PRICESMART ANNOUNCES FISCAL 2025 FIRST QUARTER OPERATING RESULTS
PriceSmart (NASDAQ: PSMT) reported its fiscal 2025 first quarter results, showing strong growth in key metrics. Total revenues increased 7.8% to $1.26 billion, with net merchandise sales also rising 7.8% to $1.22 billion compared to the previous year. Comparable net merchandise sales for the 52 warehouse clubs open for more than 13陆 months grew 5.7%.
Operating income slightly improved to $58.3 million from $58.2 million year-over-year. However, net income decreased 1.6% to $37.4 million, with earnings per diluted share at $1.21 compared to $1.24 in the prior year. Adjusted EBITDA reached $79.1 million, up from $77.8 million.
The company currently operates 54 warehouse clubs across 12 countries and one U.S. territory, with plans to open two new locations in Costa Rica and Guatemala in 2025.
PriceSmart (NASDAQ: PSMT) ha riportato i risultati del primo trimestre fiscale 2025, mostrando una crescita robusta nei principali indicatori. I ricavi totali sono aumentati del 7.8% a $1.26 miliardi, con le vendite nette di merci che sono cresciute anch'esse del 7.8% a $1.22 miliardi rispetto all'anno precedente. Le vendite nette di merci comparabili per i 52 club di magazzino aperti da oltre 13陆 mesi sono aumentate del 5.7%.
Il reddito operativo 猫 leggermente migliorato a $58.3 milioni rispetto ai $58.2 milioni dell'anno precedente. Tuttavia, l'utile netto 猫 diminuito del 1.6% a $37.4 milioni, con utili per azione diluita a $1.21 rispetto a $1.24 dell'anno precedente. L'EBITDA rettificato ha raggiunto $79.1 milioni, in aumento rispetto a $77.8 milioni.
L'azienda attualmente opera 54 club di magazzino in 12 paesi e in un territorio statunitense, con piani per aprire due nuove sedi in Costa Rica e Guatemala nel 2025.
PriceSmart (NASDAQ: PSMT) inform贸 sus resultados del primer trimestre fiscal 2025, mostrando un fuerte crecimiento en m茅tricas clave. Los ingresos totales aumentaron 7.8% a $1.26 mil millones, con las ventas netas de mercanc铆as tambi茅n en aumento 7.8% a $1.22 mil millones en comparaci贸n con el a帽o anterior. Las ventas netas de mercanc铆as comparables para los 52 clubes de almac茅n abiertos durante m谩s de 13陆 meses crecieron 5.7%.
El ingreso operativo mejor贸 ligeramente a $58.3 millones desde $58.2 millones en el a帽o anterior. Sin embargo, el ingreso neto disminuy贸 1.6% a $37.4 millones, con ganancias por acci贸n diluida en $1.21 en comparaci贸n con $1.24 en el a帽o anterior. El EBITDA ajustado alcanz贸 $79.1 millones, un aumento desde $77.8 millones.
La empresa actualmente opera 54 clubes de almac茅n en 12 pa铆ses y un territorio de EE. UU., con planes para abrir dos nuevas ubicaciones en Costa Rica y Guatemala en 2025.
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PriceSmart (NASDAQ: PSMT) a annonc茅 ses r茅sultats du premier trimestre fiscal 2025, montrant une forte croissance dans les indicateurs cl茅s. Les revenus totaux ont augment茅 de 7.8% pour atteindre 1,26 milliard de dollars, et les ventes nettes de marchandises ont 茅galement augment茅 de 7.8% pour atteindre 1,22 milliard de dollars par rapport 脿 l'ann茅e pr茅c茅dente. Les ventes nettes de marchandises comparables pour les 52 clubs d'entrep么t ouverts depuis plus de 13陆 mois ont connu une croissance de 5.7%.
Le revenu d'exploitation a l茅g猫rement augment茅 脿 58.3 millions de dollars contre 58.2 millions de dollars l'ann茅e pr茅c茅dente. Cependant, le b茅n茅fice net a diminu茅 de 1.6% pour atteindre 37.4 millions de dollars, avec un b茅n茅fice par action dilu茅e de 1,21 dollar par rapport 脿 1,24 dollar l'ann茅e pr茅c茅dente. L'EBITDA ajust茅 a atteint 79,1 millions de dollars, en hausse par rapport 脿 77,8 millions de dollars.
L'entreprise op猫re actuellement 54 clubs d'entrep么t dans 12 pays et un territoire am茅ricain, avec des projets d'ouverture de deux nouveaux sites au Costa Rica et au Guatemala en 2025.
