Business
PriceSmart Announces May Net Merchandise Sales and Earnings Release and Conference Call Details for the Third Quarter of Fiscal 2021
Net Merchandise Sales Increased 16.3% with Negative 1.6% FX Impact Comparable Net Merchandise Sales Increased 12.0% with Negative 1.6% FX Impact Trailing
About this update from Pricesmart, Inc.
[{"type":"text","content":"Net Merchandise Sales Increased 16.3% with Negative 1.6% FX Impact\n Comparable Net Merchandise Sales Increased 12.0% with Negative 1.6% FX Impact\n Trailing 12-Month Membership Renewal Rate Increased to 87.6%\n E-Commerce Penetration Contributed 4.0% of Net Merchandise Sales\n\n\nSAN DIEGO, June 7, 2021 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that net merchandise sales in May increased 16.3% to $286.4 million from $246.3 million in May a year earlier. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by 1.6%, or $3.8 million, versus the same one-month period in the prior year. There were 47 warehouse clubs in operation at the end of May 2021 and 45 warehouse clubs in operation at the end of May 2020. \n\n \n \n \n \n \n \n\n \nFor the five weeks ended May 30, 2021, comparable net merchandise sales for the 45 warehouse clubs open at least 13 ½ full months increased 12.0% when compared to the same period last year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by 1.6%, or $4.4 million, versus the same period in the prior year. \nSherry S. Bahrambeygui, Chief Executive Officer, commented:\n\"Our Membership base has increased by 5.2% and our trailing 12-month renewal rate has increased by 8.9% from the lows in August 2020. Our trailing 12-month renewal rate is higher than its pre-COVID peak and our Membership base is nearly there too. This validates that our business model and rigorous commitment to our Members is valued even in the most challenging of circumstances.\n\"Now, facing the second year of the pandemic and despite continuing restrictions and civil unrest in certain markets, our total and comparable sales grew in May 2021, 16.3% and 12.0%, respectively, versus May of last year. Our Click & Go™ service, including curbside pickup and delivery, contributed 4.0% of net merchandise sales and has enabled an alternate and safe channel for attending to our Members' needs. \n\"Our team of more than 10,000 associates remains vigilant by keeping our employees and Members safe while providing a compelling shopping experience that includes carefully-curated merchandise from around the world. Our additional services and focus on health and wellness that include optical, our recently-introduced pharmacies and our plan to pilot ...