PriceSmart (PSMT) 10-Q 10 Jul 23 2023 Q3 Quarterly report Financial data

COVER

COVER - shares	9 Months Ended
	May 31, 2023	Jun. 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2023
Document Transition Report	false
Entity File Number	000-22793
Entity Registrant Name	PriceSmart, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0628530
Entity Address, Address Line One	9740 Scranton Road
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	404-8800
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	PSMT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,049,026
Entity Central Index Key	0001041803
Current Fiscal Year End Date	--08-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
Current Assets:
Cash and cash equivalents	$ 222,668	$ 237,710
Short-term restricted cash	2,965	3,013
Short-term investments	112,629	11,160
Receivables, net of allowance for doubtful accounts of $57 as of May 31, 2023 and $103 as of August 31, 2022, respectively	15,031	13,391
Merchandise inventories	442,580	464,411
Prepaid expenses and other current assets (includes $0 and $2,761 as of May 31, 2023 and August 31, 2022, respectively, for the fair value of derivative instruments)	51,317	43,894
Total current assets	847,190	773,579
Long-term restricted cash	10,739	10,650
Property and equipment, net	816,973	757,241
Operating lease right-of-use assets, net	106,411	111,810
Goodwill	43,152	43,303
Deferred tax assets	28,278	28,355
Other non-current assets (includes $10,759 and $11,884 as of May 31, 2023 and August 31, 2022, respectively, for the fair value of derivative instruments)	70,132	72,928
Investment in unconsolidated affiliates	10,471	10,534
Total Assets	1,933,346	1,808,400
Current Liabilities:
Short-term borrowings	10,414	10,608
Accounts payable	417,210	408,407
Accrued salaries and benefits	44,551	44,097
Deferred income	32,507	29,228
Income taxes payable	7,365	7,243
Other accrued expenses and other current liabilities (includes $1,240 and $82 as of May 31, 2023 and August 31, 2022, respectively, for the fair value of derivative instruments)	34,106	38,667
Operating lease liabilities, current portion	6,929	7,491
Dividends payable	14,426	0
Long-term debt, current portion	19,757	33,715
Total current liabilities	587,265	579,456
Deferred tax liability	1,967	2,165
Long-term income taxes payable, net of current portion	4,833	5,215
Long-term operating lease liabilities	114,377	118,496
Long-term debt, net of current portion	124,631	103,556
Other long-term liabilities (includes $1,164 and $0 for the fair value of derivative instruments and $9,416 and $8,440 for post-employment plans as of May 31, 2023 and August 31, 2022, respectively)	10,580	8,439
Total Liabilities	843,653	817,327
Stockholders' Equity:
Common stock $0.0001 par value, 45,000,000 shares authorized; 31,934,824 and 31,697,590 shares issued and 31,064,154 and 30,904,826 shares outstanding (net of treasury shares) as of May 31, 2023 and August 31, 2022, respectively	3	3
Additional paid-in capital	494,382	481,406
Accumulated other comprehensive loss	(169,603)	(195,586)
Retained earnings	802,002	736,894
Less: treasury stock at cost, 870,670 shares as of May 31, 2023 and 792,764 shares as of August 31, 2022	(37,091)	(31,644)
Total Stockholders' Equity	1,089,693	991,073
Total Liabilities and Equity	$ 1,933,346	$ 1,808,400

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 57	$ 103
Prepaid expenses and other current assets, fair value of derivative instruments	0	2,761
Derivative asset, noncurrent	10,759	11,884
Fair value, liabilities, current	1,240	82
Other long-term liabilities, fair value of derivative instruments	1,164	0
Other long-term liabilities, post-employment plans	$ 9,416	$ 8,440
Common stock, par value per share (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	45,000,000	45,000,000
Common stock, shares issued (in shares)	31,934,824	31,697,590
Common stock, shares outstanding (in shares)	31,064,154	30,904,826
Treasury stock (in shares)	870,670	792,764

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Revenues:
Total revenues	$ 1,096,654	$ 1,030,810	$ 3,293,649	$ 3,044,723
