In This Story
PriceSmart Inc. (PSMT+1.91%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports total revenues of $1,257,944,000 for the quarter, an increase of 7.8% compared to the same period in the previous year. Net merchandise sales were $1,223,859,000, reflecting a growth of 7.8%.
The company reported a total gross margin of $193,982,000, representing 15.9% of net merchandise sales, slightly down from 16.1% in the previous year. This decrease is attributed to a lower merchandise gross profit percentage.
Membership income increased by 13.8% to $20,199,000, driven by a higher number of membership accounts and a $5 increase in the membership fee in most markets.
Operating income for the quarter was $58,260,000, effectively flat compared to the previous year's $58,213,000. The operating income margin was 4.6% of total revenues.
Net income for the quarter was $37,428,000, or $1.21 per diluted share, compared to $38,047,000, or $1.24 per diluted share, in the previous year.
The company reported an effective tax rate of 26.5%, down from 32.3% in the same quarter of the previous year, primarily due to tax optimization initiatives.
Cash provided by operating activities was $38,530,000, while cash used in investing and financing activities was $29,306,000 and $17,588,000, respectively.
PriceSmart continues to plan for growth with the opening of new warehouse clubs, including one in Cartago, Costa Rica, and another in Quetzaltenango, Guatemala, expected in 2025.
The company completed a $75 million share repurchase program in the first quarter of fiscal year 2024, acquiring approximately 1,007,000 shares.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PriceSmart Inc. quarterly 10-Q report dated January 8, 2025. To report an error, please email earnings@qz.com.