Pricesmart Inc - PSMT STOCK NEWS

PriceSmart, Inc. appoints David Price as Executive Vice President and Chief Transformation Officer, and welcomes Wayne Sadin as Chief Information Officer. The organizational change aims to promote collaboration, alignment, and agility within the company. Mr. Price will oversee Information Technology, PriceSmart.com, and the Project Management Office. Mr. Sadin will be responsible for technology systems, data management, cybersecurity, and digital innovation.

PriceSmart, Inc. (NASDAQ: PSMT) announced a 7.1% increase in net merchandise sales and a $0.94 earnings per diluted share for the fiscal third quarter of 2023. The company also reported a $75 million stock repurchase program. Total revenues increased 6.4% to $1.10 billion compared to the prior year period.

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.