PriceSmart August Net Sales, Comps Down - Quick Facts

(RTTNews) - PriceSmart, Inc. (PSMT), an operator of U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean, Friday reported that net sales for the month of August 2016 decreased 1.5% to $229.1 million from $232.7 million a year earlier.

For the six weeks ended September 4, comparable warehouse sales for the 36 warehouse clubs open at least 13 1/2 full months decreased 1.5% from a year ago.

Comparable warehouse sales in the current 6 week period were not negatively impacted by the devaluation of the Colombian peso from the year ago period.

For the twelve months ended August 31, net sales increased 3.7% to $2.82 billion from $2.72 billion last year. For the fifty-three week period ended September 4, comparable warehouse sales decreased 0.8%.

Excluding warehouse clubs, the fifty-three week comparable warehouse sales for the other 30 warehouse clubs open at least 13 1/2 full months increased 1.7%.

The Company also announced that on September 1, the Company successfully opened its new warehouse club in Chia, Colombia, the seventh PriceSmart warehouse club in the country.

PriceSmart plans to release fourth quarter fiscal year 2016 financial results on October 27, after the market closes.