PriceSmart (NASDAQ: PSMT) hat seine Ergebnisse f眉r das erste Quartal des Gesch盲ftsjahres 2025 bekannt gegeben, die ein starkes Wachstum in den wichtigsten Kennzahlen zeigen. Die Gesamterl枚se stiegen um 7.8% auf 1,26 Milliarden Dollar, w盲hrend der Nettoumsatz ebenfalls um 7.8% auf 1,22 Milliarden Dollar im Vergleich zum Vorjahr anstieg. Die vergleichbaren Nettoums盲tze f眉r die 52 Lagerh盲user, die seit mehr als 13陆 Monaten ge枚ffnet sind, wuchsen um 5.7%.
Das operative Ergebnis verbesserte sich leicht auf 58.3 Millionen Dollar im Vergleich zu 58,2 Millionen Dollar im Vorjahr. Allerdings sank der Nettogewinn um 1.6% auf 37,4 Millionen Dollar, wobei der Gewinn pro verw盲sserter Aktie bei 1,21 Dollar im Vergleich zu 1,24 Dollar im Vorjahr lag. Das bereinigte EBITDA erreichte 79,1 Millionen Dollar, ein Anstieg von 77,8 Millionen Dollar.
Das Unternehmen betreibt derzeit 54 Lagerh盲user in 12 L盲ndern und einem US-Territorium und plant, 2025 zwei neue Standorte in Costa Rica und Guatemala zu er枚ffnen.
- Total revenues increased 7.8% to $1.26 billion
- Net merchandise sales grew 7.8% to $1.22 billion
- Comparable net merchandise sales increased 5.7%
- Adjusted EBITDA improved to $79.1 million from $77.8 million
- Two new warehouse clubs planned for 2025
- Net income decreased 1.6% to $37.4 million
- Earnings per diluted share declined to $1.21 from $1.24
- Foreign currency exchange rate fluctuations negatively impacted sales by 0.4%
Insights
PriceSmart's Q1 FY2025 results demonstrate steady growth with net merchandise sales increasing 7.8% to
The operating margin remained relatively flat, with operating income of
The planned expansion with two new warehouse clubs in Costa Rica and Guatemala signals continued investment in growth. The company's constant currency sales growth of
The warehouse club model continues to resonate in Latin America and the Caribbean, as evidenced by PriceSmart's sustained growth across its 54-location network. The
Geographic diversification across 12 countries provides stability, with Colombia (10 clubs) and Costa Rica (8 clubs) representing key growth markets. The strategic expansion into Cartago and Quetzaltenango targets underserved markets with growing middle-class populations, positioning PriceSmart to capture emerging consumer demand.
The robust membership model, similar to Costco's approach, creates recurring revenue streams and customer loyalty. While currency volatility remains a challenge, the company's constant currency metrics reveal strong underlying demand for its value proposition in these developing markets.
NET MERCHANDISE SALES GREW 7.8%
COMPARABLE NET MERCHANDISE SALES INCREASED
First Quarter Financial Results
Total revenues for the first quarter of fiscal year 2025 increased听
The Company had 54 warehouse clubs in operation as of November听30, 2024听compared to 53听warehouse clubs in operation as of November听30, 2023.
Comparable net merchandise sales for the 52 warehouse clubs that have been open for greater than 13 陆 calendar months increased
The Company recorded operating income during the fiscal first quarter of
Adjusted EBITDA for the first quarter of fiscal year 2025 was
Note Regarding Non-GAAP (Generally Accepted Accounting Principles) Financial Measures
The foregoing discussion of the Company's operating results includes references to adjusted EBITDA, net merchandise sales - constant currency and comparable net merchandise sales - constant currency, which are non-GAAP financial measures. We believe these supplemental measures are useful to investors and analysts because they exclude items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures are defined and reconciled to the most comparable GAAP measures later in this document.
Conference Call Information
PriceSmart management will host a conference call at 12:00 p.m. Eastern time (9:00 a.m. Pacific time) on Friday, January听10, 2025, to discuss the financial results. Individuals interested in participating in the conference call may do so by dialing toll free (800) 549-8228 or (646) 564-2877 for international callers and asking to join the PriceSmart earnings call. A digital replay will be available shortly following the conclusion of the call through Friday, January 17, 2025 by dialing (888) 660-6264 for domestic callers, or (646) 517-3975 for international callers, and entering replay passcode 20154#.
