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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. reported strong financial results for the fourth quarter and full year ending August 31, 2021. Net merchandise sales grew by 12.7% in Q4, leading to an 8.6% annual increase. Total revenues rose 12.2% to $909.6 million for Q4 and 8.7% to $3,619.9 million for the year. Net income for Q4 was $19.5 million ($0.63 per share), slightly down from the previous year. Membership renewal rates reached 89.6%, indicating robust member engagement. PriceSmart plans to expand with three new clubs in Latin America.
Click Partners LP has successfully acquired Aeropost Inc. from PriceSmart, Inc. (PSMT) in a strategic move to enhance e-commerce logistics in the Caribbean and Central America. This acquisition combines Click's marketplace technology and smart-locker network with Aeropost's extensive logistics operations, servicing 38 countries and handling over $400 million in cross-border merchandise annually. The partnership aims to provide a comprehensive online shopping solution for consumers and retailers, facilitating access to global products at affordable prices.
PriceSmart announced the sale of its Aeropost subsidiary’s legacy cross-border casillero and online marketplace businesses to Click to Collect Company Ltd., based in Nassau, Bahamas. The sale aims to consolidate resources and enhance PriceSmart's focus on key strategies while retaining critical Aeropost personnel and technology for its omni-channel shopping experience. PriceSmart believes this transaction will not materially affect its current fiscal results and is expected to expedite innovation by freeing up previously shared resources.
PriceSmart, Inc. (NASDAQ: PSMT) will release its fourth quarter fiscal year 2021 financial results on October 21, 2021, after the market closes. A conference call to discuss these results is scheduled for October 22, 2021, at 12:00 p.m. Eastern time. Interested parties can join by calling (855) 209-8211 toll free. PriceSmart operates 47 warehouse clubs in 12 countries and plans to open three new clubs by the spring of 2022, increasing its total to 50.
PriceSmart, Inc. (NASDAQ: PSMT) reported strong fiscal Q3 2021 results, with total revenues rising 11.9% to $895.3 million, and net merchandise sales up 11.6% to $857.5 million. Operating income increased to $36.0 million, while net income grew to $22.5 million, or $0.73 per diluted share. The membership renewal rate reached 87.6%, exceeding pre-COVID levels. Plans are underway to open new warehouse clubs in Guatemala and Colombia in fall 2021 and Jamaica in spring 2022.
PriceSmart, Inc. (NASDAQ: PSMT) reported a 16.3% increase in net merchandise sales for May 2021, totaling $286.4 million, compared to $246.3 million in May 2020. Comparable sales rose 12.0% for 45 clubs open at least 13.5 months. Despite currency fluctuations negatively impacting sales by 1.6%, membership grew 5.2% with a renewal rate of 87.6%. Total sales for nine months reached $2,594.3 million, a 7.3% increase year-over-year. The company plans to announce Q3 earnings on July 8, 2021.
In April 2021, PriceSmart (NASDAQ: PSMT) reported a 22.0% increase in net merchandise sales, reaching $263.4 million compared to $216.0 million in April 2020. However, foreign currency exchange fluctuations negatively impacted sales by 1.6%, or $3.4 million. The total number of warehouse clubs operating rose to 47 from 45 a year earlier. Comparable sales for clubs open at least 13.5 months grew 25.3%. Despite challenges from the pandemic, the membership renewal rate improved to 86.1%, reflecting growth in online capabilities and strong inventory management.
PriceSmart, Inc. (NASDAQ: PSMT) reported a 0.5% increase in net merchandise sales to $307.6 million for March 2021, despite a 5.9% decline in comparable sales. Currency fluctuations negatively impacted sales by 1.5%. Fiscal year-to-date sales rose 4.5% to $2,044.4 million, influenced by a 3.0% negative impact from foreign currency exchange. CEO Sherry Bahrambeygui noted the ongoing challenges from COVID-19 restrictions that affected sales and club operations. PriceSmart operates 47 warehouse clubs across 12 countries.
PriceSmart, Inc. (NASDAQ: PSMT) reported a 3.4% increase in total revenues for Q2 fiscal year 2021, totaling $937.6 million. Net merchandise sales rose 3.1% to $898.4 million, despite a negative impact of $27.3 million from foreign currency fluctuations. The company achieved a net income of $28.2 million ($0.92 per diluted share), up from $25.6 million ($0.85 per diluted share) year-over-year. Notably, the opening of the new Usaquén Club in Bogotá and the launch of PriceSmart Pharmacies in Costa Rica signify growth strategies, even as pandemic-related closures affected operations.
PriceSmart, Inc. (NASDAQ: PSMT) reported a 1.3% increase in net merchandise sales for February 2021, totaling $258.7 million. However, foreign currency fluctuations negatively impacted sales by 3.1%, equating to $7.8 million. For the five weeks ending February 28, comparable sales rose 2.8%, affected by 3.0% currency rate fluctuations. Year-to-date sales increased 5.2% to $1,736.8 million, with currency issues impacting sales by $54.7 million. PriceSmart plans to release its Q2 earnings on April 8, 2021.
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