Pricesmart Q2 2023 Earnings Report
Key Takeaways
PriceSmart reported a 10.0% increase in total revenues, reaching $1.14 billion, and a net income of $31.3 million, or $1.02 per diluted share, for the second quarter of fiscal year 2023. Adjusted net income was $38.5 million, or $1.25 per diluted share. The company plans to open its fourth warehouse club in El Salvador in early 2024.
Total revenues increased by 10.0% to $1.14 billion compared to the prior year.
Net merchandise sales grew by 10.3% to $1.12 billion.
Comparable net merchandise sales increased by 8.5% for the 13-week period ended March 5, 2023.
Net income attributable to PriceSmart decreased slightly to $31.3 million, or $1.02 per diluted share.
Pricesmart
Pricesmart
Pricesmart Revenue by Segment
Forward Guidance
PriceSmart is planning to expand its operations by opening new warehouse clubs in multiple locations.
Positive Outlook
- Plans to open a fourth warehouse club in Santa Ana, El Salvador in early 2024.
- Anticipates operating 54 warehouse clubs once the new club in El Salvador is open.
- Plans to open two warehouse clubs in El Salvador.
- Plans to open a warehouse club in Medellín, Colombia.
- Plans to open a warehouse club in Escuintla, Guatemala.
Revenue & Expenses
Visualization of income flow from segment revenue to net income