Selling, general and administrative:
Warehouse club and other operations	106,172	96,081	306,694	281,270
General and administrative	34,343	30,887	100,274	96,531
Separation costs associated with Chief Executive Officer departure	0	0	7,747	0
Pre-opening expenses	495	306	584	1,406
Loss (gain) on disposal of assets	(2)	157	295	881
Total operating expenses	1,053,602	997,048	3,141,270	2,916,622
Operating income	43,052	33,762	152,379	128,101
Other income (expense):
Interest income	3,161	473	6,260	1,540
Interest expense	(2,747)	(2,796)	(8,310)	(6,824)
Other expense, net	(1,885)	(2,423)	(11,795)	(1,833)
Total other expense	(1,471)	(4,746)	(13,845)	(7,117)
Income before provision for income taxes and loss of unconsolidated affiliates	41,581	29,016	138,534	120,984
Provision for income taxes	(12,019)	(9,776)	(44,647)	(39,729)
Income (loss) of unconsolidated affiliates	10	18	(63)	(6)
Net income	29,572	19,258	93,824	81,249
Less: Net income attributable to noncontrolling interest	0	0	0	(19)
Net income attributable to PriceSmart, Inc.	$ 29,572	$ 19,258	$ 93,824	$ 81,230
Net income attributable to PriceSmart, Inc. per share available for distribution:
Basic (in dollars per share)	$ 0.95	$ 0.62	$ 3.02	$ 2.63
Diluted (in dollars per share)	$ 0.94	$ 0.62	$ 3.01	$ 2.63
Shares used in per share computations:
Basic (in shares)	30,800	30,615	30,752	30,582
Diluted (in shares)	30,829	30,629	30,770	30,588
Net merchandise sales
Revenues:
Total revenues	$ 1,070,263	$ 999,011	$ 3,211,725	$ 2,954,950
Cost of goods sold:
Cost of goods sold	906,613	856,812	2,703,143	2,503,638
Export sales
Revenues:
Total revenues	6,347	13,396	23,687	32,604
Cost of goods sold:
Cost of goods sold	5,981	12,805	22,533	31,087
Membership income
Revenues:
Total revenues	16,735	15,440	48,806	45,302
Other revenue and income
Revenues:
Total revenues	3,309	2,963	9,431	11,867
Non-merchandise
Cost of goods sold:
Cost of goods sold	$ 0	$ 0	$ 0	$ 1,809

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Statement of Comprehensive Income [Abstract]
Net income		$ 29,572	$ 19,258	$ 93,824	$ 81,249
Less: net income attributable to non controlling interest		0	0	0	(19)
Net income attributable to PriceSmart, Inc.		29,572	19,258	93,824	81,230
Other Comprehensive Income, net of tax:
Foreign currency translation adjustments	[1]	15,285	(9,401)	26,599	(15,119)
Defined benefit pension plan:
Net gain/(loss) arising during period		(22)	5	(81)	42
Amortization of prior service cost and actuarial gains included in net periodic pensions cost		37	34	111	98
Total defined benefit pension plan		15	39	30	140
Derivative instruments:
Unrealized gains/(losses) on change in derivative obligations	[2]	3,060	272	2,525	(147)
Unrealized gains/(losses) on change in fair value of interest rate swaps	[2]	(4,271)	355	(5,904)	4,486
Amounts reclassified from accumulated other comprehensive income to other expense, net for settlement of derivatives	[2]	11	0	2,733	0
Total derivative instruments	[2]	(1,200)	627	(646)	4,339
Other comprehensive income (loss)		14,100	(8,735)	25,983	(10,640)
Comprehensive income		43,672	10,523	119,807	70,590
Less: comprehensive income attributable to noncontrolling interest		0	0	0	3
Comprehensive income attributable to PriceSmart, Inc.		$ 43,672	$ 10,523	$ 119,807	$ 70,587
[1]Translation adjustments arising in translating the financial statements of a foreign entity have no effect on the income taxes of that foreign entity. They may, however, affect: (a) the amount, measured in the parent entity's reporting currency, of withholding taxes assessed on dividends paid to the parent entity and (b) the amount of taxes assessed on the parent entity by the government of its country. The Company has determined that the reinvestment of earnings of its foreign subsidiaries are indefinite because of the long-term nature of the Company's foreign investment plans. Therefore, deferred taxes are not provided for on translation adjustments related to non-remitted earnings of the Company's foreign subsidiaries.[2]See Note 8 - Derivative Instruments and Hedging Activities.

