PriceSmart Announces April Merchandise Sales

About this update from Pricesmart, Inc.

[{"type":"text","content":"SAN DIEGO, May 7, 2020 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that for the month of April 2020 net merchandise sales decreased 10.9% to $216.0 million from $242.5 million in April a year earlier. Foreign currency exchange fluctuations impacted net merchandise sales negatively by $5.5 million or 2.2% versus the same one-month period in the prior year. There were 45 warehouse clubs in operation at the end of April 2020 and 41 warehouse clubs in operation at the end of April 2019.\n\n \n \n \n \n \n \n\n \nFiscal year to date, which includes the eight months ended April 30, 2020, net merchandise sales increased 4.9% to $2,172.5 million from $2,071.7 million for the eight months ended April 30, 2019. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by $28.2 million or 1.3% versus the same eight-month period in the prior year.\nFor the four weeks ended April 26, 2020, comparable net merchandise sales for the 41 warehouse clubs open at least 13 ½ full months decreased 19.2% when compared to the same four-week period last year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by $4.8 million or 2.1% versus the same period in the prior year.\nFor the 34-week period ended April 26, 2020, comparable net merchandise sales increased 0.2%, compared to the same 34-week period a year ago. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by $26.3 million or 1.3% versus the same prior year period.\nSherry Bahrambeygui, Chief Executive Officer, commented:\n\"Throughout April, governments in our markets imposed restrictions of varying degrees on nearly all businesses, including essential businesses such as ours. These governments have mandated various protocols resulting in limitations on the number of people in our clubs, reduced hours of operation, restrictions on or closure of food and other services areas, and, in some cases, complete closure of clubs for periods of days or weeks. These, in combination with consumer trepidation about the spread of COVID-19, have caused reduced traffic in our clubs. Therefore, we have had to quickly adapt and adjust from how we normally operate. \n\"We are working to mitigate these challenges by focusing on the safety of our Members and employees and by im...

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