Business
PRICESMART ANNOUNCES RECORD FISCAL 2022 SECOND QUARTER OPERATING RESULTS
NET MERCHANDISE SALES EXCEED $1 BILLION NET MERCHANDISE SALES GREW BY 12.6%COMPARABLE NET MERCHANDISE SALES GREW BY 10.3%MEMBERSHIP BASE AND RENEWAL RATE
About this update from Pricesmart, Inc.
[{"type":"text","content":"NET MERCHANDISE SALES EXCEED $1 BILLION NET MERCHANDISE SALES GREW BY 12.6%COMPARABLE NET MERCHANDISE SALES GREW BY 10.3%MEMBERSHIP BASE AND RENEWAL RATE INCREASED TO RECORD LEVELSOPERATING INCOME INCREASED BY 7.4%$1.03 DILUTED EARNINGS PER SHARE \nSAN DIEGO, April 7, 2022 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT), operator of 49 warehouse clubs in 12 countries and one U.S. territory, today announced record operating results for the fiscal second quarter of 2022, which ended on February 28, 2022.\n\n \n \n \n \n \n \n\n \nComments from Sherry S. Bahrambeygui, Chief Executive Officer:\n\"Our team achieved a record second quarter, with net merchandise sales of more than $1 billion for the first time in our Company's history. The favorable results for the quarter were driven by net merchandise sales growth of 12.6% and comparable net merchandise sales growth of 10.3% as compared to the same period last year. Our 12-month trailing membership renewal rate was a record 89.8%, and our membership base has grown to its all-time high.\n\"This quarter marks record performance in net merchandise sales, earnings per share, membership base and renewal rates. We continue the pursuit of our three drivers of growth that include expanding our real estate footprint, enhancing Member benefits and increasing incremental sales through PriceSmart.com. With respect to real estate, we plan to open our second club in Jamaica next week, located in the city of Portmore, marking the Company's 50th warehouse club. \n\"We continue to invest in enhancing our Membership benefits, including our Wellness and other initiatives. PriceSmart.com is gaining traction as more members shop with us online. Through our digital presence we are increasing our engagement with Members which also helps drive in-club sales. We believe that our investments in these drivers of growth are providing positive momentum and results for the Company. \n\"I am proud of our team's results despite facing and solving for supply chain issues being faced by many in our industry.\"\nSecond Quarter Financial Results \nTotal revenues for the second quarter of fiscal year 2022 increased 10.8% to $1.04 billion compared to $937.6 million in the comparable period of the prior year. For the second quarter of fiscal year 2022, net merchandise sales increased 12.6% to $1.01 billion from $898.4 mil...