Pricesmart Inc Stock Price, News & Analysis

PriceSmart, Inc. (NASDAQ: PSMT) reported a 3.4% increase in total revenues for Q2 fiscal year 2021, totaling $937.6 million. Net merchandise sales rose 3.1% to $898.4 million, despite a negative impact of $27.3 million from foreign currency fluctuations. The company achieved a net income of $28.2 million ($0.92 per diluted share), up from $25.6 million ($0.85 per diluted share) year-over-year. Notably, the opening of the new Usaquén Club in Bogotá and the launch of PriceSmart Pharmacies in Costa Rica signify growth strategies, even as pandemic-related closures affected operations.

PriceSmart, Inc. (NASDAQ: PSMT) reported a 1.3% increase in net merchandise sales for February 2021, totaling $258.7 million. However, foreign currency fluctuations negatively impacted sales by 3.1%, equating to $7.8 million. For the five weeks ending February 28, comparable sales rose 2.8%, affected by 3.0% currency rate fluctuations. Year-to-date sales increased 5.2% to $1,736.8 million, with currency issues impacting sales by $54.7 million. PriceSmart plans to release its Q2 earnings on April 8, 2021.

PriceSmart, Inc. (NASDAQ: PSMT) announced the election of two new board members and the results from its 2021 annual stockholders meeting on February 4, 2021. Patricia Márquez and David Snyder join the board, enhancing expertise in environmental, social responsibility, and governance. The board also declared a semi-annual cash dividend of $0.70 per share, with payments of $0.35 on February 26 and August 31, 2021. Additionally, stockholders approved executive compensation and the selection of Ernst & Young as the independent accounting firm for the fiscal year ending August 31, 2021.

PriceSmart, Inc. (NASDAQ: PSMT) reported a 5.2% increase in net merchandise sales for January 2021, totaling $267.1 million, despite a 3.5% negative impact from currency exchange fluctuations. Comparable sales for clubs open over 13 months rose 2.8%. Challenges included COVID-related restrictions affecting operations and a sales shift to a new club in Bogotá, Colombia. The company's Click & Go™ service contributed 3.6% of sales. Year-to-date sales increased 6.0% to $1.478 billion, also impacted negatively by exchange rates.

PriceSmart, Inc. (NASDAQ: PSMT) has announced plans to build its ninth warehouse club in Colombia, expected to open in fall 2021. This expansion comes as part of a broader strategy that includes new clubs in Guatemala City and Portmore, Jamaica, aiming to reach 50 operational clubs by spring 2022. The new Colombia location in Bucaramanga will be a smaller format, reflecting the company’s ongoing commitment to growth in secondary markets. PriceSmart currently operates 47 clubs across 12 countries and territories.

PriceSmart, Inc. (NASDAQ: PSMT) reported a 2.8% increase in net merchandise sales for December 2020, totaling $372.6 million. However, foreign currency fluctuations negatively impacted sales by 3.1%, or $10.5 million. Comparable sales for 43 warehouses decreased by 1.7% due to COVID-19 restrictions, particularly affecting Costa Rica, Panama, and Colombia. Despite challenges, the Click & Go™ service contributed 2.8% to total sales. The company plans to open new clubs in Guatemala and Jamaica, indicating ongoing expansion efforts.

PriceSmart, Inc. (NASDAQ: PSMT) reported solid results for the fiscal first quarter of 2021, with total revenues rising 8.1% to $877.4 million. Net income was $27.7 million, or $0.90 per diluted share, reflecting a 40.6% increase year-over-year. Operating income soared by 45.0% to $44.5 million. Although foreign currency fluctuations negatively impacted net merchandise sales by $27.4 million, the company successfully expanded its Click and Go™ service and improved operational efficiencies. The firm continues to adapt to ongoing pandemic-related challenges, demonstrating resilience in a fluctuating market.

PriceSmart, Inc. (NASDAQ: PSMT) announced plans to construct new warehouse clubs in Guatemala City and Portmore, Jamaica, expected to open in fall 2021 and spring 2022, respectively. The company, which operates 47 clubs across 12 countries, aims to enhance its market presence following successful operations in Guatemala. Despite initial adverse impacts on comparable net merchandise sales from new openings, PriceSmart believes that this expansion will drive long-term growth through increased membership and sales. The developments follow land acquisitions in 2019 for both locations.

PriceSmart, Inc. (NASDAQ: PSMT) reported a 7.9% increase in net merchandise sales for November 2020, totaling $300.0 million, compared to $278.1 million the previous year. However, foreign currency fluctuations negatively impacted sales by 3.4%, or $9.8 million. Comparable sales for 43 clubs open at least 13.5 months rose 5.6%, yet faced a 3.5% decline due to currency effects. The company opened a new warehouse in Bogotá, Colombia, increasing its total clubs to 47. Fiscal year-to-date sales also showed improvement, with $838.4 million, a 7.7% increase year-over-year.