PriceSmart Announces January Merchandise Sales

About this update from Pricesmart, Inc.

[{"type":"text","content":"SAN DIEGO, Feb. 7, 2020 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that for the month of January 2020, net merchandise sales increased 3.9% to $254.0 million from $244.4 million in January a year earlier. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by $0.5 million or 0.2% versus the same prior year one-month period. There were 45 warehouse clubs in operation at the end of January 2020 and 41 warehouse clubs in operation at the end of January 2019. \n\n \n \n\n \nFiscal year to date, which includes the five months ended January 31, 2020, net merchandise sales increased 4.2% to $1,395.0 million from $1,339.0 million for the five months ended January 31, 2019. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by $13.5 million or 1.0% versus the same prior year five-month period. \nFor the four weeks ended January 26, 2020, comparable net merchandise sales for the 41 warehouse clubs open at least 13 ½ full months increased 0.3% when compared to the same four-week period last year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by $0.4 million or 0.2% versus the same prior year period.\nFor the twenty-one-week period ended January 26, 2020, comparable net merchandise sales increased 0.6%, compared to the same twenty-one-week period a year ago. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by $12.7 million or 1.0% versus the same prior year period.\n\"As we approach the midpoint of fiscal year 2020, our focus remains on vigilantly applying the Six Rights of Merchandising. Our store growth has resulted in four additional clubs versus a year ago, and although we expect this to continue to impact our comparable net merchandise sales in the near-term, we believe that, in the long-term, these additional clubs benefit our members by offering greater convenience and an overall improved member shopping experience which should drive additional sales and reinforce member loyalty,\" concluded Sherry Bahrambeygui, Chief Executive Officer.\nThe Company reports comparable net merchandise sales on a \"same week\" basis with 13 weeks in each quarter beginning on a Monday and ending on a Sunday. The periods are established at the beginning of the fiscal y...

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