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity Attributable to PriceSmart, Inc.	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock	Noncontrolling Interest
Beginning Balance (in shares) at Aug. 31, 2021			31,468,000
Beginning balance at Aug. 31, 2021	$ 916,214	$ 915,345	$ 3	$ 465,015	$ (182,508)	$ 658,919	$ (26,084)	$ 869
Treasury stock, beginning balance (in shares) at Aug. 31, 2021							713,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of treasury stock							54,000
Purchase of treasury stock	(3,997)	(3,997)					$ (3,997)
Issuance of treasury stock (in shares)			(9,000)				(9,000)
Issuance of treasury stock	0	0		(699)			$ 699
Issuance of restricted stock award (in shares)			234,000
Forfeiture of restricted stock awards (in shares)			(5,000)
Stock-based compensation	12,678	12,678		12,678
Dividend paid to stockholders	(13,275)	(13,275)				(13,275)
Dividend payable to stockholders	(13,430)	(13,430)				(13,430)
Net income	81,249	81,230				81,230		19
Other comprehensive income (loss)	(10,637)	(10,640)			(10,640)			3
Sale of Aeropost stock	(604)	287		287				(891)
Ending Balance (in shares) at May. 31, 2022			31,688,000
Ending balance at May. 31, 2022	968,198	968,198	$ 3	477,281	(193,148)	713,444	$ (29,382)	0
Treasury stock, ending balance (in shares) at May. 31, 2022							758,000
Beginning Balance (in shares) at Feb. 28, 2022			31,626,000
Beginning balance at Feb. 28, 2022	953,884		$ 3	473,277	(184,413)	694,186	$ (29,169)
Treasury stock, beginning balance (in shares) at Feb. 28, 2022							755,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of treasury stock							3,000
Purchase of treasury stock	(213)						$ (213)
Issuance of restricted stock award (in shares)			63,000
Forfeiture of restricted stock awards (in shares)			(1,000)
Stock-based compensation	4,004			4,004
Net income	19,258					19,258
Other comprehensive income (loss)	(8,735)				(8,735)
Ending Balance (in shares) at May. 31, 2022			31,688,000
Ending balance at May. 31, 2022	$ 968,198	968,198	$ 3	477,281	(193,148)	713,444	$ (29,382)	0
Treasury stock, ending balance (in shares) at May. 31, 2022							758,000
Beginning Balance (in shares) at Aug. 31, 2022	30,904,826		31,698,000
Beginning balance at Aug. 31, 2022	$ 991,073	991,073	$ 3	481,406	(195,586)	736,894	$ (31,644)
Treasury stock, beginning balance (in shares) at Aug. 31, 2022	792,764						793,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of treasury stock							85,000
Purchase of treasury stock	$ (5,993)	(5,993)					$ (5,993)
Issuance of treasury stock (in shares)	(7,000)		(7,000)				(7,000)
Issuance of treasury stock				(546)			$ 546
Issuance of restricted stock award (in shares)			303,000
Forfeiture of restricted stock awards (in shares)			(59,000)
Stock-based compensation	$ 13,522	13,522		13,522
Dividend paid to stockholders	(14,290)	(14,290)				(14,290)
Dividend payable to stockholders	(14,426)	(14,426)				(14,426)
Net income	93,824	93,824
Other comprehensive income (loss)	$ 25,983	25,983			25,983
Ending Balance (in shares) at May. 31, 2023	31,064,154		31,935,000
Ending balance at May. 31, 2023	$ 1,089,693	1,089,693	$ 3	494,382	(169,603)	802,002	$ (37,091)	0
Treasury stock, ending balance (in shares) at May. 31, 2023	870,670						871,000
Beginning Balance (in shares) at Feb. 28, 2023			31,869,000
Beginning balance at Feb. 28, 2023	$ 1,043,912		$ 3	492,099	(183,703)	772,430	$ (36,917)
Treasury stock, beginning balance (in shares) at Feb. 28, 2023							868,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of treasury stock	0						3,000
Purchase of treasury stock	$ (174)						$ (174)
Issuance of restricted stock award (in shares)			66,000
Stock-based compensation	2,283			2,283
Dividend paid to stockholders	(30)					(30)
Dividend payable to stockholders	30					30
Net income	29,572
Other comprehensive income (loss)	$ 14,100				14,100
Ending Balance (in shares) at May. 31, 2023	31,064,154		31,935,000
Ending balance at May. 31, 2023	$ 1,089,693	$ 1,089,693	$ 3	$ 494,382	$ (169,603)	$ 802,002	$ (37,091)	$ 0
Treasury stock, ending balance (in shares) at May. 31, 2023	870,670						871,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	May 31, 2023	May 31, 2022
Operating Activities:
Net income	$ 93,824	$ 81,249
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	53,264	50,258
Allowance for doubtful accounts	(46)	10
Loss on sale of property and equipment	295	881
Deferred income taxes	(723)	(3,241)
Equity in losses of unconsolidated affiliates	63	6
Stock-based compensation	13,522	12,678
Change in operating assets and liabilities:
