SAN DIEGO, Dec. 17, 2020 /PRNewswire/ — PriceSmart, Inc. (NASDAQ: PSMT) right now introduced that it plans to proceed with the development of its 48th warehouse membership in Guatemala Metropolis, Guatemala, anticipated to open within the fall 2021, and its 49th warehouse membership in Portmore, Jamaica, anticipated to open in spring of 2022.
In June 2019, the Firm acquired almost 150,000 sq. ft of land in Cayalá (Zone 5 municipality), southeast of Guatemala Metropolis, Guatemala, the place it plans to construct its fifth membership in Guatemala. In September 2019, the Firm acquired roughly 218,000 sq. ft of land in Portmore, a suburb west of the capital of Jamaica, the place it plans to construct its second membership in Jamaica.
“Regardless of the curler coaster we rode with many of the world on this final yr, we’re able to proceed with the development of two new golf equipment, one every in Guatemala and Jamaica. We anticipate to open these golf equipment within the subsequent fiscal yr. The Cayalá Guatemala membership, our fifth membership in Guatemala, follows the profitable opening and strong efficiency to this point of our fourth membership opened in Guatemala final yr. We additionally consider there may be robust demand for growth of our enterprise mannequin and warehouse golf equipment in Jamaica. As I’ve ceaselessly talked about earlier than, new membership openings are prone to initially adversely influence our comparable web merchandise gross sales. Nevertheless, as we transfer ahead with new membership openings, as on this case, after we consider that in the long term, such growth offers alternatives for development by means of incremental membership, development in web merchandise gross sales and providers, and a greater purchasing expertise for our members. Because of the unbelievable dedication of our staff, we’re nearing the tip of this calendar yr enthusiastic about future potentialities,” commented Sherry S. Bahrambeygui, CEO of PriceSmart, Inc.
PriceSmart, headquartered in San Diego, owns and operates U.S.-style membership purchasing warehouse golf equipment in Latin America and the Caribbean, promoting prime quality merchandise and providers at low costs to PriceSmart Members. PriceSmart operates 47 warehouse golf equipment in 12 international locations and one U.S. territory (eight in Costa Rica and Colombia; seven in Panama; 5 within the Dominican Republic, 4 in Trinidad and Guatemala; three in Honduras; two every in El Salvador and Nicaragua; and one every in Aruba, Barbados, Jamaica and the United States Virgin Islands). The Firm additionally plans to open new warehouse golf equipment in Cayalá, Guatemala and Portmore, Jamaica within the fall of 2021 and the spring of 2022, respectively. As soon as these two new golf equipment are open, the Firm will function 49 warehouse golf equipment.
This press launch could include forward-looking statements regarding the Firm’s anticipated future revenues and earnings, adequacy of future money flows, omni-channel initiatives, proposed warehouse membership openings, the Firm’s efficiency relative to opponents, the result of tax proceedings and associated issues. These forward-looking statements embody, however should not restricted to, statements containing the phrases “anticipate,” “consider,” “will,” “could,” “ought to,” “challenge,” “estimate,” “anticipated,” “scheduled,” and like expressions, and the destructive thereof. These statements are topic to dangers and uncertainties that would trigger precise outcomes to vary materially together with, however not restricted to: opposed modifications in financial circumstances within the Firm’s markets, pure disasters, compliance dangers, volatility in foreign money alternate charges, competitors, shopper and small enterprise spending patterns, political instability, elevated prices related to the combination of on-line commerce with our conventional enterprise, whether or not the Firm can efficiently execute strategic initiatives, breaches of safety or privateness of member or enterprise info, value will increase from product and repair suppliers, interruption of provide chains, COVID-19 associated components and challenges, together with amongst others, the length of the pandemic, the unknown long-term financial influence, the influence of presidency insurance policies and restrictions which have restricted entry for our Members, and shifts in demand away from discretionary or greater priced merchandise to decrease priced merchandise, publicity to product legal responsibility claims and product recollects, recoverability of moneys owed to PriceSmart from governments, and different necessary components mentioned within the Threat Components part of the Firm’s most up-to-date Annual Report on Type 10-Okay, and different components mentioned now and again in different filings with the SEC, that are accessible on the SEC’s web site at www.sec.gov, together with Quarterly Stories on Type 10-Q and Present Stories on Type 8-Okay. Ahead-looking statements converse solely as of the date that they’re made, and the Firm doesn’t undertake to replace them, besides as required by legislation.
For additional info, please contact Michael L. McCleary, EVP, Chief Monetary Officer and Principal Accounting Officer (858) 404-8826 or ship an electronic mail to [email protected].
SOURCE PriceSmart, Inc.