Business
PriceSmart Announces July Net Merchandise Sales
SAN DIEGO, Aug. 7, 2020 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that for the month of July 2020 net merchandise sales increased 2.2%
About this update from Pricesmart, Inc.
[{"type":"text","content":"SAN DIEGO, Aug. 7, 2020 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that for the month of July 2020 net merchandise sales increased 2.2% to $261.4 million from $255.8 million in July a year earlier. Foreign currency exchange fluctuations impacted net merchandise sales negatively by 3.7% or $9.6 million versus the same one-month period in the prior year. There were 46 warehouse clubs in operation at the end of July 2020 and 43 warehouse clubs in operation at the end of July 2019. \n\n \n \n \n \n \n \n\n \nFor the four weeks ended July 26, 2020, comparable net merchandise sales for the 42 warehouse clubs open at least 13 ½ full months decreased 4.5% when compared to the same four-week period last year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by 3.6% or $8.3 million versus the same period in the prior year.\nSherry S. Bahrambeygui, Chief Executive Officer, commented: \n\"In July, we saw a sequential improvement in net merchandise sales for the third month in a row. We continue to contend with COVID-related, government-mandated shutdowns that include temporary club closures, a reduction in the number of days during the week and hours per day our clubs are permitted to be open, restrictions on segments of the population permitted to shop or circulate on particular days, curfews, and limits on the number of people permitted to be in our clubs at the same time. Comparable sales were positive in our Caribbean market, but negative in some markets in Central America and in Colombia. We saw weakness in comparable sales primarily in Costa Rica, Panama and Guatemala where COVID cases and related restrictions are on the rise, in addition to the impact of sales being transferred to new clubs in Guatemala and Panama. We estimate that in July, we lost approximately 100 club days to closures in markets where in-club shopping was not permitted as a result of the rise in COVID cases in several of our markets. \nOur progress continues with technology-enabled shopping, and we are experiencing increasing receptivity and demand from our Members. Our Click & Go™ contactless online ordering and curbside pickup service is now available in all markets. Additionally, our Click & Go service now includes a delivery option in four of our markets. This service, including curbside pick...