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PriceSmart Q2 net warehouse club sales increased 3.7%

Staff writer ▼ | April 11, 2016
PriceSmart announced its results of operations for the second quarter of fiscal year 2016 which ended on February 29, 2016.
PriceSmart
PriceSmart   Q2 total revenues were $777.9 million
For the second quarter of fiscal year 2016, net warehouse club sales increased 3.7% to $759 million from $732.1 million in the second quarter of fiscal year 2015.

Total revenues for the second quarter of fiscal year 2016 were $777.9 million compared to $750.3 million in the comparable period of the prior year. The Company had 38 warehouse clubs in operation as of February 2016 and 36 clubs in operation as of February 2015.

The Company recorded operating income during the quarter of $39.1 million, as compared to operating income of $41.7 million in the prior year. Net income was $25.9 million, or $0.85 per diluted share, in the second quarter of fiscal year 2016 as compared to $24.8 million, or $0.82 per diluted share, in the second quarter of fiscal year 2015.

For the first six months of fiscal year 2016, net warehouse club sales increased 5.9% to $1,449.8 million from $1,368.5 million in the first six months of fiscal year 2015.

Total revenues for the first half of fiscal year 2016 increased 5.9% to $1,489.9 million from $1,406.3 million in the same period of the prior year.

For the first six months of fiscal year 2016, the Company recorded operating income of $76.4 million and net income of $49.6 million, or $1.63 per diluted share.

During the same six month period in fiscal year 2015, the Company recorded operating income of $78.0 million and net income of $45.5 million, or $1.50 per diluted share.

The Company also announced that for the month of March 2016, net warehouse club sales decreased to $227.8 million, from $237.7 million in March a year earlier.

For the seven months ended March 31, 2016, net warehouse club sales increased 4.4% to $1,677.6 million from $1,606.2 million for the seven months ended March 31, 2015.

There were 38 warehouse clubs in operation at the end of March 2016 and 36 warehouse clubs in operation at the end of March 2015.

For the four weeks ended March 27, 2016, comparable net warehouse club sales for the 36 warehouse clubs open at least 13 1/2 full months decreased 5.4%, compared to the same four-week period last year.

For the thirty-week period ended March 27, 2016, comparable net warehouse club sales decreased 0.5%, compared to the comparable thirty-week period a year ago.

Comparable warehouse sales were negatively impacted by the devaluation of the Colombian peso from the year ago period. Six warehouse clubs in Colombia are in the calculation for comparable warehouse sales.

Excluding those warehouse clubs, the four-week and thirty-week comparable warehouse sales for the other 30 warehouse clubs open at least 13 ½ full months decreased 3.1% and increased 2.9%, respectively.


 

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