Pricesmart Inc - PSMT STOCK NEWS

PriceSmart, Inc. (NASDAQ: PSMT) announced that Sherry Bahrambeygui will resign as CEO, effective February 3, 2023, to pursue new interests. Robert Price, founder and Chairman, will serve as Interim CEO. John Hildebrandt has been promoted to President and COO, while David Price will become Executive VP and Chief of Staff. Bahrambeygui will support the transition and remain on the Board. The leadership changes occur amidst a backdrop of record revenues and profits for the company, positioning it for continued growth.

PriceSmart (NASDAQ: PSMT) reported a strong fiscal fourth quarter of 2022, achieving net merchandise sales of $989.9 million, a 13.6% increase year-over-year, despite a 2.9% negative currency impact. Total revenues surpassed $1 billion, reaching $1.02 billion, up 12.3% from 2021. The membership base reached a record 1.76 million, with an impressive renewal rate of 88.9%. EPS grew by 19% to $0.75. For the fiscal year, total revenues were $4.07 billion, also reflecting a 12.3% increase. The company ended the year with a solid balance sheet, holding $251.4 million in cash with only $137.3 million in debt.

PriceSmart plans to release its financial results for Q4 FY 2022 on October 31, 2022, after market close. A conference call will take place on November 1, 2022, at 12:00 p.m. ET to discuss these results. Interested participants can dial (855) 209-8211 for U.S. calls or (412) 317-5214 for international access.

The company operates 50 warehouse clubs across 12 countries and territories in Latin America and the Caribbean, aiming to open two additional clubs in 2023.

PriceSmart, Inc. reported robust financial results for Q3 FY2022, with net merchandise sales increasing 16.5% to $999 million and total revenues rising 15.1% to $1.03 billion. Despite challenges from global supply chain disruptions and inflation, the company achieved record membership levels of over 1.75 million accounts and a strong renewal rate of 88.9%. Operating income decreased to $33.8 million, and net income fell to $19.3 million, or $0.62 per diluted share. PriceSmart plans to open new clubs in El Salvador and Colombia by mid-2023.

PriceSmart, Inc. (NASDAQ: PSMT) will release its third quarter fiscal year 2022 financial results on July 11, 2022, after market close. A conference call for discussion will take place on July 12, 2022, at 12:00 p.m. Eastern time. Interested participants can join by calling (855) 209-8211 domestically or (412) 317-5214 internationally. A digital replay of the call will be available until July 19, 2022. PriceSmart operates 50 warehouse clubs across 12 countries, with plans for a new location in Medellín, Colombia, set to open in summer 2023.

PriceSmart, Inc. (PSMT) reported record operating results for Q2 2022, with net merchandise sales exceeding $1 billion, growing by 12.6% year-over-year. Operating income rose by 7.4% to $48.3 million. The membership base reached an all-time high with a renewal rate of 89.8%. Total revenues increased by 10.8% to $1.04 billion. Despite negative impacts from foreign currency fluctuations, comparable net merchandise sales grew by 10.3%. The company plans to open its 50th warehouse club in Jamaica, enhancing its growth strategy.

PriceSmart, Inc. (NASDAQ: PSMT) announced the commencement of construction for its second warehouse club in Medellín's El Poblado area, marking its tenth location in Colombia. The new facility is projected to open in summer 2023, serving an increasingly dense population with a favorable demographic profile aligning with PriceSmart's value proposition. Additionally, the company's second quarter fiscal year 2022 financial results will be released on April 7, 2022, accompanied by a conference call on April 8, 2022.

PriceSmart, Inc. (NASDAQ: PSMT) announced a 22.9% increase in its annual dividend, now totaling $0.86 per share, with payments scheduled for February 28 and August 31 of 2022. The decision stems from strong cash flows from operations, which support growth plans in club expansion, service enhancements, and digital capabilities. At its recent annual meeting, the board elected ten directors, including David Price, and ratified executive compensation. Ongoing dividends are expected but remain subject to board discretion amidst economic uncertainties, including impacts from COVID-19.

PriceSmart reported strong fiscal Q1 2022 results, with total revenues increasing by 11.2% to $975.4 million compared to $877.4 million YoY. Net merchandise sales rose 12.6% to $944.0 million, despite a $8.4 million negative impact from foreign currency fluctuations. The company achieved an operating income of $46.0 million, slightly up from $44.5 million a year ago. Net income increased to $30.5 million or $0.98 per diluted share, compared to $27.7 million and $0.90 in Q1 2021. Membership renewals also reached a record 89.0%.