Benzinga - by Lekha Gupta, Benzinga Editor.
PriceSmart Inc (NASDAQ: PSMT) shares are trading higher by around 9% after it reported Q1 FY24 results.
Revenue increased 10.6% Y/Y to $1.17 billion, beating the consensus of $1.16 billion.
Net merchandise sales rose 10.7% Y/Y (+6.8% Y/Y in constant currency) to $1.14 billion, with foreign currency exchange rate fluctuations impacting positively by $40.0 million.
Comparable net merchandise sales for the 50 warehouse clubs, open for over 13 ½ calendar months, rose 8.0% for the 13 weeks ending December 3, 2023.
Adjusted EBITDA stood at $77.8 million vs. $75.2 million a year ago.
Adjusted EPS of $1.24 exceeded the consensus of $1.09.
As of November 30, 2023, cash and cash equivalents stood at ~$275 million.
As of November 30, 2023, the company had 53 warehouse clubs in operation vs 50 the prior year.
Price Action: PSMT shares are up 9.82% at $80.10 premarket on the last check Wednesday.
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