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PriceSmart, Inc. reports recurring updates on its membership warehouse club business in Latin America and the Caribbean. The company operates U.S.-style shopping warehouse clubs that sell consumer merchandise and services to PriceSmart members, with revenue from merchandise sales, annual membership fees, export sales and other income.
Company news commonly covers fiscal quarter operating results, net merchandise sales, comparable sales, earnings measures, warehouse club openings, country-level footprint updates and capital returns such as cash dividends. Updates also include annual meeting voting results and segment references for Central America, the Caribbean, Colombia and the United States.
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.