Receivables, prepaid expenses and other current assets, non-current assets, accrued salaries and benefits, deferred membership income and other accruals	(5,229)	(16,133)
Merchandise inventories	21,831	(71,257)
Accounts payable	7,880	9,860
Net cash provided by operating activities	184,681	64,311
Investing Activities:
Proceeds from the disposal of Aeropost, net of divested cash	0	4,959
Additions to property and equipment	(96,557)	(98,562)
Purchases of short-term investments	(123,317)	(22,442)
Proceeds from settlements of short-term investments	21,842	53,058
Proceeds from settlements of long-term investments	0	1,486
Proceeds from disposal of property and equipment	218	97
Net cash used in investing activities	(197,814)	(61,404)
Financing Activities:
Proceeds from long-term bank borrowings	38,712	30,633
Repayment of long-term bank borrowings	(31,407)	(17,804)
Proceeds from short-term bank borrowings	3,156	22,313
Repayment of short-term bank borrowings	(3,229)	(6,505)
Cash dividend payments	(14,290)	(13,275)
Purchase of treasury stock	(5,993)	(3,997)
Net cash provided by (used in) financing activities	(13,051)	11,365
Effect of exchange rate changes on cash and cash equivalents and restricted cash	11,183	(7,034)
Net increase (decrease) in cash, cash equivalents	(15,001)	7,238
Cash, cash equivalents and restricted cash at beginning of period	251,373	215,479
Cash, cash equivalents and restricted cash at end of period	236,372	222,717
Supplemental disclosure of noncash investing activities:
Capital expenditures accrued, but not yet paid	4,052	1,456
Dividends declared but not yet paid	14,426	13,430
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	222,668	207,528
Short-term restricted cash	2,965	2,986
Long-term restricted cash	10,739	12,203
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 236,372	$ 222,717

COMPANY OVERVIEW AND BASIS OF P

COMPANY OVERVIEW AND BASIS OF PRESENTATION	9 Months Ended
	May 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COMPANY OVERVIEW AND BASIS OF PRESENTATION	COMPANY OVERVIEW AND BASIS OF PRESENTATION PriceSmart, Inc.’s (“PriceSmart,” the “Company,”, "we" or "our") business consists primarily of international membership shopping and services offered both online and at warehouse clubs similar to, but typically smaller in size than, warehouse clubs in the United States. As of May 31, 2023, the Company had 51 warehouse clubs in operation in 12 countries and one U.S. territory (nine in Colombia; eight in Costa Rica; seven in Panama; five in the Dominican Republic and Guatemala; four in Trinidad; three each in El Salvador and Honduras; two Nicaragua and Jamaica; and one each in Aruba, Barbados and the United States Virgin Islands), of which the Company owns 100% of the corresponding legal entities (see Note 2 - Summary of Significant Accounting Policies). In addition, the Company plans to open a warehouse club in Medellín, Colombia in August 2023, a club in Escuintla, Guatemala in the fall of 2023 and a warehouse club in Santa Ana, El Salvador in early 2024. Once these three new clubs are open, the Company will operate 54 warehouse clubs. Our operating segments are the United States, Central America, the Caribbean and Colombia. PriceSmart continues to invest in technology and talent to support the following three major drivers of growth: 1. Invest in Remodeling Current PriceSmart Clubs, Adding New PriceSmart Locations and Opening More Distribution Centers; 2. Increase Membership Value; and 3. Drive Incremental Sales via PriceSmart.com and Enhanced Online, Digital and Technological Capabilities. Basis of Presentation – The interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q for interim financial reporting pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2022 (the “2022 Form 10-K”). The interim consolidated financial statements include the accounts of PriceSmart, Inc., a Delaware corporation, and its subsidiaries. Intercompany transactions between the Company and its subsidiaries have been eliminated in consolidation.