PriceSmart Announces September Net Merchandise Sales

About this update from Pricesmart, Inc.

[{"type":"text","content":"SAN DIEGO, Oct. 7, 2020 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that for the month of September 2020, net merchandise sales increased 4.6% to $258.1 million from $246.7 million in September a year earlier. Foreign currency exchange fluctuations impacted net merchandise sales negatively by 3.5%, or $8.6 million, versus the same one-month period in the prior year. There were 46 warehouse clubs in operation at the end of September 2020 and 43 warehouse clubs in operation at the end of September 2019. \n\n \n \n \n \n \n \n\n \nFor the four weeks ended September 27, 2020, comparable net merchandise sales for the 43 warehouse clubs open at least 13 ½ full months increased 0.3% 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\"As we embark upon the new fiscal year, we experienced growth in net merchandise sales and positive comparable sales, despite 30 club days lost in the month of September. We are, at the moment, experiencing some relief on the numerous restrictions due to COVID-19 on our ability to operate as usual. However, Panama, one of our largest markets, continues to be subject to significant restrictions on the days clubs can be open. \nWe saw improvement in net merchandise sales in our Colombian market and experienced negative comparable net merchandise sales in some markets in Central America. We remain pleased with the performance of our new clubs in Guatemala and Panama, but, as expected, opening new clubs in existing markets adversely affects comparable net merchandise sales due to sales transfers from existing clubs.\nOur Click & Go™ service, including curbside pickup and delivery, contributed approximately 3.3% of total net merchandise sales for the month of September 2020. We believe that as more of our clubs were permitted to open in September, Members took the opportunity to visit our clubs. Nonetheless, we believe that over the long-run, Click & Go™ and online shopping will remain an important alternative and service to our Members. Curbside pickup is available in all of our clubs in all markets and delivery options have expanded to nine markets, up from six last month. ...

More updates from Pricesmart, Inc.