Business
PriceSmart Announces March Net Merchandise Sales
Net Merchandise Sales Increased 0.5% with Negative 1.5% FX Impact Comparable Net Merchandise Sales Decreased 5.9% with Negative 1.4% FX Impact SAN DIEGO,
About this update from Pricesmart, Inc.
[{"type":"text","content":"Net Merchandise Sales Increased 0.5% with Negative 1.5% FX Impact\n Comparable Net Merchandise Sales Decreased 5.9% with Negative 1.4% FX Impact\n\n\nSAN DIEGO, April 9, 2021 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that despite the COVID-driven surge in buying in March 2020, our net merchandise sales increased 0.5% to $307.6 million from $306.1 million in March a year earlier. Foreign currency exchange fluctuations impacted net merchandise sales negatively by 1.5%, or $4.4 million, versus the same one-month period in the prior year. There were 47 warehouse clubs in operation at the end of March 2021 and 45 warehouse clubs in operation at the end of March 2020. \n\n \n \n \n \n \n \n\n \nFor the four weeks ended March 28, 2021, comparable net merchandise sales for the 45 warehouse clubs open at least 13 ½ full months decreased 5.9% when compared to the same period last year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by 1.4%, or $4.1 million, versus the same period in the prior year. \nSherry S. Bahrambeygui, Chief Executive Officer, commented:\n\"March marks the one year anniversary from when we began to experience the impact of the COVID-19 pandemic. Comparable net merchandise sales for March were down 5.9% versus the same period last year when they were up 15.7% due to members stocking up on merchandise ahead of the uncertainty around the global pandemic. The pandemic began to adversely affect our sales in April and May 2020, the last two months of the third fiscal quarter. During the third quarter last year, many of our clubs had severe traffic restrictions, some of our services such as tires, optical and food service courts were closed to members, and we had approximately 225 total club days lost to club closures. Our global team of approximately 10,000 associates has continued to focus on sourcing exciting, distinctive, carefully curated merchandise and services that we deliver at a great value to our Members in a safe and clean environment. Our Click & Go™ service, including curbside pickup and delivery, contributed approximately 3.0% of total net merchandise sales for the month.\"\nFiscal year to date, which includes the seven months ended March 31, 2021, net merchandise sales increased 4.5% to $2,044.4 million from $1,956.5 million for the seve...