About听PriceSmart
PriceSmart, headquartered in
This press release may contain forward-looking statements concerning PriceSmart, Inc.'s ("PriceSmart", the "Company" or "we") anticipated future revenues and earnings, adequacy of future cash flows, future dividends, omni-channel initiatives, proposed warehouse club openings, the Company's performance relative to competitors 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," "intend," 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: various political, economic and compliance risks associated with our international operations, adverse changes in economic conditions in our markets, natural disasters, volatility in currency exchange rates and illiquidity of certain local currencies in our markets, competition, consumer and small business spending patterns, political instability, increased costs associated with the integration of online commerce with our traditional business, whether the Company can successfully execute strategic initiatives, our reliance on third party service providers, including those who support transaction and payment processing, data security and other technology services, cybersecurity breaches that could cause disruptions in our systems or jeopardize the security of Member, employee or business information, cost increases from product and service providers, interruption of supply chains, novel coronavirus (COVID-19) related factors and challenges, exposure to product liability claims and product recalls, recoverability of moneys owed to PriceSmart from governments, and other important factors discussed in the Risk Factors section of the Company's most recent Annual Report on Form 10-K, and other factors discussed from time to time in other filings with the SEC, which are accessible on the SEC's website at , including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date that they are made, and the Company does not undertake to update them, except as required by law. In addition, these risks are not the only risks that the Company faces. The Company could also be affected by additional factors that apply to all companies operating globally and in the
For further information, please contact Michael L. McCleary, EVP, Chief Financial Officer and Principal Accounting Officer (858) 404-8826 or send an email to ir@pricesmart.com.
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PRICESMART, INC. | |||
Three Months Ended | |||
November 30, | November 30, | ||
Revenues: | |||
Net merchandise sales | $听听听听听听 1,223,859 | $听听听听听听 1,135,014 | |
Export sales | 9,618 | 10,009 | |
Membership income | 20,199 | 17,749 | |
Other revenue and income | 4,268 | 3,703 | |
Total revenues | 1,257,944 | 1,166,475 | |
Operating expenses: | |||
Cost of goods sold: | |||
Net merchandise sales | 1,029,877 | 952,728 | |
Export sales | 9,013 | 9,550 | |
Selling, general and administrative: | |||
Warehouse club and other operations | 117,855 | 109,965 | |
General and administrative | 42,565 | 35,439 | |
Pre-opening expenses | 22 | 487 | |
Loss on disposal of assets | 352 | 93 | |
Total operating expenses | 1,199,684 | 1,108,262 | |
Operating income | 58,260 | 58,213 | |
Other income (expense): | |||
Interest income | 2,220 | 2,866 | |
Interest expense | (2,695) | (2,816) | |
Other expense, net | (6,856) | (2,126) | |
Total other expense | (7,331) | (2,076) | |
Income before provision for income taxes and income (loss) of unconsolidated 听 听 听 听 听 听 听听 | 50,929 | 56,137 | |
Provision for income taxes | (13,496) | (18,153) | |
Income (loss) of unconsolidated affiliates | (5) | 63 | |
Net income | $听听听听听听听听听听听听 37,428 | $听听听听听听听听听听听听 38,047 | |
Net income per share available for distribution: | |||
Basic | $听听听听听听听听听听听听听听听听 1.21 | $听听听听听听听听听听听听听听听听 1.24 | |
Diluted | $听听听听听听听听听听听听听听听听 1.21 | $听听听听听听听听听听听听听听听听 1.24 | |
Shares used in per share computations: | |||
Basic | 30,019 | 30,269 | |
Diluted | 30,020 | 30,269 | |
听
PRICESMART, INC. | |||
November 30, | August 31, | ||
ASSETS | |||
Current Assets: | |||
Cash and cash equivalents | $听听听听听听听听 120,943 | $听听听听听听听听 125,364 | |
Short-term restricted cash | 3,309 | 1,383 | |
Short-term investments | 101,252 | 100,165 | |
Receivables, net of allowance for credit losses of | 23,606 | 18,847 | |
Merchandise inventories | 585,850 | 528,678 | |
Prepaid expenses and other current assets (includes | 57,564 | 57,910 | |
Total current assets | 892,524 | 832,347 | |
Long-term restricted cash | 12,209 | 9,564 | |
Property and equipment, net | 934,087 | 936,108 | |
Operating lease right-of-use assets, net | 100,202 | 96,415 | |
