Stock News Buzz: PriceSmart (PSMT)

Sarah Gleason

PriceSmart (PSMT)stock identified change of 15.44% away from 52-week low price and recently located move of -37.42% off 52-week high price. It has market worth of $1720.43M and dividend yield of 1.26%. PSMT stock has been recorded 3.79% away from 50 day moving average and -11.61% away from 200 day moving average. Moving closer, we can see that shares have been trading 7.09% off 20-day moving average.

PriceSmart, Inc. (NASDAQ: PSMT), operator of 43 warehouse clubs in 12 countries and one U.S. territory, declared its results of operations for the third quarter of fiscal year 2019 which ended on May 31, 2019.

Total revenues for the third quarter of fiscal year 2019 increased 0.8% to $788.6 million compared to $782.2 million in the third quarter of the prior year. For the third quarter of fiscal year 2019, net merchandise sales increased 0.6% to $755.0 million from $750.5 million in the third quarter of fiscal year 2018. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by $27.9 million or 3.7% versus the same period in the prior year.

The Company had 42 clubs in operation as of May 31, 2019, compared to 41 warehouse clubs in operation as of May 31, 2018.

Comparable net merchandise sales, for the 40 warehouse clubs that have been open for greater than 13 ½ calendar months, decreased 0.8% for the 13-week period ended June 2, 2019 compared to the same period in the prior year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by $27.5 million or 3.8% versus the same period in the prior year.

The Company recorded operating income for the third quarter of fiscal year 2019 of $22.0 million, as compared to operating income of $28.4 million in the prior year period. Net income attributable to PriceSmart, Inc. (which excludes results from minority interests in joint ventures), was $14.1 million, or $0.46 per diluted share, in the third quarter of fiscal year 2019 compared to $18.7 million, or $0.61 per diluted share, in the same period last year. The third quarter fiscal 2019 earnings were negatively impacted by $2.9 million or $0.09 per share from costs related to investments to expand our omni-channel capabilities, combined with net operating results of the Aeropost legacy business.

The Company reports comparable net merchandise sales on a “same week” basis with 13 weeks in each quarter beginning on a Monday and ending on a Sunday.  The periods are established at the beginning of the fiscal year to provide as close a match as possible to the calendar month and quarter that is used for financial reporting purposes.  This approach equalizes the number of weekend days and weekdays in each period for improved sales comparison, as we experience higher merchandise club sales on the weekends.  Each of the warehouse clubs used in the calculations was open for at least 13 ½ calendar months before its results for the current period were compared with its results for the prior period.

 The Services sector company, PriceSmart noticed change of 3.30% to $55.48 along volume of 407784 shares in recent session compared to an average volume of 168.82K. The stock observed return of 9.08% in 5 days trading activity. The stock was at 9.93% over one month performance. PSMT’s shares are at -6.91% for the quarter and driving a -30.52% return over the course of the past year and is now at -6.13% since this point in 2018. 

 The average volatility for the week at 4.06% and for month was at 3.13%. There are 31.01M shares outstanding and 24.08M shares are floated in market. Right now the stock beta is 1.03. 

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