PriceSmart (PSMT) Reports January Comps Increased 3.9%
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PriceSmart, Inc. (NASDAQ: PSMT) today announced that for the month of January 2013, net sales increased 10.2% to $173.5 million from $157.4 million in January a year earlier. For the four months ended January 31, 2013, net sales increased 11.5% to $950.7 million from $853.0 million in the same period last year. There were 30 warehouse clubs in operation at the end of January 2013 compared to 29 warehouse clubs in operation in January 2012.
For the four weeks ended January 27, 2013, comparable warehouse sales for the 29 warehouse clubs open at least 13 1/2 full months increased 3.9% compared to the same four-week period last year. Due to the timing of New Year's Day, the four-week period ending January 27, 2013 had one fewer sales day than the comparable four-week period last year. The loss of one sales day in the January 2013 four-week period caused comparable sales to be approximately 3.7 percentage points lower than if the two four-week periods had the same number of sales days. For the twenty-one-week period ended January 27, 2013, comparable warehouse sales increased 8.8% compared to the comparable twenty-one-week period a year ago.
Additionally, the Company announced that on February 4th, 2013 it acquired approximately 20,370 square meters of land located in La Union, Cartago, Costa Rica, upon which PriceSmart plans to construct its sixth Membership Warehouse Club in Costa Rica. PriceSmart currently anticipates opening the Cartago Club in the fall of 2013. PriceSmart entered the Costa Rica market thirteen years ago and is currently operating five PriceSmart Membership Warehouse Clubs in Costa Rica, pending the opening of this planned sixth Club.
For the four weeks ended January 27, 2013, comparable warehouse sales for the 29 warehouse clubs open at least 13 1/2 full months increased 3.9% compared to the same four-week period last year. Due to the timing of New Year's Day, the four-week period ending January 27, 2013 had one fewer sales day than the comparable four-week period last year. The loss of one sales day in the January 2013 four-week period caused comparable sales to be approximately 3.7 percentage points lower than if the two four-week periods had the same number of sales days. For the twenty-one-week period ended January 27, 2013, comparable warehouse sales increased 8.8% compared to the comparable twenty-one-week period a year ago.
Additionally, the Company announced that on February 4th, 2013 it acquired approximately 20,370 square meters of land located in La Union, Cartago, Costa Rica, upon which PriceSmart plans to construct its sixth Membership Warehouse Club in Costa Rica. PriceSmart currently anticipates opening the Cartago Club in the fall of 2013. PriceSmart entered the Costa Rica market thirteen years ago and is currently operating five PriceSmart Membership Warehouse Clubs in Costa Rica, pending the opening of this planned sixth Club.
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