Business
PriceSmart Announces November Merchandise Sales; Opening of New Warehouse Club in Guatemala City, Guatemala and First Quarter Earnings Details
SAN DIEGO, Dec. 6, 2019 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that for the month of November 2019, net merchandise sales increased
About this update from Pricesmart, Inc.
[{"type":"text","content":"SAN DIEGO, Dec. 6, 2019 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that for the month of November 2019, net merchandise sales increased 7.5% to $278.3 million from $258.9 million in November a year earlier. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by $2.3 million or 0.8% versus the same prior year one-month period. \n\n \nFiscal year to date, which includes the three months ended November 30, 2019, net merchandise sales increased 4.2% to $778.8 million from $747.4 million for the three months ended November 30, 2018. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by $12.2 million or 1.6% versus the same prior year three-month period. There were 45 warehouse clubs in operation at the end of November 2019 and 41 warehouse clubs in operation at the end of November 2018. \nFor the five weeks ended December 1, 2019, comparable net merchandise sales for the 41 warehouse clubs open at least 13 ½ full months increased 0.8%, compared to the same five-week period last year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by $2.5 million or 0.8% versus the same prior year period.\nFor the thirteen-week period ended December 1, 2019, comparable net merchandise sales increased 1.0%, compared to the same thirteen-week period a year ago. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by $11.3 million or 1.5% versus the same prior year period.\nNew Club Opening:PriceSmart, Inc. also announced that on November 13, 2019, the Company opened a new warehouse club in Guatemala City, Guatemala bringing to 45 the total number of warehouse clubs in operation by the Company. This warehouse club is located within the San Cristobal development, in the southwestern side of Guatemala City, Guatemala. The San Cristobal club is PriceSmart's fourth warehouse club in Guatemala and the first to utilize the Company's smaller warehouse club format in that country.\n\"In November, we opened our 45th club, 'San Cristobal,' our fourth club in Guatemala. This is the fourth club opened in calendar year 2019, and four additional clubs previously announced are currently under construction or are planned to be opened in calendar year 2020. We believe that these new clubs a...