Q2 2024 PriceSmart Inc Earnings Call Transcript
Key Points
- Net merchandise sales increased by 13% or 9% in constant currency during the second quarter.
- Comparable net merchandise sales increased 8.8% or 5.2% in constant currency for the second quarter.
- Membership accounts grew 5% versus the prior year to almost 1.9 million accounts with a strong 12-month renewal rate of 88.3%.
- Membership income for the second quarter was $18.5 million, an increase of 14.6% over the same period last year.
- Operating income for the quarter increased 18.2% from the same period last year to $63.6 million.
- Total gross margin for the second quarter as a percentage of net merchandise sales decreased 30 basis points to 15.7%.
- General and administrative expenses increased to 3% of total revenues for the second quarter compared to 2.8% for the same period last year.
- A net loss of $7.1 million in total other expense was recorded for the second quarter, primarily due to increased foreign currency revaluation losses.
- The effective tax rate for the second quarter came in lower at 30.5% versus 34% a year ago, primarily due to non-recurrence of CEO separation costs.
- Challenges in meeting high sales volumes during December put stress on management and operational capacity.
Good afternoon, everyone, and welcome to PriceSmart Incorporated Earnings Release Conference Call for the Second Quarter of Fiscal Year 2024, which ended on February 29th, 2020.
Remarks from our company's representatives, Robert Pryce, Interim Chief Executive Officer, and Michael McCleary, Chief Financial Officer. You will be given an opportunity to ask questions as time permits. As a reminder, this conference call is limited to one hour and is being recorded today, Wednesday, April 10th, 2020. A digital replay will be available following the conclusion of today's conference call through April 17th, 2024 by dialing one eight eight eight six six zero six two six four for domestic callers, one six four six five one seven three nine seven five for international callers and by entering the replay access code five nine five one £1 opening remarks, I'd like to turn the call over to PriceSmart's Chief Financial Officer, Michael McCleary. Please see it, sir.
Thank you, operator, and welcome to PriceSmart Inc's
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
