Business
PriceSmart Announces Plans to Open New Warehouse Club in Costa Rica
SAN DIEGO, May 26, 2020 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that it plans to move forward with opening what will be its 46th
About this update from Pricesmart, Inc.
[{"type":"text","content":"SAN DIEGO, May 26, 2020 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that it plans to move forward with opening what will be its 46th warehouse club on June 17, 2020 in Liberia, Costa Rica.\n\n \n \n \n \n \n \n\n \nSherry S. Bahrambeygui, Chief Executive Officer, commented, \"In March 2020, when we first began to appreciate the uncertainties created by the COVID-19 pandemic, we temporarily suspended significant capital expenditures, including additional club developments. We have now decided to resume various projects, including the completion of the Liberia, Costa Rica club. The new Liberia club will be our 8th club in Costa Rica, located in the Guanacaste province, approximately 130 miles from the nearest PriceSmart club and three hours from the capital city of San José. The Liberia club will offer \"Click and Go\" services, as well as other features that, over the past couple of months, have proven to be of increased importance to our Members. We are very much looking forward to the opening of our 46th club.\"\nAbout PriceSmart\nPriceSmart, headquartered in San Diego, owns and operates U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean, selling high quality merchandise and services at low prices to PriceSmart Members. PriceSmart today operates 45 warehouse clubs in 12 countries and one U.S. territory (seven each in Colombia, Costa Rica, and Panama; five in the Dominican Republic, four in Trinidad and Guatemala; three in Honduras; two each in El Salvador and Nicaragua; and one each in Aruba, Barbados, Jamaica and the United States Virgin Islands). \nThis press release may contain forward-looking statements concerning the Company's anticipated future revenues and earnings, adequacy of future cash flow, proposed warehouse club openings, the Company's performance relative to competitors, the outcome of tax proceedings and related matters. These forward-looking statements include, but are not limited to, statements containing the words \"expect,\" \"believe,\" \"will,\" \"may,\" \"should,\" \"project,\" \"estimate,\" \"anticipated,\" \"scheduled,\" and like expressions, and the negative thereof. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, but not limited to: adverse changes in economic conditions in the Co...