SAN DIEGO, June 7, 2018 /PRNewswire/ -- PriceSmart,
Inc. (NASDAQ: PSMT) today announced that net warehouse club sales
for the month of May 2018 increased
6.2% to $248.7 million, from
$234.2 million in May 2017. For the nine months ended May 31, 2018, net sales increased 5.1% to
$2,312.2 million from $2,199.1 million for the nine months ended
May 31, 2017. There were 41 warehouse
clubs in operation at the end of May
2018 and 39 warehouse clubs in operation at the end of
May 2017.
For the five-week period ended June 3,
2018, comparable sales for the 39 warehouse clubs open at
least 13 1/2 full months increased 3.1%, compared to the same
five-week period last year. For the thirty-nine week period ended
June 3, 2018, comparable warehouse
sales increased 3.0%, compared to the comparable thirty-nine week
period a year ago. PriceSmart plans to release third quarter 2018
financial results on Thursday, July 5,
2018, 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, July 6, 2018, 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
July 13, 2018, following the
conclusion of the call by dialing (877) 344-7529 for domestic
callers, or (412) 317-0088 for international callers, and entering
replay access code 10120109.
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 41 warehouse clubs in 12 countries and one U.S.
territory (seven each in Colombia
and Costa Rica; five in
Panama; four each in Trinidad and Dominican Republic; three each in Guatemala and Honduras; two each in El Salvador and Nicaragua; and one each in Aruba, Barbados, Jamaica and the United States Virgin Islands). Additionally,
PriceSmart through its Aeropost subsidiary provides logistics,
payment and ecommerce services in Latin
America and the Caribbean.
Aeropost currently serves customers in 38 countries with
Costa Rica, Trinidad and Jamaica as its largest markets.
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, but not limited to, the following external and internal
risks:
External Risks
- Natural disasters that might cause damages not covered by
insurance;
- Negative macroeconomic conditions;
- Volatility in foreign currency exchange rates and limitations
on our ability to convert foreign currency to US dollars;
- Changes in, and inconsistent enforcement of laws and
regulations in countries where we operate, including those related
to tariffs and taxes;
- Compliance risks;
- Crime and security concerns, which can adversely affect the
economies of the countries in which we operate and which require us
to incur additional costs to provide additional security at our
warehouse clubs;
- Recoverability of moneys owed to PriceSmart from governments in
countries where we do business; and
- The possibility of operational interruptions related to union
work stoppages.
Internal Risks:
- We might not identify or effectively respond to changes in
consumer shopping preferences with resulting negative effects on
our sales and market share;
- Significant competition, including from international online
retailers;
- Limitations on the availability of appropriate sites for new
warehouse clubs could adversely affect growth;
- We may experience increased costs, delays or failure in our
efforts to integrate our online commerce with our traditional brick
and mortar business;
- Cost increases from product and service providers;
- Interruption of supply chains, which might adversely impact on
our ability to import merchandise;
- Failure to maintain our brand's reputation;
- Exposure to product liability claims and product recalls;
- Failure to maintain our computer systems and/or disruption in
those systems;
- Delays or cost overruns implementing our new Enterprise
Resource Planning system;
- Any failure to maintain the security of the information we hold
relating to our company, our members, employees and suppliers;
- Failure to attract and retain qualified employees, significant
increases in wage and benefit expenses, or changes in labor laws
with consequent material adverse effect on our financial
performance;
- Changes in accounting standards affecting management's
financial assumptions, projections, estimates and judgments;
and
- A few of our stockholders own approximately 25.3% of our voting
stock as of February 28, 2018, which
may make it difficult to complete some corporate transactions
without their support and may impede a change in control.
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,
2017 filed on October 26,
2017, pursuant to the Securities Exchange Act of 1934, see
"Part I - Item 1A - Risk Factors," could materially and adversely
affect our business, financial condition and results of operations.
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 U.S., as well as other
risks that are not presently known to the Company or that the
Company currently considers to be immaterial.
For further information, please contact Maarten O. Jager, Principal Financial Officer
and Principal Accounting Officer (858) 404-8826.
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SOURCE PriceSmart, Inc.