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San Diego, CA (July 5, 2018) - PriceSmart, Inc. (NASDAQ: PSMT) today announced its results of operations for the third quarter of fiscal year 2018 which ended on May 31, 2018.
For the third quarter of fiscal year 2018, net warehouse club sales increased 5.6% to $750.5 million from $710.7 million in the third quarter of fiscal year 2017. Total revenues for the third quarter of fiscal year 2018 increased 7.1% to $782.2 million from $730.3 million in the comparable period of the prior year. The Company had 41 warehouse clubs in operation as of May 2018 and 39 clubs in operation as of May 2017.
Total selling, general and administrative expenses in the quarter were $101.1 million or 12.9% of total revenues compared to 11.6% a year ago. SG&A this year includes the cost of two additional warehouse clubs. Santa Ana, Costa Rica that opened in October 2017, and Santo Domingo, Dominican Republic that opened in May 2018. In addition, the Company had an increase in SG&A costs of approximately $8.0 million, related to Aeropost operations.
The Company recorded operating income during the quarter of $28.4 million, as compared to $27.6 million in the prior year. Net income was $18.7 million, or $0.61 per diluted share, in the third quarter of fiscal year 2018 as compared to $18.8 million, or $0.62 per diluted share, in the third quarter of fiscal year 2017.
For the first nine months of fiscal year 2018, net warehouse club sales increased 5.2% to $2,312.4 million from $2,199.1 million in the first nine months of fiscal year 2017. Total revenues for the first nine months of the fiscal year 2018 increased 5.6% to $2,388.8 million from $2,263.1 million in the same period of the prior year.
Selling, general and administrative expenses increased $30.4 million to 11.9% of total revenues for the nine-month period ended May 31, 2018 compared to 11.2% for the same period during fiscal year 2017. The $8.0 million of increases to warehouse club and other operations and general and administrative costs associated with the Aeropost acquisitions discussed above for the third quarter results apply to the nine-month period as well. Additionally, the Company recorded a $2.6 million charge taken during the second quarter ($1.9 million of which is recorded as asset impairment and the remainder as an expense in general and administrative expenses) for the write-off of costs for an e-commerce platform that was under development and $669,000 in Aeropost deal related costs, including legal, accounting and technical consulting related to the acquisition of Aeropost.
For the first nine months of fiscal year 2018, the Company recorded operating income of $98.9 million and net income of $55.3 million, or $1.82 per diluted share. During the nine month period in fiscal year 2017, the Company recorded operating income of $105.4 million and net income of $70.9 million, or $2.34 per diluted share.
The following information was filed by Pricesmart Inc (PSMT) on Thursday, July 5, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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