Business
PriceSmart Announces May Merchandise Sales and Earnings Release and Conference Call Dates for the Fiscal Third Quarter 2020
SAN DIEGO, June 5, 2020 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that for the month of May 2020 net merchandise sales decreased 1.9% to
About this update from Pricesmart, Inc.
[{"type":"text","content":"SAN DIEGO, June 5, 2020 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that for the month of May 2020 net merchandise sales decreased 1.9% to $246.3 million from $251.0 million in May a year earlier. Foreign currency exchange fluctuations impacted net merchandise sales negatively by $6.1 million or 2.5% versus the same one-month period in the prior year. There were 45 warehouse clubs in operation at the end of May 2020 and 42 warehouse clubs in operation at the end of May 2019. \n\n \n \n \n \n \n \n\n \nFor the five weeks ended May 31, 2020, comparable net merchandise sales for the 41 warehouse clubs open at least 13 ½ full months decreased 6.7% when compared to the same five-week period last year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by $6.7 million or 2.4% versus the same period in the prior year.\nSherry S. Bahrambeygui, Chief Executive Officer, commented: \n\"We saw improvement in sales compared to the prior month. This was despite a significant reduction of our normal operating capacity. In May, we continued to experience limitations on our ability to serve our Members due to closures or restrictions impacting food service, tire centers and optical services, several days of total club closures, curfews, stay-at-home mandates, reduced hours, limits on people permitted in the clubs, and other COVID-related mandates and measures. Many governments in our markets are considering or experimenting with reductions in the restrictions in June. However, we cannot predict how quickly and completely these restrictions will be removed or the extent of the impact of COVID-19 on our Members and our markets.\nWe initiated our Click and Go™ program during the pandemic in one club in Costa Rica. By the end of May, we offered the program at most clubs in 11 of our 13 markets. We are encouraged by our Members' adoption of our Click and Go program, which provides an alternative and convenient way for our Members to shop, while reducing physical contact. Our Click and Go program allows Members to use our e-commerce platform, identify and select merchandise, order and pay online, and then have their order deposited into their car at their nearby club. We expect to launch this program in the remaining two countries during the month of June. We continue to work on improvi...