SAN DIEGO, Aug. 7, 2017 /PRNewswire/ -- PriceSmart, Inc.
(NASDAQ: PSMT) today announced that for the month of July 2017, net warehouse club sales increased
2.7% to $242.5 million, from
$236.3 million in July a year
earlier. For the eleven months ended July
31, 2017, net warehouse club sales increased 3.1% to
$2,671.7 million from $2,591.7 million for the eleven months ended
July 31, 2016. There were 39
warehouse clubs in operation at the end of July 2017 and 38 warehouse clubs in operation at
the end of July 2016.
For the four weeks ended July 30,
2017, comparable warehouse sales for the 38 warehouse clubs
open at least 13 1/2 full months increased 1.4% compared to the
same four-week period last year. For the forty-seven week period
ended July 30, 2017, comparable
warehouse sales increased 1.4%, compared to the comparable
forty-seven week period a year ago.
About PriceSmart
PriceSmart, headquartered in San
Diego, owns and operates U.S.-style membership shopping
warehouse clubs in Latin America
and the Caribbean, selling high
quality merchandise at low prices to PriceSmart members. PriceSmart
now operates 39 warehouse clubs in 12 countries and one U.S.
territory (seven in Colombia; six
in Costa Rica; five in
Panama; four in Trinidad; three each in Guatemala, the Dominican Republic and Honduras; two each in El Salvador and Nicaragua; and one each in Aruba, Barbados, Jamaica and the United States Virgin Islands).
This 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 the following risks: our financial performance is
dependent on international operations, which exposes us to various
risks; any failure by us to manage our widely dispersed operations
could adversely affect our business; we face significant
competition; future sales growth depends, in part, on our ability
to successfully open new warehouse clubs and grow sales in our
existing locations; we might not identify in a timely manner or
effectively respond to changes in consumer preferences for
merchandise, which could adversely affect our relationship with
members, demand for our products and market share; although we have
begun to offer limited online shopping to our members, our sales
could be adversely affected if one or more major international
online retailers were to enter our markets or if other competitors
were to offer a superior online experience; our profitability is
vulnerable to cost increases; we face difficulties in the shipment
of and risks inherent in the importation of, merchandise to our
warehouse clubs; we are exposed to weather and other natural
disaster risks that might not be adequately compensated by
insurance; general economic conditions could adversely impact our
business in various respects; our failure to maintain our brand and
reputation could adversely affect our results of operations; we are
subject to risks associated with possible changes in our
relationships with third parties with which we do business, as well
as the performance of such third parties; we rely extensively on
computer systems to process transactions, summarize results and
manage our business, and failure to adequately maintain our systems
and disruptions in our systems could harm our business and
adversely affect our results of operations; we could be subject to
additional tax liabilities or subject to reserves on the
recoverability of tax receivables; a few of our stockholders own
approximately 25.3% of our voting stock as of August 31, 2016, which may make it difficult to
complete some corporate transactions without their support and may
impede a change in control; failure to attract and retain qualified
employees, increases in wage and benefit costs, changes in laws and
other labor issues could materially adversely affect our financial
performance; we face the possibility of operational interruptions
related to union work stoppages; we are subject to volatility in
foreign currency exchange rates and limits on our ability to
convert foreign currencies into U.S. dollars; we face the risk of
exposure to product liability claims, a product recall and adverse
publicity; any failure to maintain the security of the information
relating to our company, members, employees and vendors that we
hold, whether as a result of cybersecurity attacks on our
information systems, failure of internal controls, employee
negligence or malfeasance or otherwise, could damage our reputation
with members, employees, vendors and others, could disrupt our
operations, could cause us to incur substantial additional costs
and to become subject to litigation and could materially adversely
affect our operating results; we are subject to payment related
risks; changes in accounting standards and assumptions,
projections, estimates and judgments by management related to
complex accounting matters could significantly affect our financial
condition and results of operations; we face compliance risks
related to our international operations; if remediation costs or
hazardous substance contamination levels at certain properties for
which we maintain financial responsibility exceed management's
current expectations, our financial condition and results of
operations could be adversely impacted. The risks described above
as well as the other risks detailed in the Company's U.S.
Securities and Exchange Commission ("SEC") reports, including the
Company's Annual Report on Form 10- K filed for the fiscal year
ended August 31, 2016 filed on
October 27, 2016 pursuant to the
Securities Exchange Act of 1934. We assume no obligation and
expressly disclaim any duty to update any forward-looking statement
to reflect events or circumstances after the date of this
presentation or to reflect the occurrence of unanticipated
events.
For further information, please contact John M. Heffner, Principal Financial Officer and
Principal Accounting Officer (858) 404-8826.
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SOURCE PriceSmart, Inc.