Wed, Jan 8, 9:04 PM (180 days ago)
For the quarter ending November 30, 2024, PriceSmart, Inc. (PSMT) reported total revenues of $1,257,944, a 7.8% increase from the prior year, driven by a 7.8% rise in net merchandise sales to $1,223,859. Membership income rose 13.8%, reflecting a growing membership base, with 4.8% more accounts year-over-year. Gross profit margins slightly decreased to 15.9%, while operating income remained stable at $58,260. Net income was $37,428, or $1.21 per diluted share, down from $38,047 ($1.24 per diluted share) a year ago. Cash flow from operations totaled $38,530, down from $41,098, with notable shifts in working capital impacting liquidity. The company’s total assets increased to $2,087,682, with cash and equivalents holding steady at $136,461. PriceSmart is expanding its footprint with new warehouse openings planned in Costa Rica and Guatemala. However, challenges such as currency fluctuations and economic conditions across its markets remain significant risks. The effective tax rate improved to 26.5% from 32.3%, aided by tax optimization initiatives. Overall, the company continues to focus on enhancing member value and expanding digital capabilities.