PriceSmart Announces October Net Merchandise Sales

About this update from Pricesmart, Inc.

[{"type":"text","content":"SAN DIEGO, Nov. 9, 2020 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that for the month of October 2020, net merchandise sales increased 10.4% to $280.3 million from $254.0 million in October a year earlier. Foreign currency exchange fluctuations impacted net merchandise sales negatively by 3.6%, or $9.1 million, versus the same one-month period in the prior year. There were 46 warehouse clubs in operation at the end of October 2020 and 43 warehouse clubs in operation at the end of October 2019. \n\n \n \n \n \n \n \n\n \nFor the four weeks ended October 25, 2020, comparable net merchandise sales for the 43 warehouse clubs open at least 13 ½ full months increased 4.1% when compared to the same period last year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by 3.5%, or $8.0 million, versus the same period in the prior year.\nSherry S. Bahrambeygui, Chief Executive Officer, commented:\n\"We continue to build on our strong start to fiscal year 2021 which is fueled by many of our new practices and improvements that we planned for and set into motion during the prior year and a half. We experienced continued growth in net merchandise sales and positive comparable sales in October even with 20 club days lost in the month. During the month, Panama, one of our largest markets, lifted their restrictions on the days clubs could be open, with no limitations at the end of October. \nWe also experienced continued improvement in net merchandise and comparable net merchandise sales in our Colombian and Caribbean markets. There were certain markets in Central America, however, where we did experience negative comparable net merchandise sales. As expected, the opening of new clubs in Panama and Guatemala impacted comparable net merchandise sales due to sales transfers from existing clubs.\nOur Click & Go™ service, including curbside pickup and delivery, contributed approximately 3.0% of total net merchandise sales for the month of October 2020. We believe that the easing of restrictions and the reduction in the number of club days lost correlated with increases of in-club traffic, as people were provided the opportunity for greater circulation. Since our Click & Go™ curbside service is relatively new and people may be eager to be mobile when permitted, this may impact the choi...

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