Business
PriceSmart Announces Fiscal 2021 Fourth Quarter Operating Results
12.7% GROWTH IN NET MERCHANDISE SALES 12.0% INCREASE IN OPERATING INCOME MEMBERSHIP BASE AT RECORD LEVELS 89.6% MEMBERSHIP RENEWAL RATE FOR TRAILING 12 MONTHS
About this update from Pricesmart, Inc.
[{"type":"text","content":"12.7% GROWTH IN NET MERCHANDISE SALES\n 12.0% INCREASE IN OPERATING INCOME\n MEMBERSHIP BASE AT RECORD LEVELS\n 89.6% MEMBERSHIP RENEWAL RATE FOR TRAILING 12 MONTHS\n $0.63 DILUTED EARNINGS PER SHARE\n\n\nSAN DIEGO, Oct. 21, 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 fourth quarter and full year, which ended on August 31, 2021.\n\n \n \n \n \n \n \n\n \nComments from Sherry S. Bahrambeygui, Chief Executive Officer:\n\"Net merchandise sales grew 12.7%, and comparable net merchandise sales grew 10.3% in our fiscal fourth quarter as compared to the same period last year. For the entire fiscal year, net merchandise sales grew 8.6%, and comparable net merchandise sales grew 5.8%. Our 12-month trailing Membership renewal rate has risen to 89.6% and our Membership base now exceeds pre-COVID levels and is at an all-time high.\n\"This could not have been achieved, especially under some very challenging circumstances, had it not been for the unwavering commitment of our team of more than 10,000 employees who are dedicated to our Members and remain laser-focused on extracting operational efficiencies, expanding our digital capabilities, and maintaining an agile supply chain. \n\"While delivering strong results, we have added incremental benefits to the Membership, including our Wellness initiatives in Optical, Pharmacy and most recently introduced Audiology services. Our investments in technology and our omni-channel initiatives have enabled us to further expand services, benefits, and convenience for our Members to shop safely, and enhance the quality of their shopping experience. Data analytics is becoming an increasingly important tool in our decision-making. Applying recently developed technology and analytics capabilities are enabling us to build on a key characteristic of our business model, our Membership data. What we are learning is helping to sharpen our business strategy.\n\"Our team is innovating, elevating performance and delivering results in unprecedented ways. This inspires us all for the future of our Company.\"\nFourth Quarter Financial Results \nTotal revenues for the fourth quarter of fiscal year 2021 increased 12.2% to $909.6 million compared to $810.6 million in the comparable period of t...