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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) announced the election of two new board members and the results from its 2021 annual stockholders meeting on February 4, 2021. Patricia Márquez and David Snyder join the board, enhancing expertise in environmental, social responsibility, and governance. The board also declared a semi-annual cash dividend of $0.70 per share, with payments of $0.35 on February 26 and August 31, 2021. Additionally, stockholders approved executive compensation and the selection of Ernst & Young as the independent accounting firm for the fiscal year ending August 31, 2021.
PriceSmart, Inc. (NASDAQ: PSMT) reported a 5.2% increase in net merchandise sales for January 2021, totaling $267.1 million, despite a 3.5% negative impact from currency exchange fluctuations. Comparable sales for clubs open over 13 months rose 2.8%. Challenges included COVID-related restrictions affecting operations and a sales shift to a new club in Bogotá, Colombia. The company's Click & Go™ service contributed 3.6% of sales. Year-to-date sales increased 6.0% to $1.478 billion, also impacted negatively by exchange rates.
PriceSmart, Inc. (NASDAQ: PSMT) has announced plans to build its ninth warehouse club in Colombia, expected to open in fall 2021. This expansion comes as part of a broader strategy that includes new clubs in Guatemala City and Portmore, Jamaica, aiming to reach 50 operational clubs by spring 2022. The new Colombia location in Bucaramanga will be a smaller format, reflecting the company’s ongoing commitment to growth in secondary markets. PriceSmart currently operates 47 clubs across 12 countries and territories.
PriceSmart, Inc. (NASDAQ: PSMT) reported a 2.8% increase in net merchandise sales for December 2020, totaling $372.6 million. However, foreign currency fluctuations negatively impacted sales by 3.1%, or $10.5 million. Comparable sales for 43 warehouses decreased by 1.7% due to COVID-19 restrictions, particularly affecting Costa Rica, Panama, and Colombia. Despite challenges, the Click & Go™ service contributed 2.8% to total sales. The company plans to open new clubs in Guatemala and Jamaica, indicating ongoing expansion efforts.
PriceSmart, Inc. (NASDAQ: PSMT) reported solid results for the fiscal first quarter of 2021, with total revenues rising 8.1% to $877.4 million. Net income was $27.7 million, or $0.90 per diluted share, reflecting a 40.6% increase year-over-year. Operating income soared by 45.0% to $44.5 million. Although foreign currency fluctuations negatively impacted net merchandise sales by $27.4 million, the company successfully expanded its Click and Go™ service and improved operational efficiencies. The firm continues to adapt to ongoing pandemic-related challenges, demonstrating resilience in a fluctuating market.
PriceSmart, Inc. (NASDAQ: PSMT) announced plans to construct new warehouse clubs in Guatemala City and Portmore, Jamaica, expected to open in fall 2021 and spring 2022, respectively. The company, which operates 47 clubs across 12 countries, aims to enhance its market presence following successful operations in Guatemala. Despite initial adverse impacts on comparable net merchandise sales from new openings, PriceSmart believes that this expansion will drive long-term growth through increased membership and sales. The developments follow land acquisitions in 2019 for both locations.
PriceSmart, Inc. (NASDAQ: PSMT) reported a 7.9% increase in net merchandise sales for November 2020, totaling $300.0 million, compared to $278.1 million the previous year. However, foreign currency fluctuations negatively impacted sales by 3.4%, or $9.8 million. Comparable sales for 43 clubs open at least 13.5 months rose 5.6%, yet faced a 3.5% decline due to currency effects. The company opened a new warehouse in Bogotá, Colombia, increasing its total clubs to 47. Fiscal year-to-date sales also showed improvement, with $838.4 million, a 7.7% increase year-over-year.
PriceSmart, Inc. (NASDAQ: PSMT) reported a 10.4% increase in net merchandise sales for October 2020, totaling $280.3 million compared to $254.0 million last year. Adjusting for foreign currency impacts, this amounted to a 3.6% negative effect. The company operated 46 warehouse clubs by the end of October 2020, up from 43 a year prior. Comparable sales for clubs open for at least 13.5 months rose 4.1%. Fiscal year-to-date sales increased 7.5% to $538.4 million, despite currency fluctuations impacting sales negatively by $17.7 million.
PriceSmart, Inc. (PSMT) reported fourth quarter and full year results for fiscal year 2020. Despite losing approximately 260 club days due to COVID-19 restrictions, total revenues rose by 1.2% to $810.6 million. Net merchandise sales increased by 0.5% to $772.9 million. However, comparable net merchandise sales for clubs open over 13 months fell 4.0%. For the year, total revenues grew 3.3% to $3,329.2 million, while net income was $78.1 million, or $2.55 per diluted share. PriceSmart plans to open its 47th club in December.
PriceSmart, Inc. (NASDAQ: PSMT) reported a 4.6% increase in net merchandise sales for September 2020, totaling $258.1 million, compared to $246.7 million in September 2019. However, foreign currency exchange fluctuations had a negative impact of 3.5%, equating to $8.6 million. The company operated 46 warehouse clubs at the end of September 2020, up from 43 the previous year. Comparable net merchandise sales for clubs open at least 13 ½ months increased by 0.3%, despite facing some operational challenges due to COVID-19 restrictions, particularly in Panama.
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