Business
PriceSmart Announces Fiscal 2021 Third Quarter Operating Results
THIRD QUARTER DILUTED EARNINGS PER SHARE OF $0.73 NET MERCHANDISE SALES GREW 11.6% OPERATING INCOME INCREASED 50.4% TRAILING 12-MONTH MEMBERSHIP RENEWAL RATE
About this update from Pricesmart, Inc.
[{"type":"text","content":"THIRD QUARTER DILUTED EARNINGS PER SHARE OF $0.73\n NET MERCHANDISE SALES GREW 11.6%\n OPERATING INCOME INCREASED 50.4%\n TRAILING 12-MONTH MEMBERSHIP RENEWAL RATE OF 87.6%\n\n\nSAN DIEGO, July 8, 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 third quarter of 2021 which ended on May 31, 2021.\n\n \n \n \n \n \n \n\n \nComments from Sherry S. Bahrambeygui, Chief Executive Officer:\n\"Operational efficiencies, digital capabilities, optionality for our supply chain, and we believe, the trust of our employees and Members to do our best to anticipate their needs and keep them safe, have contributed to our strong performance for the third quarter. Our total and comparable sales grew in the third quarter of fiscal year 2021, 11.6% and 8.8%, respectively, versus the same period last year. We continue to navigate through significant challenges in several of our markets, including rising COVID cases, club closures and restrictions, social unrest and economic pressures. However, our team is unwavering in its commitment to excel and deliver great value to our Members, regardless of the circumstances. \n\"Efforts to expand Membership benefits continue, such as our Wellness initiatives in Optical, Pharmacy and Audiology services. Our investments in technology and our omni-channel initiatives have enabled us to further enhance services, benefits, and convenience for our Members, among other things. Our trailing 12-month Membership renewal rate is 87.6% - higher than its pre-COVID level - and our Membership base is rapidly approaching its peak pre-COVID level. \n\"We are on target with plans to open new warehouse clubs in Guatemala City, Guatemala and Bucaramanga, Colombia in the fall of 2021, and in Portmore, Jamaica in the spring of 2022. \n\"Our team has innovated, elevated performance and delivered results in unprecedented ways. This has inspired us all for the future of our company.\"\nThird Quarter Financial Results \nTotal revenues for the third quarter of fiscal year 2021 increased 11.9% to $895.3 million compared to $799.9 million in the comparable period of the prior year. For the third quarter of fiscal year 2021, net merchandise sales increased 11.6% to $857.5 million from $768.4 million in the thir...