Business
PriceSmart Announces October Merchandise Sales; and Opening of New Warehouse Club in Panama City, Panama
SAN DIEGO, Nov. 7, 2019 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that for the month of October 2019, net merchandise sales increased
About this update from Pricesmart, Inc.
[{"type":"text","content":"SAN DIEGO, Nov. 7, 2019 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that for the month of October 2019, net merchandise sales increased 3.7% to $253.9 million from $244.9 million in October a year earlier. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by $4.8 million or 1.9% versus the same prior year one-month period. \n\n \nFiscal year to date, which includes the two months ended October 31, 2019, net merchandise sales increased 2.5% to $500.5 million from $488.5 million for the two months ended October 31, 2018. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by $9.9 million or 2.0% versus the same prior year two-month period. There were 44 warehouse clubs in operation at the end of October 2019 and 41 warehouse clubs in operation at the end of October 2018. \nFor the four weeks ended October 27, 2019, comparable net merchandise sales for the 41 warehouse clubs open at least 13 ½ full months increased 1.4%, compared to the same four-week period last year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by $4.2 million or 1.9% versus the same prior year period.\nFor the eight-week period ended October 27, 2019, comparable net merchandise sales increased 1.2%, compared to the same eight-week period a year ago. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by $8.8 million or 2.0% versus the same prior year period.\nNew Club Opening:PriceSmart, Inc. also announced that on October 24, 2019, the Company opened a new warehouse club in Panama City, Panama, bringing to 44 the total number of warehouse clubs in operation by the Company. This warehouse club is located within the Metropark development, in the south eastern side of Panama City, Panama. The Metropark club is PriceSmart's seventh warehouse club in Panama and utilizes the Company's standard warehouse club format.\n\"We are excited to open the first of the next six clubs currently in our development pipeline. Metropark in Panama City, Panama marks our 44th warehouse club, our seventh in Panama, and second in Panama to open in the last five months. We now have three clubs within a 10-mile radius of Metropark. While we believe Metropark will drive incremental sales growth in this pri...