PriceSmart Announces the Release of its Fiscal Year 2024 Sustainability Report Highlighting Key Achievements on Sustainability
Rhea-AI Summary
PriceSmart has released its 2024 Sustainability Report, showcasing significant progress in its ESG initiatives across operations in the United States, 12 countries, and one U.S. territory. The report focuses on four key pillars: People and Culture, Social and Community Engagement, Environmental Impact, and Responsible Sourcing.
Notable achievements include:
- 45 out of 54 clubs now operate rooftop solar arrays, generating 31,952 MWh of clean power (15.8% increase from FY2023)
- Expansion of Food Rescue & Giving Program to Trinidad and Tobago
- Enhanced community support through PriceSmart Foundation in Honduras, Guatemala, Colombia, and Jamaica
The warehouse club operator currently manages 55 locations and plans to open a new club in Quetzaltenango, Guatemala by summer 2025. This expansion will bring their total club count to 56, reinforcing their position as a leading membership shopping warehouse club in Latin America and the Caribbean.
Positive
- 45 out of 54 clubs (83%) now operate with rooftop solar arrays, generating 31,952 MWh of clean power
- 15.8% increase in clean power generation from FY2023
- Planned expansion with new warehouse club opening in Quetzaltenango, Guatemala by summer 2025
- Strong geographical diversification across 12 countries and one U.S. territory
- Expanded Food Rescue & Giving Program to new market (Trinidad and Tobago)
Negative
- Increased costs associated with online commerce integration
- Exposure to currency exchange volatility and illiquidity in local markets
- Political and economic risks in international markets
- Supply chain interruption risks
- Cybersecurity vulnerabilities affecting member and business data
News Market Reaction – PSMT
In the trading session that priced this news, PSMT declined 0.02%, reflecting a mild negative market reaction.
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The 2024 Sustainability Report details PriceSmart's progress in environmental, social, and governance ("ESG") initiatives. It is structured around four key pillars that form the foundation of our sustainability strategy: Responsibility Toward People and Culture, Social and Community Engagement, Environmental Impact, and Responsibly Sourced Food, Products, and Services.
This year's report highlights our renewed focus on the most important topics for our stakeholders, our commitment to our employees and communities, and our efforts to reduce our environmental footprint while ensuring responsible sourcing practices.
Key Highlights from the FY2024 Sustainability Report:
- Increased renewable energy adoption, with 45 of 54 clubs operating rooftop solar arrays, generating 31,952 MWh of clean power, a
15.8% increase from FY2023. - Expanded PriceSmart's Food Rescue & Giving Program into the
Caribbean , addingTrinidad and Tobago as the ninth country served by the program. - Strengthened community engagement through the PriceSmart Foundation, which supports nonprofit organizations and community projects in
Honduras ,Guatemala ,Colombia , andJamaica .
Access the full Sustainability report at https://investors.pricesmart.com under the ESG tab.
About PriceSmart
PriceSmart, headquartered in
This press release may contain forward-looking statements concerning PriceSmart, Inc.'s ("PriceSmart", the "Company" or "we") anticipated future revenues and earnings, adequacy of future cash flows, future dividends, omni-channel initiatives, proposed warehouse club openings, the Company's performance relative to competitors and related matters. These forward-looking statements include, but are not limited to, statements containing the words "expect," "believe," "will," "may," "should," "project," "estimate," "anticipated," "scheduled," "intend," and like expressions, and the negative thereof. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, but not limited to: various political, economic and compliance risks associated with our international operations, adverse changes in economic conditions in our markets, natural disasters, volatility in currency exchange rates and illiquidity of certain local currencies in our markets, competition, consumer and small business spending patterns, political instability, increased costs associated with the integration of online commerce with our traditional business, whether the Company can successfully execute strategic initiatives, our reliance on third party service providers, including those who support transaction and payment processing, data security and other technology services, cybersecurity breaches that could cause disruptions in our systems or jeopardize the security of Member, employee or business information, cost increases from product and service providers, interruption of supply chains, novel coronavirus (COVID-19) related factors and challenges, exposure to product liability claims and product recalls, recoverability of moneys owed to PriceSmart from governments, and other important factors discussed in the Risk Factors section of the Company's most recent Annual Report on Form 10-K, and other factors discussed from time to time in other filings with the SEC, which are accessible on the SEC's website at www.sec.gov, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date that they are made, and the Company does not undertake to update them, except as required by law. In addition, these risks are not the only risks that the Company faces. The Company could also be affected by additional factors that apply to all companies operating globally and, in the
For further information, please contact Michael L. McCleary, EVP, Chief Financial Officer, and Principal Accounting Officer, at (858) 404-8826 or by email at ir@pricesmart.com.
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SOURCE PriceSmart, Inc.