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PriceSmart, Inc. (NASDAQ: PSMT) is the leading operator of membership-based warehouse clubs in Central America and the Caribbean, with an expanding presence in South America through Colombia. Based in San Diego, California, PriceSmart manages 54 warehouse clubs across 12 countries and one U.S. territory. The company’s business model mirrors that of U.S. warehouse giants like Costco and Sam’s Club, offering high-quality consumer goods at competitive prices to its members.
Founded by Sol and Robert Price, who also founded The Price Club, PriceSmart's operations are tailored to meet local market demands. The stores are smaller in size, ranging from 50,000 to 75,000 square feet, and offer a lower membership fee averaging around $35.00. The merchandise is specifically curated to cater to the preferences of both local retail and wholesale customers.
PriceSmart's primary revenue streams include net warehouse club sales from merchandise, annual membership fees, export sales, and other income, with merchandise sales forming the bulk of the revenue. As of recent updates, PriceSmart operates 54 warehouse clubs with a strong footprint in countries such as Colombia, Costa Rica, Panama, and the Dominican Republic, among others. The company plans to expand further with new clubs opening in regions like Escuintla, Guatemala, and Santa Ana, El Salvador.
In fiscal year 2024, PriceSmart reported impressive financial results, with total revenues for the first quarter increasing by 10.6% to $1.17 billion. The company's net merchandise sales also grew by 10.7% to $1.14 billion, driven by a favorable foreign currency exchange impact of $40 million. Operating income for the first quarter reached $58.2 million, with net income climbing to $38 million, or $1.24 per diluted share.
Notably, PriceSmart recently completed a $75 million share repurchase program, further reflecting confidence in its financial stability and robust performance. Additionally, the company declared a $1.00 per share special dividend, underscoring its commitment to returning value to shareholders. Looking ahead, PriceSmart continues to focus on expansion and operational excellence, with plans to open new clubs in various strategic locations.
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
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.
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