PSMT - PriceSmart trades lower despite beating FQ3 estimates
PriceSmart ([[PSMT]] -0.6%) reports FQ3 revenue increase of 12% Y/Y to $895.3M, beating consensus by $46.9M.Net merchandise sales increased 11.6% Y/Y to $857.5M, foreign currency exchange rate fluctuations impacted net merchandise sales negatively by 1.6% Y/Y.Comparable net merchandise sales for the 45 warehouse clubs that have been open for greater than 13 ½ calendar months increased 8.8% Y/Y.Operating margin improved 103 bps to 4.03%.The Company had 47 warehouse clubs in operation as of May 31, 2021 compared to 45 clubs Y/Y.The trailing 12-month Membership renewal rate is 87.6% - higher than its pre-COVID level and Membership base is rapidly approaching its peak pre-COVID level.“We are on target with plans to open new warehouse clubs in Guatemala City, Guatemala and Bucaramanga, Colombia in the fall of 2021, and in Portmore, Jamaica in the spring of 2022.” said Sherry Bahrambeygui, CEO.Previously: PriceSmart EPS beats by $0.09, beats on revenue (July 8)
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PriceSmart trades lower despite beating FQ3 estimates