PriceSmart Q2 Profit Increases

(RTTNews) - Warehouse club operator PriceSmart, Inc. (PSMT) Thursday reported second-quarter net income of $31.5 million or $1.03 per share, up from $28.2 million or $0.92 per share last year.

Revenues for the second quarter increased 10.8% to $1.04 billion from $937.6 million last year.

For the second quarter, net merchandise sales increased 12.6% to $1.01 billion from $898.4 million last year. The company had 49 warehouse clubs in operation as of February 28, 2022 compared to 47 warehouse clubs in operation as of February 28, 2021.

Commenting on the results, CEO Sherry Bahrambeygui said, "The favorable results for the quarter were driven by net merchandise sales growth of 12.6% and comparable net merchandise sales growth of 10.3% as compared to the same period last year. Our 12-month trailing membership renewal rate was a record 89.8%, and our membership base has grown to its all-time high."