PriceSmart, Inc. (NASDAQ: PSMT), operator of 54 warehouse clubs in 12 countries and one US territory, on Wednesday, January 9th announced results for the fiscal first quarter of 2025, which ended on November 30, 2024.
First Quarter Financial Results
Total revenues for the first quarter of fiscal year 2025 increased 7.8% to $1.26 billion USD, compared to $1.17 billion USD in the comparable period of the prior year. For the first quarter of fiscal year 2025, net merchandise sales increased 7.8% to $1.22 billion USD from $1.14 billion USD in the first quarter of fiscal year 2024. Net merchandise sales – constant currency increased 8.2% over the comparable prior year period. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by $4.7 million USD, or 0.4%, versus the same period in the prior year.
Pricesmart had 54 warehouse clubs in operation as of November 30, 2024, compared to 53 warehouse clubs in operation as of November 30, 2023. Comparable net merchandise sales for the 52 warehouse clubs that have been open for greater than 13 ½ calendar months increased 5.7% for the 13 weeks ended December 1, 2024, compared to the comparable 13-week period of the prior year. Comparable net merchandise sales – constant currency for the 13 weeks ended December 1, 2024, increased 6.1%. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by 0.4% versus the same period in the prior year.
Pricesmart recorded operating income during the fiscal first quarter of $58.3 million USD, compared to operating income of $58.2 million in the prior year period. Net income decreased 1.6% to $37.4 million USD, or $1.21 USD per diluted share, in the first quarter of fiscal year 2025 compared to $38.0 million USD, or $1.24 USD per diluted share, in the first quarter of fiscal year 2024.
Adjusted EBITDA for the first quarter of fiscal year 2025 was $79.1 million USD, compared to $77.8 million USD in the same period last year.
Headline Image Credit: PriceSmart
