PriceSmart (PSMT) Comps Flat in July 2016
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PriceSmart, Inc. (NASDAQ: PSMT) announced that for the month of July 2016, net warehouse club sales increased 3.9% to $236.3 million, from $227.4 million in July a year earlier. For the eleven months ended July 31, 2016, net warehouse club sales increased 4.2 % to $2,591.7 million from $2,488.4 million for the eleven months ended July 31, 2015. There were 38 warehouse clubs in operation at the end of July 2016 and 37 warehouse clubs in operation at the end of July 2015.
For the four weeks ended July 24, 2016, comparable warehouse sales for the 36 warehouse clubs open at least 13 1/2 full months were equal to the same four-week period last year. For the forty-seven week period ended July 24, 2016, comparable warehouse sales decreased 0.8 %, compared to the comparable forty-seven 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 forty-seven week comparable warehouse sales for the other 30 warehouse clubs open at least 13 1/2 full months increased 0.9% and increased 2.1%, respectively.
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