PriceSmart, Inc. (NASDAQ:PSMT) stock rose 7.61% (As on Apr 8, 12:23:40 AM UTC-4, Source: Google Finance) after the company driven by net merchandise sales growth of 12.6% and comparable net merchandise sales growth of 10.3% as compared to the same period last year. Comparable net merchandise sales for the 47 warehouse clubs that have been open for greater than 13 ½ calendar months increased 10.3% for the 13-week period ended February 27, 2022 compared to the comparable period of the prior year. The company continue the pursuit of the three drivers of growth that include expanding the real estate footprint, enhancing Member benefits and increasing incremental sales through PriceSmart.com. With respect to real estate, the company plans to open the second club in Jamaica next week, located in the city of Portmore, marking the Company’s 50th warehouse club. The Company had 49 warehouse clubs in operation as of February 28, 2022 compared to 47 warehouse clubs in operation as of February 28, 2021. The 12-month trailing membership renewal rate was a record 89.8%, and the membership base has grown to its all-time high. Further, the company continues to invest in enhancing the Membership benefits, including the Wellness and other initiatives. PriceSmart.com is gaining traction as more members shop with the company online. Through the digital presence the company is increasing the engagement with Members which also helps drive in-club sales.

PSMT in the second quarter of FY 22 has reported the adjusted earnings per share of $1.03, beating the analysts’ estimates for the adjusted earnings per share of 13 cents. The company had reported the adjusted revenue growth of 10.8 percent to $1.04 billion in the second quarter of FY 22, beating the analysts’ estimates for revenue of $2.47 billion. The Company recorded operating income during the fiscal second quarter of $48.3 million compared to operating income of $45.0 million in the prior year period. Net income attributable to PriceSmart was $31.5 million, or $1.03 per diluted share, in the second quarter of fiscal year 2022 as compared to $28.2 million, or $0.92 per diluted share, in the second quarter of fiscal year 2021.

Meanwhile, the company announced that it has obtained land and will be constructing its second Medellín location and its tenth location in Colombia. Pricesmart already operates one Warehouse Club in the La Mota neighborhood on Medellín’s southwest side.