PriceSmart Declares February Internet Merchandise Gross sales and Outcomes Launch and Convention Name Particulars for the Second Quarter of Fiscal 2021

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SAN DIEGO, March 5, 2021 / PRNewswire / – PriceSmart, Inc. (NASDAQ: PSMT) as we speak introduced that for the month of February 2021, web merchandise gross sales rose 1.3% for $ 258.7 million of $ 255.5 million in February a yr earlier. Alternate price fluctuations had a detrimental influence of three.1% on web merchandise gross sales, or $ 7.8 million, in comparison with the identical interval of 1 month the earlier yr. There have been 47 warehouse golf equipment in operation on the finish of February 2021 and 45 warehouse golf equipment in operation on the finish of February 2020.

For the previous 5 weeks February 28, 2021, comparable merchandise web gross sales for the 45 warehouse golf equipment open no less than 13 and a half full months have been up 2.8% from the identical interval final yr. Fluctuations in trade charges had a detrimental influence of three.0% on web gross sales of comparable merchandise, or $ 9.3 million, in comparison with the identical interval of the earlier yr.

Sherry S. Bahrambeygui, CEO, commented:

“In February, web merchandise gross sales and web gross sales of comparable merchandise elevated regardless of pandemic-related restrictions in some markets and one much less promoting day in February of this yr in comparison with final yr, which was a intercalary year. Gross sales for the month have been negatively affected by our choice to quickly cut back the degrees of merchandise we import into Trinidad on account of persistent limitations on our capability to transform native foreign money to US {dollars}. Our world workforce of roughly 10,000 associates has continued to deal with discovering thrilling, distinctive and punctiliously chosen merchandise that we will ship to our members in a secure and clear method and setting. Our Click on & Go ™ service, together with curbside pickup and supply, contributed roughly 3.2% of complete web merchandise gross sales for the month, and our supply possibility continued to develop as portion of complete Click on & Go ™ gross sales. Through the month of February, we launched our first PriceSmart pharmacy in Costa Rica. We imagine this extra profit for membership will probably be properly obtained on this major market. ”

Fiscal yr to this point, which incorporates the finished six months February 28, 2021, web merchandise gross sales rose 5.2% to $ 1,736.8 million of $ 1,650.5 million for the six months ended February 29, 2020. Alternate price fluctuations negatively impacted web merchandise gross sales by 3.4% or $ 54.7 million in comparison with the identical six-month interval the earlier yr.

For the interval of twenty-six weeks ended February 28, 2021, comparable merchandise web gross sales elevated 2.3% in comparison with the identical 26-week interval a yr in the past. Alternate price fluctuations negatively impacted the web gross sales of comparable merchandise by 3.3% or $ 53.2 million in comparison with the identical interval of the earlier yr.

Particulars of the announcement of the outcomes for the second quarter of 2021:

PriceSmart expects to launch its monetary outcomes for the second quarter of fiscal 2021 on Thursday, April 8, 2021, after the market closes. PriceSmart Administration will arrange a convention name at 12:00 p.m. Japanese Time (9:00 a.m. Pacific Time) certain Friday April 9, 2021, to debate the monetary outcomes. These taken with taking part within the convention name can achieve this by dialing toll-free (855) 209-8211 or (412) 317-5214 for worldwide callers and requesting to hitch the decision from PriceSmart, Inc. A digital replay will probably be obtainable by way of April 16, 2021, after the decision ends by dialing (877) 344-7529 for home callers, or (412) 317-0088 for worldwide callers, and coming into the replay code 10152415.

About PriceSmart

PriceSmart, headquartered at San Diego, owns and operates American-style industrial warehouse golf equipment Latin America and the Caribbean, promoting top quality items and providers at low costs to PriceSmart members. PriceSmart operates 47 warehouse golf equipment in 12 international locations and one American territory (eight in Costa Rica and Colombia; seven in Panama; 5 within the Dominican Republic, 4 in Trinidad and Guatemala; three in Honduras; two every in El Salvador and Nicaragua; and one every in Aruba, Barbados, Jamaica and the US Virgin Islands). The corporate additionally plans to open new warehouse golf equipment in Guatemala Metropolis, Guatemala and Bucaramanga, Colombia within the fall of 2021, and in Portmore, Jamaica in spring 2022. As soon as these three new golf equipment are open, the Firm will function 50 warehouse golf equipment.

The Firm experiences web gross sales of comparable merchandise on a “identical week” foundation, 13 weeks per quarter beginning on a Monday and ending on a Sunday. Durations are established in the beginning of the yr to offer as shut a match as doable to the calendar month and quarter used for monetary reporting functions. This method equalizes the variety of weekend days and weekdays in every interval for a greater gross sales comparability, as the corporate has increased merchandise membership gross sales on weekends. Every of the warehouse golf equipment used within the calculations has been open for no less than 13 and a half calendar months earlier than its outcomes for the present interval are in comparison with its outcomes for the earlier interval.

The time period “trade price” refers back to the trade charges the Firm makes use of to transform web merchandise and web gross sales of comparable merchandise for all international locations the place the useful foreign money just isn’t the US greenback to US {dollars}. The Firm calculates the impact of adjustments in trade charges because the distinction between present interval actions transformed utilizing present interval trade charges and comparable trade charges from the earlier yr interval. The corporate believes that disclosure of the consequences of foreign money fluctuations on the outcomes of the corporate permits buyers to raised perceive the underlying efficiency of the corporate.

This press launch might include forward-looking statements relating to the anticipated future earnings and earnings of the corporate, the adequacy of future money flows, omnichannel initiatives, proposed warehouse membership openings, the efficiency of the corporate relative to opponents , the result of tax proceedings and associated issues. These forward-looking statements embody, however aren’t restricted to, statements containing the phrases “anticipate”, “imagine”, “will”, “might,” “ought to”, “plan”, “estimate”, “anticipate” “,” Scheduled, “and related expressions, and the detrimental thereof. These statements are topic to dangers and uncertainties which might trigger precise outcomes to vary materially, together with, however not restricted to: adjustments antagonistic financial circumstances within the Firm’s markets, pure disasters, compliance dangers, trade price volatility, competitors, client and small enterprise spending patterns, political instability, growing prices related to integrating e-commerce into our conventional enterprise, the Firm’s capability to efficiently execute strategic initiatives, cybersecurity breaches that would disrupt our techniques or compromise be member or firm info safety, price will increase from product and repair suppliers, disruption of provide chains, COVID-19 components and challenges, together with, however not restricted to, period pandemic, the unknown long-term financial influence, the influence of presidency insurance policies and restrictions which have restricted entry for our members, and adjustments in demand away from extra or higher-priced merchandise for much less pricey ones, publicity to product legal responsibility claims and product recollects, assortment of cash owed to PriceSmart by governments and different vital components mentioned within the Threat Components part of the corporate’s most up-to-date annual report on Kind 10- Okay, and different components mentioned occasionally in different SEC filings, which can be found on the SEC web site at www.sec.gov, together with quarterly experiences on Kind 10-Q and present experiences on Kind 8-Okay. Ahead-looking statements communicate solely as of the date on which they’re made and the Firm doesn’t undertake to replace them, besides as required by legislation.

For extra info, please contact Michael L. McCleary, EVP, Chief Monetary Officer and Principal Accounting Officer (858) 404-8826 or ship an e mail to [email protected].

SOURCE PriceSmart, Inc.

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