Business
PriceSmart Announces Fiscal 2020 Third Quarter Operating Results
SAN DIEGO, July 9, 2020 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT), operator of 46 warehouse clubs in 12 countries and one U.S. territory, today
About this update from Pricesmart, Inc.
[{"type":"text","content":"SAN DIEGO, July 9, 2020 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT), operator of 46 warehouse clubs in 12 countries and one U.S. territory, today announced its results of operations for the third quarter of fiscal year 2020 which ended on May 31, 2020.\n\n \n \n \n \n \n \n\n \nComments from Sherry S. Bahrambeygui, Chief Executive Officer:\n\"During the third quarter of fiscal year 2020, our Company has traversed an extraordinary arc that started with responding to unexpected challenges and quickly evolved to strengthening our business for the future.\nWith our top priority firmly placed on the well-being of our employees and Members, the quarter began with the rapid adaptation to remote-work without compromising effectiveness. We immediately focused on precautionary and safety measures for our front-line employees in-country and in our distribution centers internationally. Our Company then led the way in best practices in-country to strive to keep our members and the public safe. We focused on collaborating with our vendors and suppliers to protect the supply chain and maximize availability of essential goods needed by our Members. We reformed how our Leadership Team oversees and directs all aspects of the Company. We engaged in collaborative and constant communication enabling us to move immediately into a forward-looking and expedited development of our online presence and communication with our Members. As a result, we launched our Click & Go™ program, which enables online orders with curbside pick-up and minimal contact, to meet the immediate demands of our Members. As we experienced our Members' rapid adoption of this shopping channel, we accelerated our roll-out of the service throughout our Company. We ended June with 2.7% penetration of net merchandise sales. We now provide Click & Go™ contactless shopping, online visibility of inventory, online payment platforms, and the ability to sign up and renew memberships online in every one of our markets and all but one of our 46 clubs. We believe the technology, business infrastructure, processes, and platforms that support the Click & Go™ program strengthens our foundation for growth.\nAt the beginning of the third quarter, we carefully considered the risks of the unknown and preserved cash and suspended certain capital expenditures and discretionary spending. Within a re...