PriceSmart Beats Earnings Expectations; Memberships Reach All-Time High
2022.04.07 23:52
By Sam Boughedda
Investing.com — PriceSmart Inc (NASDAQ:PSMT) reported its fiscal second-quarter earnings after the close Thursday, beating analyst earnings expectations and matching revenue forecasts.
The company reported earnings per share of $1.03 on revenue of $1.04 billion. Analysts polled by Investing.com expected earnings per share of $1 on revenue of $1.04 billion.
Net merchandise sales increased 12.6% to $1.01 billion from $898.4 million in the quarter.
“Our team achieved a record second quarter, with net merchandise sales of more than $1 billion for the first time in our company’s history. The favorable results for the quarter were driven by net merchandise sales growth of 12.6% and comparable net merchandise sales growth of 10.3% as compared to the same period last year,” said Sherry Bahrambeygui, PriceSmart’s Chief Executive Officer.
The company’s 12-month trailing membership renewal rate was a record 89.8%, with its membership base growing to an all-time high.
Shares edged 0.14% higher after hours on Thursday.
