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Feb 28, 2022
Pricesmart Q2 2022 Earnings Report
Achieved record second quarter with net merchandise sales exceeding $1 billion, driven by sales growth and comparable sales growth.
Key Takeaways
PriceSmart reported a record second quarter in fiscal year 2022, with net merchandise sales surpassing $1 billion for the first time. The company saw a 12.6% increase in net merchandise sales and a 10.3% increase in comparable net merchandise sales compared to the previous year. The membership base and renewal rate reached all-time highs, and operating income increased by 7.4%.
Net merchandise sales exceeded $1 billion, a company record.
Net merchandise sales grew by 12.6% compared to the same period last year.
Comparable net merchandise sales increased by 10.3%.
Membership base and renewal rate reached record levels.
Pricesmart
Pricesmart
Forward Guidance
PriceSmart plans to open its second club in Jamaica and is investing in enhancing membership benefits and PriceSmart.com to drive growth and engagement.
Positive Outlook
- Expanding real estate footprint with a new club in Jamaica.
- Enhancing member benefits through Wellness and other initiatives.
- Increasing incremental sales through PriceSmart.com.
- Growing engagement with members through their digital presence.
- Investments in growth drivers providing positive momentum and results.
Challenges Ahead
- Facing supply chain issues.
- Adverse changes in economic conditions in the Company’s markets.
- Volatility in currency exchange rates and illiquidity of certain local currencies in our markets.
- Competition and consumer spending patterns.
- Political instability.