Business
PRICESMART ANNOUNCES FISCAL 2022 FOURTH QUARTER OPERATING RESULTS
NET MERCHANDISE SALES GREW 13.6%COMPARABLE NET MERCHANDISE SALES INCREASED 9.2%MEMBERSHIP BASE AT RECORD HIGH AND RENEWAL RATE OF 88.9%EPS GREW 19% TO $0.75
About this update from Pricesmart, Inc.
[{"type":"text","content":"NET MERCHANDISE SALES GREW 13.6%COMPARABLE NET MERCHANDISE SALES INCREASED 9.2%MEMBERSHIP BASE AT RECORD HIGH AND RENEWAL RATE OF 88.9%EPS GREW 19% TO $0.75\nSAN DIEGO, Oct. 31, 2022 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT), operator of 50 warehouse clubs in 12 countries and one U.S. territory, today announced results for the fiscal fourth quarter of 2022, which ended on August 31, 2022.\n\n \n \n \n \n \n \n\n \nComments from Sherry S. Bahrambeygui, Chief Executive Officer:\n\"Our team delivered impressive results for the fourth quarter, with net merchandise sales finishing at $989.9 million and total revenues exceeding $1.0 billion for the quarter and $4.0 billion for the year. Net merchandise sales grew by 13.6%, after a negative 2.9% currency impact, and comparable net merchandise sales increased by 9.2%, after a negative 2.7% currency impact.\n\"Our total membership base grew to a new record of 1.76 million accounts, representing growth of 5.5% versus last year. Our 12-month membership renewal rate was 88.9%, and our membership income for the fourth quarter was a record $15.6 million, an increase of 6.7% over the same period last year. We believe that these strong results and solid renewal rates demonstrate that our team is executing well on our unique club-focused business model and that our Members are pleased with the value they are receiving.\n\"Our team adeptly handled the excess inventory challenges head-on and efficiently moved through overstocks, allowing us to begin restoring a more normalized inventory balance and margin structure.\n\"We ended the year with a strong balance sheet, which included cash, cash equivalents and restricted cash of $251.4 million and debt of only $137.3 million. \n\"As to fiscal year 2023, we are off to a respectable start with September total net merchandise sales of $324.1 million, an increase of 12.1% over the same period in the prior year, and comparable net merchandise sales for the four-week period ended October 2, 2022 that increased 7.8% compared to the same period last year. Currency fluctuations continued to negatively impact net merchandise and comparable net merchandise sales by 2.0% and 2.1%, respectively, in the first month of the fiscal first quarter.\n\"Our team continually strives for improvement, and with each new experience, our team becomes more agile and better...