Business
PRICESMART ANNOUNCES FISCAL 2024 FIRST QUARTER OPERATING RESULTS
NET MERCHANDISE SALES GREW 10.7% COMPARABLE NET MERCHANDISE SALES INCREASED 8.0% $1.24 EARNINGS PER DILUTED SHARE & ADJUSTED EARNINGS PER DILUTED SHARE SAN
About this update from Pricesmart, Inc.
[{"type":"text","content":"NET MERCHANDISE SALES GREW 10.7%\nCOMPARABLE NET MERCHANDISE SALES INCREASED 8.0%\n $1.24 EARNINGS PER DILUTED SHARE & ADJUSTED EARNINGS PER DILUTED SHARE\nSAN DIEGO, Jan. 9, 2024 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT), operator of 53 warehouse clubs in 12 countries and one U.S. territory, today announced results for the fiscal first quarter of 2024, which ended on November 30, 2023.\n\n \n \n \n \n \n \n\n \nFirst Quarter Financial Results\nTotal revenues for the first quarter of fiscal year 2024 increased 10.6% to $1.17 billion compared to $1.05 billion in the comparable period of the prior year. For the first quarter of fiscal year 2024, net merchandise sales increased 10.7% to $1.14 billion from $1.03 billion in the first quarter of fiscal year 2023. Net merchandise sales - constant currency increased 6.8% over the comparable prior year period. Foreign currency exchange rate fluctuations impacted net merchandise sales positively by $40.0 million, or 3.9%, versus the same period in the prior year. \nThe Company had 53 warehouse clubs in operation as of November 30, 2023 compared to 50 warehouse clubs in operation as of November 30, 2022.\nComparable net merchandise sales for the 50 warehouse clubs that have been open for greater than 13 ½ calendar months increased 8.0% for the 13-week period ended December 3, 2023 compared to the comparable 13-week period of the prior year. Comparable net merchandise sales - constant currency for the 13 weeks ended December 3, 2023 increased 4.3%. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales positively by 3.7% versus the same period in the prior year.\nThe Company recorded operating income during the fiscal first quarter of $58.2 million compared to operating income of $55.5 million in the prior year period. Net income increased 15.5% to $38.0 million, or $1.24 per diluted share, in the first quarter of fiscal year 2024 compared to $32.9 million, or $1.05 per diluted share, in the first quarter of fiscal year 2023.\nAdjusted net income for the first quarter of fiscal year 2024 was $38.0 million, or an adjusted $1.24 per diluted share, compared to adjusted net income of $35.0 million, or an adjusted $1.12 per diluted share, in the comparable prior year period.\nAdjusted EBITDA for the first quarter of fiscal year 2024 was $77.8 million compared...