PriceSmart Q3 net sales up 16.5% to $999M; EPS $0.62 vs $0.73; inventory overhang weighs

PRICESMART INC

2022-Q3 EPS reported $2.63 revenue$3,044,723,000

Net merchandise sales $999M (+16.5% YoY); comparable sales +12.8% despite 2.2% negative FX impact.
Operating income $33.8M vs $36.0M YoY; net income $19.3M ($0.62 diluted) vs $22.5M ($0.73).
Membership base record 1.75M accounts; renewal rate 88.9%.
Excess inventory in hardlines leads to higher markdowns; Q4 margin pressure expected but less severe.
Plans to open third club in El Salvador (spring 2023) and second in Medellín (summer 2023).

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