SAN DIEGO, Oct. 6, 2017 /PRNewswire/ -- PriceSmart,
Inc. (NASDAQ: PSMT) today announced that for the month of
September 2017 net sales increased
3.8% to $237.2 million, from
$228.4 million in September a year
earlier. There were 39 warehouse clubs in operation at the end of
September 2017 and 39 warehouse clubs
in operation at the end of September
2016.
For the four weeks ended October 1,
2017, comparable warehouse sales for the 38 warehouse clubs
open at least 13 1/2 full months increased 2.8%, compared to the
same four-week period last year.
In the month of September, hurricanes Irma and Maria both hit
St. Thomas, U.S.V.I. While our warehouse club did not sustain
substantial damage, the devastating impact on the island resulted
in 9 days of closure and an additional 16 days of reduced hours for
our warehouse club during the month.
The Company also announced that on October 5, 2017, the Company successfully opened
its new warehouse club in Santa
Ana, Costa Rica, bringing
to 40 the total number of warehouse clubs in operation by the
Company. This warehouse club is the Company's seventh warehouse
club in Costa Rica.
PriceSmart plans to release fourth quarter fiscal year 2017
financial results on Thursday, October 26,
2017, after the market closes. PriceSmart management will
host a conference call at 12:00 p.m. Eastern
time (9:00a.m. Pacific time)
on Friday, October 27, 2017, to
discuss the financial results. Individuals interested in
participating in the conference call may do so by dialing (855)
209-8211 toll free, or (412) 317-5214 for international callers and
asking to join the PriceSmart, Inc. call. A digital replay will be
available through November 3, 2017,
following the conclusion of the call by dialing (877) 344-7529 for
domestic callers, or (412) 317-0088 for international callers, and
entering replay passcode 10112016.
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 40 warehouse clubs in 12 countries and one U.S.
territory (seven each in Colombia
and 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.