Wed, Jul 10, 8:04 PM (59 days ago)
PriceSmart, Inc.'s 10-Q report for the quarter ended May 31, 2024, reveals a solid financial performance with notable increases in key metrics. Total revenues rose by 12.1% year-over-year to $1.23 billion, driven by an 11.6% increase in net merchandise sales. Comparable net merchandise sales grew by 7.8%, with a constant currency growth of 5.6%. Membership income increased by 15.2% to $19.3 million. Operating income was $49.9 million, up 15.9% from the prior year, with a total gross margin of 15.6%, a 30 basis point improvement. However, total other expenses increased to $2.9 million due to higher interest expenses and lower interest income. The effective tax rate rose to 30.8%, resulting in net income of $32.5 million, or $1.08 per diluted share, compared to $29.6 million, or $0.94 per diluted share, in the prior year. For the nine months ended May 31, 2024, total revenues increased by 12.0% to $3.69 billion, with a net income of $109.8 million, or $3.62 per diluted share. The company completed a $75 million share repurchase program and paid a one-time special dividend of $1.00 per share.