PSMT - PriceSmart reports 16% rise in May net merchandise sales

PriceSmart (PSMT) reported a increase of 16.3% Y/Y in net merchandise sales to $286.4M; foreign currency exchange fluctuations impacted negatively by 1.6%.At the end of the month, there were 47 warehouse clubs in operation compared to 45 warehouse at year end.For the five weeks ended May 30, 2021, comparable net merchandise sales increased 12% Y/Y.The 12-month membership renewal rate was 87.6% for the period ended May 31, 2021, an increase from the 81.5% and 80.5% 12-month renewal rate for the periods ended February 28, 2021 and August 31, 2020, respectively."Our Membership base has increased by 5.2% and our trailing 12-month renewal rate has increased by 8.9% from the lows in August 2020. Now, facing the second year of the pandemic and despite continuing restrictions and civil unrest in certain markets, our total and comparable sales grew in May 2021, 16.3% and 12.0%, respectively, versus May of last year," CEO Sherry S. Bahrambeygui commented.Demand in non-food categories in

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PriceSmart reports 16% rise in May net merchandise sales