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.
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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.