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	May 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation – The interim consolidated financial statements of the Company included herein include the assets, liabilities and results of operations of the Company’s wholly owned subsidiaries, subsidiaries in which it has a controlling interest, and the Company’s joint ventures for which the Company has determined that it is the primary beneficiary. The Company’s net income excludes income attributable to non-controlling interests. The Company reports non-controlling interests in consolidated entities as a component of equity separate from the Company’s equity. The interim consolidated financial statements also include the Company's investment in, and the Company's share of the income (loss) of, joint ventures recorded under the equity method. All significant inter-company accounts and transactions have been eliminated in consolidation. The interim consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the SEC and reflect all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to fairly present the financial position, results of operations and cash flows for the periods presented. The results for interim periods are not necessarily indicative of the results for the year. The Company determines whether any of the joint ventures in which it has made investments is a Variable Interest Entity (“VIE”) at the start of each new venture and if a reconsideration event has occurred. At this time, the Company also considers whether it must consolidate a VIE and/or disclose information about its involvement in a VIE. A reporting entity must consolidate a VIE if that reporting entity has a variable interest (or combination of variable interests) and is determined to be the primary beneficiary. If the Company determines that it is not the primary beneficiary of the VIE, then the Company records its investment in, and the Company's share of the income (loss) of, joint ventures recorded under the equity method. Due to the nature of the joint ventures that the Company participates in and the continued commitments for additional financing, the Company determined these joint ventures are VIEs. In the case of the Company's ownership interest in real estate development joint ventures, both parties to each joint venture share all rights, obligations and the power to direct the activities of the VIE that most significantly impact the VIE's economic performance. As a result, the Company has determined that it is not the primary beneficiary of the VIEs and, therefore, has accounted for these entities under the equity method. Under the equity method, the Company's investments in unconsolidated affiliates are initially recorded as an investment in the stock of an investee at cost and are adjusted for the carrying amount of the investment to recognize the investor's share of the earnings or losses of the investee after the date of the initial investment. The Company's ownership interest in real estate development joint ventures the Company has recorded under the equity method as of May 31, 2023 are listed below: Real Estate Development Joint Ventures Countries Ownership Basis of GolfPark Plaza, S.A. Panama 50.0 % Equity (1) Price Plaza Alajuela PPA, S.A. Costa Rica 50.0 % Equity (1) (1) Joint venture interests are recorded as investment in unconsolidated affiliates on the consolidated balance sheets. Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates and assumptions take into account historical and forward-looking factors that the Company believes are reasonable. Actual results could differ from those estimates and assumptions. Cash and Cash Equivalents – The Company considers as cash and cash equivalents all cash on deposit, highly liquid investments with a maturity of three months or less at the date of purchase and proceeds due from credit and debit card transactions in the process of settlement. The Company invests in certain debt securities, primarily U.S. treasury bills, as part of our cash management policy. Purchases of debt securities are classified as trading, held-to-maturity, or available-for-sale at the time of purchase based on the individual security. All of our debt securities are currently classified as held-to-maturity and are reported at amortized cost. The Company has the ability and intent to hold these investments until maturity. All of these investments are currently included in Cash and cash equivalents on the consolidated balance sheets. In addition, the Company invests some of our cash in money market funds which are considered equity securities and are held at fair value in Cash and cash equivalents on the consolidated balance sheets. Restricted Cash – The following table summarizes the restricted cash reported by the Company (in thousands): May 31, August 31, Short-term restricted cash $ 2,965 $ 3,013 Long-term restricted cash 10,739 10,650 Total restricted cash (1) $ 13,704 $ 13,663 (1) Restricted cash consists of cash deposits held within banking institutions in compliance with federal regulatory requirements in Costa Rica and Panama. In addition, the Company is required to maintain a certificate of