Business
PRICESMART ANNOUNCES FISCAL 2023 FOURTH QUARTER OPERATING RESULTS
NET MERCHANDISE SALES GREW 10.0%COMPARABLE NET MERCHANDISE SALES INCREASED 8.8%$0.49 EARNINGS PER DILUTED SHARE$0.65 ADJUSTED EARNINGS PER DILUTED SHARE, NET
About this update from Pricesmart, Inc.
[{"type":"text","content":"NET MERCHANDISE SALES GREW 10.0%COMPARABLE NET MERCHANDISE SALES INCREASED 8.8%$0.49 EARNINGS PER DILUTED SHARE$0.65 ADJUSTED EARNINGS PER DILUTED SHARE, NET OF $0.30 TAX SETTLEMENT CHARGE\nSAN DIEGO, Oct. 30, 2023 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT), operator of 52 warehouse clubs in 12 countries and one U.S. territory, today announced results for the fiscal fourth quarter of 2023.\n\n \n \n \n \n \n \n\n \nFourth Quarter Financial Results\nTotal revenues for the fourth quarter of fiscal year 2023 increased 9.5% to $1.12 billion compared to $1.02 billion in the comparable period of the prior year. For the fourth quarter of fiscal year 2023, net merchandise sales increased 10.0% to $1.09 billion from $989.9 million in the fourth quarter of fiscal year 2022. Net merchandise sales - constant currency increased 6.4% over the comparable prior year period. Foreign currency exchange rate fluctuations impacted net merchandise sales positively by $36.2 million, or 3.6%, versus the same period in the prior year. \nThe Company had 51 warehouse clubs in operation as of August 31, 2023 compared to 50 warehouse clubs in operation as of August 31, 2022.\nComparable net merchandise sales for the 50 warehouse clubs that have been open for greater than 13 ½ calendar months increased 8.8% for the 13-week period ended September 3, 2023 compared to the comparable 13-week period of the prior year. Comparable net merchandise sales - constant currency for the 13 weeks ended September 3, 2023 increased 5.2%. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales positively by 3.6% versus the same period in the prior year.\nThe Company recorded operating income during the fiscal fourth quarter of $32.1 million compared to operating income of $39.0 million in the prior year period. The decrease is primarily due to a $9.2 million charge to settle minimum tax litigation in one of our markets and a $5.7 million asset impairment charge and related closure costs.\nNet income attributable to PriceSmart decreased to $15.4 million, or $0.49 per diluted share, in the fourth quarter of fiscal year 2023 compared to $23.3 million, or $0.75 per diluted share, in the fourth quarter of fiscal year 2022, primarily due to a $0.30 per diluted share negative impact related to the settlement of minimum tax litigation and an $0.18 p...