PriceSmart Reports Rising Revenues Amid Warehouse Club Expansion

San Diego-based PriceSmart, which owns and runs warehouse clubs in Latin America and the Caribbean, said its total revenues for the second quarter of fiscal 2021 climbed 3.4 percent. PriceSmart posted 92 cents per diluted share in net income attributable to the company on total revenues of $937.6 million, according to a press release.

Comparable net merchandise sales for the 45 locations that have been open for over 13.5 calendar months rose 1.1 percent for the 13-week timeframe concluding on Feb. 28, 2021, in contrast to the comparable timeframe of the past year.

“PriceSmart achieved solid results for the second quarter of fiscal year 2021, with continued focus on strengthening our company as a trusted part of our members’ lives,” CEO Sherry S. Bahrambeygui said in the release. She added that the quarter began with the firm’s opening of its Usaquén Club in the Bogotá region. “We believe that the Usaquén Club should drive sales growth, provide greater convenience and strengthen our presence in a market that provides significant growth opportunity,” Bahrambeygui said.

PriceSmart also rolled out its first two PriceSmart Pharmacies in Costa Rica in February and March. Bahrambeygui said the firm intends to launch a number of additional pharmacies before the conclusion of the calendar year.

Bahrambeygui also noted that the company continues to invest in its “omnichannel efforts to improve service and offer greater convenience” to its members.

PriceSmart had 47 warehouse clubs running as of Feb. 28, 2021, in contrast to 45 warehouse clubs as of Feb. 29, 2020.

The news comes as PriceSmart reported as part of its first-quarter fiscal 2021 operating results that net merchandise sales increased 7.7 percent. PriceSmart had posted 90 cents of net income attributable to the company on $877.4 million in total revenues for the first quarter of fiscal year 2021. Bahrambeygui said at the time that PriceSmart “delivered solid results for the first quarter of fiscal year 2021.”