PriceSmart’s net merchandise sales increase 5.2%
The warehouse club company said exchange rate fluctuations negatively affected net merchandise sales by 3.5% ($ 8.9 million) compared to the same month-long period last year .
“In January, net merchandise sales and net sales of comparable merchandise increased despite an increase in COVID cases and an increase in COVID-related restrictions in some of our markets. Consolidated comparable sales increased in January, but were partially offset by declines in Colombia and Trinidad ”, Chief Executive Officer Sherry S. Bahrambeygui said in the ad. The executive also noted that the company lost about 70 club days in January amid the ongoing pandemic.
Comparable merchandise net sales for the 45 sites open for at least 13.5 months increased 2.8% between the four weeks ended Jan. 24, 2021 and the same period in 2020. The company said the changes in the foreign currency exchange rate had a negative impact on comparables. net merchandise sales of 3.3% or $ 7.7 million compared to the same period last year.
PriceSmart, which is based in California, operates 47 warehouse clubs in 12 countries and a single US territory. He plans to bring new warehouse clubs to Bucaramanga, Colombia and Guatemala City this fall, and Portmore, Jamaica next year. After the opening of these three new clubs, the company will operate a total of 50 warehouse clubs.
The news comes as PriceSmart, Inc. announced as part of its fiscal 2021 first quarter operating results that merchandise net sales rose 7.7% to $ 838.4 million, compared to $ 778.7 million in the first quarter of fiscal 2020.
“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 ” Bahrambeygui said in an announcement in January.