PriceSmart has ended FY24 with double-digit increases across its top and bottom lines.

The company’s revenues for the year ended August 31 rose 11.4 per cent to $4.91 billion, while net merchandise sales jumped 11.2 per cent to $4.78 billion. 

Comparable net merchandise sales for the 51 warehouse clubs that have been open for greater than 13.5 calendar months increased 7.7 per cent.

Net income increased 27.2 per cent to $138.9 million, while operating income was $220.9 million compared to $184.5 million in the prior year.

For the fourth quarter, the company’s revenues improved 9.6 per cent to $1.23 billion, while net merchandise sales increased 9.5 per cent to $1.19 billion. Its net income soared 89 per cent to $29.1 million.

The company had 54 warehouse clubs in 12 countries and one US territory as of August 31, compared to 51 locations in the same period last year.

PriceSmart expects to formalize a land lease in the first quarter of FY25 and build its seventh warehouse club in Guatemala, which is anticipated to open next summer.

Headquartered in San Diego, PriceSmart operates across Latin America and the Caribbean, selling high-quality merchandise and services at low prices to its members.