PriceSmart, Inc. reported a solid financial performance for the second quarter and first half of fiscal year 2025, with total revenues reaching $1.36 billion for the quarter, a 5.6% increase from $1.29 billion in the same period last year. For the six months ended February 28, 2025, revenues rose to $2.62 billion, up 6.6% from $2.46 billion in the prior year. Net merchandise sales also saw growth, increasing by 5.8% to $1.33 billion in the second quarter and by 6.8% to $2.56 billion for the first half. The company attributed this growth to a combination of increased transactions and higher average ticket sizes.
In terms of profitability, PriceSmart's net income for the second quarter was $43.8 million, or $1.45 per diluted share, compared to $39.3 million, or $1.31 per diluted share, in the prior year. For the first six months, net income was $81.2 million, or $2.66 per diluted share, up from $77.3 million, or $2.54 per diluted share, in the same period last year. The company’s operating income also increased slightly to $65.3 million for the second quarter, reflecting a 2.6% rise from the previous year.
Operationally, PriceSmart continues to expand its footprint, operating 54 warehouse clubs across 12 countries and one U.S. territory as of February 28, 2025. The company opened a new warehouse club in Cartago, Costa Rica, in April 2025, and plans to open another in Quetzaltenango, Guatemala, in the summer of 2025. Membership income increased by 12.8% to $20.9 million in the second quarter, driven by a rise in membership accounts, which totaled approximately 1.93 million, a 4.1% increase year-over-year.
The company has also made strategic investments in technology and infrastructure, with selling, general, and administrative expenses rising by 7.0% in the second quarter, primarily due to these investments. PriceSmart's effective tax rate decreased to 27.2% from 30.5% in the prior year, attributed to tax optimization initiatives. Looking ahead, PriceSmart remains focused on enhancing membership value, expanding its club locations, and driving online sales through its digital platforms, positioning itself for continued growth in the competitive retail landscape.
About PRICESMART INC
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