PriceSmart Announces Fiscal 2019 Fourth Quarter and Full Year Operating Results

About this update from Pricesmart, Inc.

[{"type":"text","content":"SAN DIEGO, Oct. 29, 2019 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT), today announced its results of operations for the fiscal year 2019 fourth quarter and full year, which ended on August 31, 2019.\n\n \nTotal revenues for the fourth quarter of fiscal year 2019 increased 3.0% to $801.3 million compared to $777.9 million in the comparable period of the prior year. For the fourth quarter of fiscal year 2019, net merchandise sales increased 3.7% to $768.9 million from $741.3 million in the fourth quarter of fiscal year 2018. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by $20.5 million, or 2.7%, versus the same period in the prior year.\nThe Company had 43 warehouse clubs in operation as of August 31, 2019 compared to 41 warehouse clubs in operation as of August 31, 2018. \nComparable net merchandise sales for the 41 warehouse clubs that have been open for greater than 13 ½ calendar months increased 1.5% for the 13-week period ended September 1, 2019 compared to the comparable period of the prior year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by $19.9 million or 2.7% versus the same period in the prior year.\nThe Company recorded operating income during the quarter of $32.0 million compared to operating income of $27.2 million in the prior year. Net income attributable to PriceSmart was $20.7 million, or $0.67 per diluted share, in the fourth quarter of fiscal year 2019 as compared to $19.0 million, or $0.62 per diluted share, in the fourth quarter of fiscal year 2018. \nTotal revenues, for the twelve months ended August 31, 2019, increased 1.8% to $3,224.0 million compared to $3,166.7 million in the prior year. \nComparable net merchandise sales, for warehouse clubs that have been open for greater than 13 ½ calendar months, decreased 0.6% for the 52-week period ended September 1, 2019 compared to the comparable period of the prior year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by $96.0 million, or 3.2%, versus the prior year.\nFor the twelve months ended August 31, 2019, the Company recorded operating income of $115.2 million and net income attributable to PriceSmart of $73.2 million, or $2.40 per diluted share. During the twelve months ended August 31, 2018, the Company reco...

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