PriceSmart (PSMT) Q4 2024 earnings summary

Executive summary

• FY2024 total revenue reached $4.91 billion, up 11.4% year-over-year, with net merchandise sales of $4.78 billion, up 11.2%.

• Q4 FY2024 net merchandise sales were $1.19 billion, up 9.5% year-over-year; total revenue was $1.23 billion.

• Membership accounts grew 4.7% to 1.89 million, with Platinum memberships at 12.3% and renewal rate at 87.9%.

• Net income for FY2024 was $138.9 million ($4.57/share), up 27.2%; Q4 net income was $29.1 million ($0.94/share).

• Four new clubs opened in FY2024, with two more planned for 2025, bringing the total to 56 clubs.

Financial highlights

• Comparable net merchandise sales increased 6.2% in Q4 and 7.7% for the year.

• Adjusted EBITDA for FY2024 was $303.6 million; Q4 adjusted EBITDA was $70.7 million.

• Operating income for FY2024 was $220.9 million, up 19.7%; Q4 operating income was $49.2 million, up 53.1%.

• Earnings per diluted share for FY2024 was $4.57, up from $3.50 in FY2023.

• Foreign currency exchange rates positively impacted net merchandise sales by $2.7 million in Q4 and $114.1 million for the year.

Outlook and guidance

• Two new clubs to open in Cartago, Costa Rica (spring 2025) and Quetzaltenango, Guatemala (summer 2025), reaching 56 clubs.

• Plans to expand pharmacy, optical, and audiology locations in FY2025.

• Ongoing investments in technology, distribution, and omnichannel capabilities to drive growth.

• Effective tax rate expected to decrease to 27–29% in FY2025 due to tax optimization.