deposit and/or security deposits of Trinidad dollars, as measured in U.S. dollars, of approximately $7.8 million with a few of its lenders as compensating balances for several U.S. dollar and euro denominated loans payable over several years. The certificates of deposit will be reduced annually commensurate with the loan balances. Short-Term Investments – The Company considers as short-term investments, certificates of deposit and similar time-based deposits with financial institutions with maturities over three months and up to one year. Long-Term Investments – The Company considers as long-term investments, certificates of deposit and similar time-based deposits with financial institutions with maturities over one year. Goodwill – Goodwill totaled $43.2 million as of May 31, 2023 and $43.3 million as of August 31, 2022. The Company reviews reported goodwill at the reporting unit level for impairment. The Company tests goodwill for impairment at least annually or when events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Receivables – Receivables consist primarily of credit card receivables and receivables from vendors and are stated net of allowances for credit losses. The determination of the allowance for credit losses is based on the Company’s assessment of collectability along with the consideration of current and expected market conditions that could impact collectability. Tax Receivables – The Company pays Value Added Tax (“VAT”) or similar taxes, income taxes, and other taxes within the normal course of business in most of the countries in which it operates related to the procurement of merchandise and/or services the Company acquires and/or on sales and taxable income. VAT is a form of indirect tax applied to the value added at each stage of production (primary, manufacturing, wholesale and retail). This tax is similar to, but operates somewhat differently than, sales tax paid in the United States. The Company generally collects VAT from its Members upon sale of goods and services and pays VAT to its vendors upon purchase of goods and services. Periodically, the Company submits VAT reports to governmental agencies and reconciles the VAT paid and VAT received. The net overpaid VAT may be refunded or applied to subsequent returns, and the net underpaid VAT must be remitted to the government. With respect to income taxes paid, if the estimated income taxes paid or withheld exceed the actual income tax due, this creates an income tax receivable. In most countries where the Company operates, the governments have implemented additional collection procedures, such as requiring credit card processors to remit a portion of sales processed via credit and debit cards directly to the government as advance payments of VAT and/or income tax. This collection mechanism generally leaves the Company with net VAT and/or income tax receivables, forcing the Company to process significant refund claims on a recurring basis. These refund or offset processes can take anywhere from several months to several years to complete. In two countries where the Company operates, minimum income tax rules require the Company to pay taxes based on the percentage of sales rather than income. As a result, the Company is making income tax payments substantially in excess of those it would expect to pay based on taxable income. The Company had income tax receivables of $11.3 million and $11.0 million and deferred tax assets of $3.6 million and $3.5 million as of May 31, 2023 and August 31, 2022, respectively, in these countries. While the rules related to refunds of income tax receivables in these countries are either unclear or complex, the Company has not placed any type of allowance on the recoverability of these tax receivables or deferred tax assets because the Company believes that it is more likely than not that it will ultimately succeed in its refund requests. In one of the countries with a significant VAT receivable balance, the Company received unfavorable rulings at the supreme court level of that country denying a portion of the Company’s appeals for refund of over-withholdings of VAT. After evaluating the merits of the Company’s arguments, the court’s decision, and probability that the other related refund appeals would receive the same judgment, the Company concluded that a total of $2.3 million of related VAT receivables would not be recoverable and this amount was written-off in the third quarter of fiscal year 2023. These charges were recorded in the Warehouse club and other expenses line item under the Selling, general