Goodwill | 43,215 | 43,197 | |
Deferred tax assets | 34,801 | 36,618 | |
Other non-current assets (includes | 63,767 | 61,563 | |
Investment in unconsolidated affiliates | 6,877 | 6,882 | |
Total Assets | $听听听听听 2,087,682 | $听听听听听 2,022,694 | |
LIABILITIES AND EQUITY | |||
Current Liabilities: | |||
Short-term borrowings | $听听听听听听听听听听听听听 7,764 | $听听听听听听听听听听听听听 8,007 | |
Accounts payable | 537,076 | 485,961 | |
Accrued salaries and benefits | 37,241 | 48,263 | |
Deferred income | 38,999 | 38,079 | |
Income taxes payable | 4,018 | 6,516 | |
Other accrued expenses and other current liabilities (includes | 52,898 | 50,035 | |
Operating lease liabilities, current portion | 7,519 | 7,370 | |
Long-term debt, current portion | 22,055 | 35,917 | |
Total current liabilities | 707,570 | 680,148 | |
Deferred tax liability | 1,048 | 1,644 | |
Long-term income taxes payable, net of current portion | 4,712 | 4,762 | |
Long-term operating lease liabilities | 107,556 | 103,890 | |
Long-term debt, net of current portion | 93,567 | 94,443 | |
Other long-term liabilities (includes | 14,651 | 14,842 | |
Total Liabilities | 929,104 | 899,729 | |
Stockholders' Equity: | |||
Common stock | 3 | 3 | |
Additional paid-in capital | 519,035 | 514,542 | |
Accumulated other comprehensive loss | (167,606) | (164,590) | |
Retained earnings | 927,700 | 890,272 | |
Less: treasury stock at cost, 1,971,195 shares as of November听30, 2024 and 1,935,302 | (120,554) | (117,262) | |
Total Stockholders' Equity | 1,158,578 | 1,122,965 | |
Total Liabilities and Equity | $听听听听听 2,087,682 | $听听听听听 2,022,694 | |
Reconciliation of Non-GAAP Financial Measures
The following tables calculate the Company's adjusted EBITDA, net merchandise sales - constant currency and comparable net merchandise sales - constant currency, all of which are considered non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. These measures are customary for our industry and commonly used by competitors. However, these non-GAAP financial measures should not be reviewed in isolation or considered as an alternative to any other performance measure derived in accordance with GAAP and may not be comparable to similarly titled measures used by other companies in our industry or across different industries.
Adjusted EBITDA
Adjusted EBITDA is defined as net income before interest expense, provision for income taxes and depreciation and amortization, adjusted for the impact of certain other items, including interest income and other income (expense), net. The following is a reconciliation of our Net income to Adjusted EBITDA for the periods presented:
Three Months Ended | |||
(Amounts in thousands) | November 30, | November 30, | |
Net income as reported | $听听听听听听听听听听 37,428 | $听听听听听听听听听听 38,047 | |
Adjustments: | |||
Interest expense | 2,695 | 2,816 | |
Provision for income taxes | 13,496 | 18,153 | |
Depreciation and amortization 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听听 听 听听 | 20,862 | 19,494 | |
Interest income | (2,220) | (2,866) | |
Other expense, net (1) | 6,856 | 2,126 | |
Adjusted EBITDA | $听听听听听听听听听听 79,117 | $听听听听听听听听听听 77,770 | |
(1) | Primarily consists of transaction costs of converting the local currencies into available tradable currencies in some of our countries with liquidity issues and foreign currency losses or gains due to the revaluation of monetary assets and liabilities (primarily |
Net Merchandise Sales - Constant Currency and Comparable Net Merchandise Sales 鈥� Constant Currency
As a multinational enterprise, we are exposed to changes in foreign currency exchange rates. The translation of the operations of our foreign-based entities from their local currencies into
Net merchandise sales growth rate on a net merchandise sales - constant currency basis is calculated as follows:
November 30, 2024 | |||
Three Months Ended | |||
(Amounts in thousands, except % growth) | Net | % Growth | |
Net merchandise sales | $听听听听听听听听 1,223,859 | 7.8听% | |
Unfavorable impact of foreign currency exchange | (4,669) | (0.4)听% | |
Net merchandise sales on a constant-currency basis 听 听听 | $听听听听听听听听 1,228,528 | 8.2听% | |
Comparable net merchandise sales growth rate on a net merchandise sales - constant currency basis is calculated as follows:
December听1, 2024 | |
Thirteen Weeks Ended | |
% Growth | |
Comparable net merchandise sales | 5.7听% |
Unfavorable impact of foreign currency exchange | (0.4)听% |
Comparable net merchandise sales on a constant-currency basis听 | 6.1听% |
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