PSMT - PriceSmart reports 22% rise in April net merchandise sales

PriceSmart (PSMT) reported a increase of 22% Y/Y in net merchandise sales to $263.4M; 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 four weeks ended Apr. 25, 2021, comparable net merchandise sales increased 25.3% Y/Y."Our Membership base and 12-month renewal rate are rapidly increasing from their respective recent lows in August 2020, surpassing April of last year, and almost returning to their pre-COVID peaks, in part, due to our online capabilities," CEO Sherry S. Bahrambeygui commented.Demand in non-food categories in April, particularly electronics and apparel, continued to grow.For the 34-week period ended Apr. 25, 2021, comparable net merchandise sales increased 3.3% Y/Y.The company will discontinue reporting monthly sales after its May sales release on or around June 7, 2021 at the end of Q3.

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PriceSmart reports 22% rise in April net merchandise sales