PriceSmart Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended November 30, 2013; Announces Sales Results for the Month, Four Months and Seventeen-Week Ended December 2013; Plans to Open New Warehouse Club in November 2014
January 10, 2014 at 02:30 am IST
Share
PriceSmart Inc. announced unaudited consolidated earnings results for the first quarter ended November 30, 2013. For the quarter, the company reported total revenues were $605.6 million compared to $535.3 million in the first quarter of the prior year. Operating income was $32.4 million, compared to operating income of $29.7 million for the first quarter of the prior year. Net income was $21.4 million, or $0.71 per basic and diluted share compared to net income of $20.0 million, or $0.66 per basic and diluted share. Income before provision for income taxes and share unconsolidated affiliates was $31,813,000 compared to $28,788,000 for the same period a year ago.
For the month of December 2013, net sales increased 10.7% to $280.8 million from $253.7 million in December a year earlier. For the four weeks ended December 29, 2013, comparable warehouse sales for the 29 warehouse clubs open at least 13 1/2 full months increased 6.7% compared to the same four-week period last year.
For the four months ended December 31, 2013, net sales increased 12.0% to $870.5 million from $777.3 million in the same period last year. There were 32 warehouse clubs in operation at the end of December 2013 compared to 30 warehouse clubs in operation in December 2012.
For the seventeen-week period ended December 29, 2013, comparable warehouse sales increased 7.5% compared to the comparable seventeen-week period a year ago.
The company also announced that, it acquired approximately 128,600 usable square feet (11,947 usable square meters) of land in the southern area of Pereira, Colombia, upon which the company plans to construct a new warehouse club that is currently planned to open in November 2014. This additional club will be the fourth PriceSmart warehouse club operating in Colombia.
PriceSmart, Inc. owns and operates United States (US)-style membership shopping warehouse clubs in Latin America and the Caribbean, selling merchandise and providing services to PriceSmart members. The Company operates approximately 52 warehouse clubs in 12 countries and one US territory. Its segments include the US, Central America, the Caribbean and Colombia. It offers merchandise and services in various categories, such as consumables, fresh foods, hardlines, food service and bakery, and health services. It also owns Member's Selection private label products. The Company's consumable products include groceries, cleaning supplies, and health and beauty aids. Its fresh food products include meat, produce, deli, seafood and poultry. The Company's hardline products include electronics, automotive, hardware, sporting goods, and seasonal products. Its softline products include clothing, domestics and home furnishing products. Its health services include optical, audiology and pharmacy.
PriceSmart Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended November 30, 2013; Announces Sales Results for the Month, Four Months and Seventeen-Week Ended December 2013; Plans to Open New Warehouse Club in November 2014