PriceSmart, Inc. (NASDAQ: PSMT), the US based warehouse club retailer that operates stores in Colombia, Central America & the Caribbean, on Monday announced that net merchandise sales in May increased 16.3% to from in May a year earlier. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by 1.6%, or , versus the same one-month period in the prior year. There were 47 warehouse clubs in operation at the end of and 45 warehouse clubs in operation at the end of .
“Our Membership base has increased by 5.2% and our trailing 12-month renewal rate has increased by 8.9% from the lows in . Our trailing 12-month renewal rate is higher than its pre-COVID peak and our Membership base is nearly there too. This validates that our business model and rigorous commitment to our Members is valued even in the most challenging of circumstances,” said Sherry S. Bahrambeygui, Chief Executive Officer.
For the five weeks ended , comparable net merchandise sales for the 45 warehouse clubs open at least 13½ full months increased 12.0% when compared to the same period last year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by 1.6%, or , versus the same period in the prior year.
According to Bahrambeygui: “Our team of more than 10,000 associates remains vigilant by keeping our employees and Members safe while providing a compelling shopping experience that includes carefully-curated merchandise from around the world. Our additional services and focus on health and wellness that include optical, our recently-introduced pharmacies and our plan to pilot audiology centers in certain markets should further enhance Member loyalty.”
For the 39-week period ended , comparable net merchandise sales increased 4.3% compared to the same 39-week period a year ago. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by 2.7% or versus the same prior year period.