Business
PriceSmart Announces May Merchandise Sales; Third Quarter Earnings Release Dates Also Announced
SAN DIEGO, June 7, 2019 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that for the month of May 2019, net merchandise sales increased 0.8%
About this update from Pricesmart, Inc.
[{"type":"text","content":"SAN DIEGO, June 7, 2019 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that for the month of May 2019, net merchandise sales increased 0.8% to $251.0 million from $248.7 million in May a year earlier. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by $9.6 million or 3.8% versus the same prior year one-month period. \n\n \nFor the nine months ended May 31, 2019, net merchandise sales increased 0.4% to $2,322.6 million from $2,312.2 million in the same period last year. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by $77.1 million or 3.3% versus the same prior year nine-month period. \nThere were 42 warehouse clubs in operation at May 31, 2019 compared to 41 warehouse clubs in operation at May 31, 2018.\nFor the five weeks ended June 2, 2019, comparable warehouse sales for the 40 warehouse clubs open at least 13 ½ full months decreased 0.9% compared to the same five-week period last year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by $10.9 million or 3.9% versus the same prior year period.\nFor the thirty-nine week period ended June 2, 2019, comparable warehouse sales decreased 1.3% compared to the comparable thirty-nine week period a year ago. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by $76.1 million or 3.3% versus the same prior year period.\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 year to provide as close a match as possible to the calendar month and quarter that is used for financial reporting purposes. This approach equalizes the number of weekend days and weekdays in each period for improved sales comparison, as we experience higher merchandise club sales on the weekends. Each of the warehouse clubs used in the calculations was open for at least 13 ½ calendar months before its results for the current period were compared with its results for the prior period. \nThe term \"currency exchange rates\" refers to the currency exchange rates we use to convert net merchandise and comparable net merchandise sales for all countries where the functional currency ...