PriceSmart Announces February Merchandise Sales; also Announces Earnings Release and Conference Call Dates for the Second Quarter of Fiscal Year 2020 Financial Results

About this update from Pricesmart, Inc.

[{"type":"text","content":"SAN DIEGO, March 6, 2020 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that for the month of February 2020, net merchandise sales increased 11.7% to $255.5 million from $228.8 million in February a year earlier. The extra day from leap year, Saturday, February 29, impacted net merchandise sales favorably versus the same one-month period in the prior year. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by $1.6 million or 0.6% versus the same one-month period in the prior year. There were 45 warehouse clubs in operation at the end of February 2020 and 41 warehouse clubs in operation at the end of February 2019. \n\n \n \n \n \n \n \n\n \nFiscal year to date, which includes the six months ended February 29, 2020, net merchandise sales increased 5.3% to $1,650.5 million from $1,567.7 million for the six months ended February 28, 2019. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by $15.1 million or 0.9% versus the same six-month period in the prior year.\nFor the five weeks ended March 1, 2020, comparable net merchandise sales for the 41 warehouse clubs open at least 13 ½ full months increased 1.0% when compared to the same five-week period last year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by $1.9 million or 0.6% versus the same period in the prior year.\nFor the 26-week period ended March 1, 2020, comparable net merchandise sales increased 0.7%, compared to the same 26-week period a year ago. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by $14.6 million or 0.9% versus the same prior year period.\nSherry Bahrambeygui, Chief Executive Officer, commented:\n\"We saw solid net merchandise sales growth in February driven in part, by a combination of the benefits realized from the Six Rights of Merchandising initiatives we have undertaken during the last several months, the addition of four new clubs, and one more shopping day versus the prior year period because of leap day. As we expected, recent club openings in our existing markets are putting pressure on comparable net merchandise sales in the near-term. We believe these additional clubs, strategically located, enhance our members' shopping experience, drive membership loyalty an...

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