LONDON, UK / ACCESSWIRE / April 27, 2018 / Active-Investors.com has just released a free earnings report on PriceSmart, Inc. (NASDAQ: PSMT). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PSMT. The Company reported its second quarter fiscal 2018 operating and financial results on April 05, 2018. The warehouse club operator beat revenue estimates. Register today and get access to over 1000 Free Research Reports by joining our site below:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, PriceSmart most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the second quarter of the fiscal year 2018, which ended on February 28, 2018, PriceSmart's total revenues advanced 6% to $839.6 million compared to $793.3 million in Q2 FY17. The Company's revenue numbers topped analysts' estimates by $3.54 million.
PriceSmart recorded an operating income of $37.3 million during Q2 FY18 compared to $39.4 million in Q2 FY17. The Company's operating income for the reported quarter included the impact of a charge of $2.6 million associated with the Company ending its internal on-line platform development, as a result of the acquisition of Aeropost, Inc., and deal costs associated with the acquisition.
For Q2 FY18, PriceSmart's net income was $14.1 million, or $0.47 per diluted share, compared to $27.2 million, or $0.90 per diluted share, in Q2 FY17. The Company's results for the reported quarter reflected the effect of the US Tax Reform.
PriceSmart made a provisional estimate of the one-time transitional repatriation tax on unremitted foreign earnings of approximately $13.4 million that was recorded as an income tax expense in Q2 FY18, and a non-cash income tax charge of approximately $822,000 related to the re-measurement of certain US deferred tax assets and liabilities based on the reduction in the US corporate income tax rates from 35% to 21%. The resulting net impact to earnings in the reported quarter related to the US Tax Reform was approximately $0.42 per share.
During Q2 FY18, PriceSmart's net warehouse club sales increased 5.7% to $816.6 million from $772.3 million in Q2 FY17. The Company had 40 warehouse clubs in operation as of February 2018 compared to 39 clubs in operation as of February 2017. For the first six months of the fiscal year 2018, PriceSmart's net warehouse club sales increased 4.9% to $1.56 billion from $1.49 billion in the first six months of the fiscal year 2017.
For Q2 FY18, the Company's total international revenues were approximately $38.1 million versus $26.9 million in Q2 FY17; an increase of 41.4% y-o-y, or 29.6% constant currency, and an increase of 2.1% sequentially, or 0.6% constant currency.
As of February 28, 2018, PriceSmart's cash and cash equivalents totaled $152.13 million. The Company's current portion of the long-term debt was $14.16 million as on February 28, 2018.
Appointment of New CFO
On April 06, 2018, PriceSmart announced the appointment of Maarten Jager as Executive Vice President and Chief Financial Officer (CFO), effective April 24, 2018. Jager replaced John M. Heffner who has served in that role since January 2004 and had previously announced his plans to retire from the Company.
Stock Performance Snapshot
April 26, 2018 - At Thursday's closing bell, PriceSmart's stock slightly climbed 0.28%, ending the trading session at $89.00.
Volume traded for the day: 146.76 thousand shares.
Stock performance in the last month – up 8.67%; previous three-month period – up 2.18%; past twelve-month period – up 1.83%; and year-to-date – up 3.37%
After yesterday's close, PriceSmart's market cap was at $2.78 billion.
Price to Earnings (P/E) ratio was at 43.41.
The stock has a dividend yield of 0.79%.
The stock is part of the Services sector, categorized under the Discount, Variety Stores industry. This sector was up 1.0% at the end of the session.
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