching $1.02 billion, up 12.3% from 2021. The membership base reached a record 1.76 million, with an impressive renewal rate of 88.9%. EPS grew by 19% to $0.75. For the fiscal year, total revenues were $4.07 billion, also reflecting a 12.3% increase. The company ended the year with a solid balance sheet, holding $251.4 million in cash with only $137.3 million in debt.

PriceSmart plans to release its financial results for Q4 FY 2022 on October 31, 2022, after market close. A conference call will take place on November 1, 2022, at 12:00 p.m. ET to discuss these results. Interested participants can dial (855) 209-8211 for U.S. calls or (412) 317-5214 for international access.

The company operates 50 warehouse clubs across 12 countries and territories in Latin America and the Caribbean, aiming to open two additional clubs in 2023.

PriceSmart, Inc. reported robust financial results for Q3 FY2022, with net merchandise sales increasing 16.5% to $999 million and total revenues rising 15.1% to $1.03 billion. Despite challenges from global supply chain disruptions and inflation, the company achieved record membership levels of over 1.75 million accounts and a strong renewal rate of 88.9%. Operating income decreased to $33.8 million, and net income fell to $19.3 million, or $0.62 per diluted share. PriceSmart plans to open new clubs in El Salvador and Colombia by mid-2023.