7.7% increase in PriceSmart merchandise net sales
Warehouse club retailer PriceSmart, Inc. said as part of its fiscal 2021 first quarter operating results that merchandise net sales increased 7.7% to $ 838.4 million, from $ 778.7 million in the first quarter of fiscal 2020, according to a announcement.
“PriceSmart delivered strong results for the first quarter of fiscal 2021. In November, mobility restrictions were reduced in several of our markets. In the meantime, we have expanded our Click and Go ™ contactless shopping program, which allows online ordering and curbside pick-up, and starting in the first quarter, includes delivery options in all of our markets ” , said the CEO of PriceSmart, Inc. Sherry S. Bahrambeygui said in the ad.
PriceSmart had 46 warehouse clubs in operation as of November 30 of last year, compared to 45 warehouse clubs in operation during the same period the previous year.
The company said net sales of comparable merchandise for the 43 warehouse clubs that have been in business for more than 13.5 calendar months increased 3.6% for the 13-week period ended November 29. 2020 compared to the comparable period last year.
It posted operating income of $ 44.5 million in the first fiscal quarter, up from $ 30.7 million in operating income the year before.
San Diego-based PriceSmart owns and operates commercial warehouse clubs in the Caribbean in addition to Latin America, similar to those in the United States.
Regarding its overall results, PriceSmart reported net income attributable to the company of 90 cents per diluted share on total revenues of $ 877.4 million for the first quarter of fiscal 2021.
The news comes like Costco Wholesale Corp. reported that its online shopping sales jumped 90.6% in the fourth quarter. Costco reported in a November press release that it had “net sales of $ 13.8 billion for the retail month of October, the four weeks ending November 1.”
In a call with analysts following Costco’s release of its fourth quarter results, Costco’s executive vice president and chief financial officer Richard A. Galanti said the company “had strong sales results during the months of June, July and August.”