Business
PriceSmart Announces December Net Merchandise Sales
Net Merchandise Sales grew 2.8%, after negative 3.1% FX impact Comparable Net Merchandise Sales decreased 1.7%, after 2.9% negative FX impact E-Commerce
About this update from Pricesmart, Inc.
[{"type":"text","content":"Net Merchandise Sales grew 2.8%, after negative 3.1% FX impact\n Comparable Net Merchandise Sales decreased 1.7%, after 2.9% negative FX impact\n E-Commerce Penetration was 2.8% of Total Net Merchandise Sales\n\n\nSAN DIEGO, Jan. 8, 2021 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that for the month of December 2020, net merchandise sales increased 2.8% to $372.6 million from $362.3 million in December a year earlier. Foreign currency exchange fluctuations impacted net merchandise sales negatively by 3.1%, or $10.5 million, versus the same one-month period in the prior year. There were 47 warehouse clubs in operation at the end of December 2020 and 45 warehouse clubs in operation at the end of December 2019.\n\n \n \n \n \n \n \n\n \nFor the four weeks ended December 27, 2020, comparable net merchandise sales for the 43 warehouse clubs open at least 13 ½ full months decreased 1.7% when compared to the same period last year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by 2.9%, or $9.2 million, versus the same period in the prior year.\nSherry S. Bahrambeygui, Chief Executive Officer, commented:\n\"In December, net merchandise sales grew despite increases in COVID-related cases and restrictions versus the prior month. Comparable sales decreased primarily in Costa Rica, Panama, and Colombia where COVID cases and related restrictions were on the rise and because of sales transferred from existing clubs to newly opened clubs in Panama and Colombia. In December, we lost approximately 14 club days to closures where in-club shopping was prohibited. Several clubs also contended with reduced operating hours, restrictions on segments of the population permitted to shop or circulate, limitations on the number of people allowed inside and restrictions on areas of our business such as food services and optical. In addition, sales declined in our Trinidad market, we believe, largely due to our decision to limit U.S. merchandise imports because of ongoing insufficient U.S. dollar liquidity. We are working on alternative solutions to mitigate the current illiquidity challenges. \nOur Click & Go™ service, including curbside pickup and delivery, contributed approximately 2.8% of total net merchandise sales for the month. Delivery through Click &Go™ is now available in all of ...