Business
PRICESMART ANNOUNCES FISCAL 2023 SECOND QUARTER OPERATING RESULTS AND PLANS FOR FOURTH WAREHOUSE CLUB IN EL SALVADOR
NET MERCHANDISE SALES GREW 10.3%COMPARABLE NET MERCHANDISE SALES INCREASED 8.5% $1.02 EARNINGS PER DILUTED SHARE$1.25 ADJUSTED EARNINGS PER DILUTED SHARE SAN
About this update from Pricesmart, Inc.
[{"type":"text","content":"NET MERCHANDISE SALES GREW 10.3%COMPARABLE NET MERCHANDISE SALES INCREASED 8.5% $1.02 EARNINGS PER DILUTED SHARE$1.25 ADJUSTED EARNINGS PER DILUTED SHARE\nSAN DIEGO, April 10, 2023 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT), operator of 50 warehouse clubs in 12 countries and one U.S. territory, today announced results for the fiscal second quarter of 2023, which ended on February 28, 2023.\n\n \n \n \n \n \n \n\n \nComments from Robert E. Price, Interim Chief Executive Officer:\n\"I want to begin by thanking our management team and all of our over 10,000 PriceSmart employees for their dedication and many contributions to our Company's progress. Our financial results for the second quarter and first six months of fiscal 2023 have been highlighted by solid sales and earnings growth, improved inventory turns, and a strong balance sheet.\n\"Our focus continues to be on the basics: inventory flow, in stock position, new products, expenses, sales on PriceSmart.com, improvements to our warehouse club locations, identifying opportunities for new locations, and investing in efficiencies driven by improved processes and technology. \n\"Speaking to technology, I am pleased to announce that we have engaged Wayne Sadin as a consultant to support our Information Technology function, reporting to our Executive Vice President and Chief of Staff. Wayne will be working with our team in identifying opportunities to continue optimizing and transforming how we deliver on our value proposition and how we leverage technology to drive business process improvement and enhance the Member experience.\n\"Since December of 2022 I have taken a more active management role, while officially taking on the Interim CEO role in early February. My takeaways from these past few months include my appreciation for the way in which our management team is taking responsibility for their various areas of responsibility. My other main takeaway is how much opportunity we continue to have to grow our business in a healthy way for the long term benefit of our Members, our employees, our shareholders and for the communities in which we do business. For me, personally, I am grateful to be leading a company that does so much for so many people.\"\nSecond Quarter Financial Results\nTotal revenues for the second quarter of fiscal year 2023 increased 10.0% to $1.14 billion co...