Business
PRICESMART ANNOUNCES FISCAL 2022 FIRST QUARTER OPERATING RESULTS
12.6% GROWTH IN NET MERCHANDISE SALES 9.4% GROWTH IN COMPARABLE NET MERCHANDISE SALES MEMBERSHIP BASE AT RECORD LEVELS 3.3% INCREASE IN OPERATING INCOME $0.98
About this update from Pricesmart, Inc.
[{"type":"text","content":"12.6% GROWTH IN NET MERCHANDISE SALES\n 9.4% GROWTH IN COMPARABLE NET MERCHANDISE SALES\n MEMBERSHIP BASE AT RECORD LEVELS\n 3.3% INCREASE IN OPERATING INCOME\n $0.98 DILUTED EARNINGS PER SHARE\n\n\nSAN DIEGO, Jan. 6, 2022 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT), operator of 49 warehouse clubs in 12 countries and one U.S. territory, today announced its results of operations for the fiscal first quarter of 2022, which ended on November 30, 2021.\n\n \n \n \n \n \n \n\n \nComments from Sherry S. Bahrambeygui, Chief Executive Officer:\n\"Our team achieved a stellar first quarter, with Net merchandise sales growing by 12.6% and Comparable net merchandise sales growing 9.4% as compared to the same period last year. Our 12-month trailing Membership renewal rate is 89.0% and our membership base has grown to its all-time high.\n\"We continue to augment the benefits of our Membership, including our Wellness initiatives in areas of Optical, Pharmacy and most recently, Audiology services. Our investments in technology and our omni-channel initiatives have enabled us to further expand services, membership benefits, and convenience for our Members, allowing them to shop safely and enhancing the quality of their shopping experiences. Increasing our analytics capabilities is contributing to more timely and better decision-making in many areas of our business. In particular, the technology-enabled tools we are developing and applying are allowing us to unlock more value from our membership data, one of the key characteristics and differentiators of our business model.\"\nFirst Quarter Financial Results \nTotal revenues for the first quarter of fiscal year 2022 increased 11.2% to $975.4 million compared to $877.4 million in the comparable period of the prior year. For the first quarter of fiscal year 2022, net merchandise sales increased 12.6% to $944.0 million from $838.4 million in the first quarter of fiscal year 2021. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by $8.4 million, or 1.0%, versus the same period in the prior year.\nThe Company had 49 warehouse clubs in operation as of November 30, 2021 compared to 46 warehouse clubs in operation as of November 30, 2020. \nComparable net merchandise sales for the 46 warehouse clubs that have been open for greater than 13 ½ calendar months increas...