Business
PriceSmart Announces Fiscal 2021 First Quarter Operating Results
SALES GROW 8.1% AND OPERATING INCOME INCREASES BY 45% DILUTED EARNINGS PER SHARE GROW BY 40.6% NET COMPARABLE MERCHANDISE SALES INCREASE BY 3.6% E-COMMERCE
About this update from Pricesmart, Inc.
[{"type":"text","content":"SALES GROW 8.1% AND OPERATING INCOME INCREASES BY 45%\n DILUTED EARNINGS PER SHARE GROW BY 40.6%\n NET COMPARABLE MERCHANDISE SALES INCREASE BY 3.6%\n E-COMMERCE ACHIEVES 3.1% PENETRATION OF TOTAL MERCHANDISE SALES\n\n\nSAN DIEGO, Jan. 7, 2021 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT), operator of 47 warehouse clubs in 12 countries and one U.S. territory, today announced its results of operations for the fiscal first quarter of 2021 which ended on November 30, 2020.\n\n \n \n \n \n \n \n\n \nComments from Sherry S. Bahrambeygui, Chief Executive Officer:\n\"PriceSmart delivered solid results for the first quarter of fiscal year 2021. In November, mobility restrictions were reduced in many of our markets. We meanwhile expanded our Click and Go™ contactless shopping program, which provides for ordering online and curbside pickup, and as of Q1, includes delivery options in all of our markets.\nWe continue to improve operating efficiencies while making appropriate investments. Together, these initiatives have contributed to an increase in our operating income of 45.0% to $44.5 million and an earnings increase of 40.6% to $0.90 per diluted share in the first quarter of 2021 compared to the prior-year period. \nAlthough varying pandemic-related restrictions throughout our markets were on the rise again in December and continue to impact the business in early January, thanks to our tremendous team, we are becoming increasingly adept at early monitoring and quickly adjusting to challenges as they arise, as well as anticipating the needs and preferences of our Members.\" \nFirst Quarter Financial Results \nTotal revenues for the first quarter of fiscal year 2021 increased 8.1% to $877.4 million compared to $811.9 million in the comparable period of the prior year. For the first quarter of fiscal year 2021, net merchandise sales increased 7.7% to $838.4 million from $778.7 million in the first quarter of fiscal year 2020. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by $27.4 million, or 3.5%, versus the same period in the prior year.\nThe Company had 46 warehouse clubs in operation as of November 30, 2020 compared to 45 warehouse clubs in operation as of November 30, 2019. \nComparable net merchandise sales for the 43 warehouse clubs that have been open for greater than 13 ½ calendar months in...