Pricesmart Inc Stock Price, News & Analysis

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.

PriceSmart, Inc. (NASDAQ: PSMT) reported a 10.4% increase in net merchandise sales for October 2020, totaling $280.3 million compared to $254.0 million last year. Adjusting for foreign currency impacts, this amounted to a 3.6% negative effect. The company operated 46 warehouse clubs by the end of October 2020, up from 43 a year prior. Comparable sales for clubs open for at least 13.5 months rose 4.1%. Fiscal year-to-date sales increased 7.5% to $538.4 million, despite currency fluctuations impacting sales negatively by $17.7 million.

PriceSmart, Inc. (PSMT) reported fourth quarter and full year results for fiscal year 2020. Despite losing approximately 260 club days due to COVID-19 restrictions, total revenues rose by 1.2% to $810.6 million. Net merchandise sales increased by 0.5% to $772.9 million. However, comparable net merchandise sales for clubs open over 13 months fell 4.0%. For the year, total revenues grew 3.3% to $3,329.2 million, while net income was $78.1 million, or $2.55 per diluted share. PriceSmart plans to open its 47th club in December.

PriceSmart, Inc. (NASDAQ: PSMT) reported a 4.6% increase in net merchandise sales for September 2020, totaling $258.1 million, compared to $246.7 million in September 2019. However, foreign currency exchange fluctuations had a negative impact of 3.5%, equating to $8.6 million. The company operated 46 warehouse clubs at the end of September 2020, up from 43 the previous year. Comparable net merchandise sales for clubs open at least 13 ½ months increased by 0.3%, despite facing some operational challenges due to COVID-19 restrictions, particularly in Panama.

PriceSmart, Inc. (NASDAQ: PSMT) reported a 0.9% increase in net merchandise sales for August 2020, totaling $262.4 million, despite a 3.9% negative impact from foreign currency exchange fluctuations. Year-to-date sales rose 3.2% to $3,191.8 million. However, comparable net merchandise sales for clubs open over 13.5 months decreased 2.8%, affected by similar currency fluctuations. The company's Click & Go service contributed 4.0% to total sales. Fourth quarter results will be released on October 29, 2020.

PriceSmart, Inc. (NASDAQ: PSMT) reported net merchandise sales of $261.4 million for July 2020, a 2.2% increase compared to $255.8 million in July 2019. However, foreign currency fluctuations negatively impacted sales by 3.7%. For comparable net merchandise sales, there was a 4.5% decline for 42 clubs open 13.5 months, primarily due to COVID-related restrictions, losing approximately 100 club days to closures. Fiscal year-to-date sales rose 3.5% to $2.93 billion, but currency fluctuations reduced overall performance by 1.8%.

PriceSmart, Inc. (NASDAQ: PSMT) reported its third-quarter results for fiscal year 2020, ending May 31, 2020. The company focused on employee and member safety while adapting to remote work amidst challenges. Key initiatives included enhancing supply chain management and implementing precautionary measures for staff. The ongoing commitment to best practices has positioned the company to better serve its members during these times. The leadership team prioritized constant communication to navigate the evolving situation, emphasizing resilience and collaboration.

PriceSmart, Inc. (NASDAQ: PSMT) announced the opening of its eighth warehouse club in Costa Rica, located in Liberia, on June 17, 2020, increasing its total to 46 clubs. This location features the Click and Go™ program and aims to create at least 120 local jobs. The company also resumed construction on a new club in Bogota, Colombia, expected to open in Q2 2021. CEO Sherry S. Bahrambeygui highlighted the club's environmentally responsible design and the dedication of the PriceSmart team amidst COVID-19 challenges.