PriceSmart Announces March
Sales
For the four weeks ended April 1,
2007, comparable warehouse sales for warehouse clubs open at least 12 full
months increased 27.3% compared to the same four-week period last year. For the thirty week period ended April 1,
2007, comparable warehouse sales increased 19.4% compared to the comparable
thirty week period a year ago.
While ordinarily not commenting on
monthly sales results, the Company indicated that the significant sales
increase in March as compared to the prior year was positively impacted by
(i) the ICC World Cup of Cricket being contested in several of the
Company’s Caribbean markets, (ii) a merchandise promotion during March in most
of the Central American countries and the Dominican Republic, and (iii) the
timing of Easter this year which improved sales in the final week of March as compared
to last year when Easter was a week later in April.
About PriceSmart
PriceSmart, headquartered in
This press release may contain forward-looking statements
concerning the Company's anticipated future revenues and earnings, adequacy of
future cash flow and related matters. These forward-looking statements include,
but are not limited to, statements containing the words "expect,"
"believe," "will," "may," "should,"
"project," "estimate," "scheduled," and like expressions,
and the negative thereof. These statements are subject to risks and uncertainties
that could cause actual results to differ materially, including the following
risks: the Company had substantial net losses in fiscal 2003, 2004 and 2005,
and may not be able to sustain the profitability it achieved in fiscal 2006 in
future periods; the Company’s financial performance is dependent on
international operations which exposes the Company to various risks; any
failure by the Company to manage its widely dispersed operations could
adversely affect the Company’s business; although the Company has taken and
continues to take steps to improve significantly its internal controls, there
may be material weaknesses or significant deficiencies that the Company has not
yet identified; the Company faces significant competition; the Company faces difficulties
in the shipment of and inherent risks in the importation of merchandise to its
warehouse clubs; the Company is exposed to weather and other risks associated
with international operations; declines in the economies of the countries in
which the Company operates its warehouse clubs would harm its business; a few
of the Company’s stockholders have control over the Company's voting stock,
which will make it difficult to complete some corporate transactions without
their support and may prevent a change in control; the loss of key personnel
could harm the Company’s business; the Company is subject to volatility in
foreign currency exchange; the Company faces the risk of exposure to product
liability claims, a product recall and adverse publicity; a determination that
the Company's long-lived or intangible assets have been impaired could
adversely affect the Company's future results of operations and financial
position; and the Company faces increased costs and compliance risks associated
with compliance with Section 404 of the Sarbanes-Oxley Act of 2002; as well as
the other risks detailed in the Company's SEC reports, including the Company's
Form 10-Q filed pursuant to the Securities Exchange Act of 1934 on January 9,
2007. We assume no obligation and expressly disclaim any duty to update any
forward-looking statement to reflect events or circumstances after the date of
this presentation or to reflect the occurrence of unanticipated events.
For further information, please
contact Robert E. Price, Chief Executive Officer (858) 551-2336; or John M.
Heffner, Executive Vice President and Chief Financial Officer (858) 404-8826.