PriceSmart membership now higher than pre-COVID levels | Loop Jamaica

The content originally appeared on: Jamaica News

Membership club PriceSmart’s 12-month trailing membership renewal rate now exceeds pre-COVID levels and is at an all-time high, PriceSmart CEO Sherry S. Bahrambeygui has said.

PriceSmart, which operates 47 warehouse clubs in 12 countries (including Jamaica) and one US territory, posted total revenues of US$3,619.9 million for the 12 months ended August 31, 2021, up 8.7 per cent, compared to US 3,329.2 million in the prior year.

During the twelve months ended August 31, 2020, PriceSmart recorded operating income of $122.5 million and net income of $78.1 million, or $2.55 per diluted share.

In comments on the fourth quarter, Bahrambeygui said the results were due to the company’s focus on “operational efficiencies, expanding digital capabilities, and maintaining an agile supply chain.”

She added, “While delivering strong results, we have added incremental benefits to the membership, including our wellness initiatives in optical, pharmacy and most recently introduced audiology services. Our investments in technology and our omni-channel initiatives have enabled us to further expand services, benefits, and convenience for our members.”

In the fourth quarter, net merchandise sales grew 12.7 per cent, and comparable net merchandise sales grew by 10.3 per cent in our fiscal fourth quarter, compared to the same period last year.

For the entire fiscal year, net merchandise sales grew 8.6 per cent, and comparable net merchandise sales grew by 5.8 per cent.

The CEO noted that data analytics is becoming an increasingly important tool in decision-making.

“Applying recently developed technology and analytics capabilities are enabling us to build on a key characteristic of our business model, our membership data. What we are learning is helping to sharpen our business strategy,” she observed.

PriceSmart plans to open a new warehouse in Portmore, Jamaica in the spring of 2022.