and administrative caption within the consolidated statements of income. The Company's various outstanding VAT receivables and/or income tax receivables are based on cases or appeals with their own set of facts and circumstances. The Company consults and evaluates with legal and tax advisors regularly to understand the strength of its legal arguments and probability of successful outcomes in addition to its own experience handling complex tax issues. Based on those evaluations, the Company has not placed any type of allowance on the recoverability of the remaining tax receivables or deferred tax assets, because the Company believes that it is more likely than not that it will ultimately succeed in its refund requests. The Company’s policy for classification and presentation of VAT receivables, income tax receivables and other tax receivables is as follows: • Short-term VAT and Income tax receivables, recorded as Prepaid expenses and other current assets: This classification is used for any countries where the Company’s subsidiary has generally demonstrated the ability to recover the VAT or income tax receivable within one year. The Company also classifies as short-term any approved refunds or credit notes to the extent that the Company expects to receive the refund or use the credit notes within one year. • Long-term VAT and Income tax receivables, recorded as Other non-current assets: This classification is used for amounts not approved for refund or credit in countries where the Company’s subsidiary has not demonstrated the ability to obtain refunds within one year and/or for amounts which are subject to outstanding disputes. An allowance is provided against VAT and income tax receivable balances in dispute when the Company does not expect to eventually prevail in its recovery. The Company does not currently have any allowances provided against VAT and income tax receivables. The following table summarizes the VAT receivables reported by the Company (in thousands): May 31, August 31, Prepaid expenses and other current assets $ 4,274 $ 3,890 Other non-current assets 33,613 32,460 Total amount of VAT receivables reported $ 37,887 $ 36,350 The following table summarizes the Income tax receivables reported by the Company (in thousands): May 31, August 31, Prepaid expenses and other current assets $ 17,809 $ 12,077 Other non-current assets 19,942 19,985 Total amount of income tax receivables reported $ 37,751 $ 32,062 Lease Accounting – The Company’s leases are operating leases for warehouse clubs and non-warehouse club facilities such as corporate headquarters, regional offices, and regional distribution centers. The Company determines if an arrangement is a lease and classifies it as either a finance or operating lease at lease inception. Operating leases are included in Operating lease right-of-use assets, net; Operating lease liabilities, current portion; and Long-term operating lease liabilities on the consolidated balance sheets. The Company does not have finance leases. Operating lease liabilities are recognized at commencement date based on the present value of the future minimum lease payments over the lease term. The Company’s leases generally do not have a readily determinable implicit rate; therefore, the Company uses a collateralized incremental borrowing rate at the commencement date in determining the present value of future payments. The incremental borrowing rate is based on a yield curve derived from publicly traded bond offerings for companies with credit characteristics that approximate the Company's market risk profile. In addition, we adjust the incremental borrowing rate for jurisdictional risk derived from quoted interest rates from financial institutions to reflect the cost of borrowing in the Company’s local markets. The Company’s lease terms may include options to purchase, extend or terminate the lease, which are recognized when it is reasonably certain that the Company will exercise that option. The Company does not combine lease and non-lease components. The Company measures Right-of-use (“ROU”) assets based on the corresponding lease liabilities, adjusted for any initial direct costs and prepaid lease payments made to the lessor before or at the commencement date (net of lease incentives). The lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are not included in the calculation of the ROU asset and the related lease liability and are recognized as incurred. The Company’s variable lease payments generally relate to amounts the Company pays for additional contingent rent based on a contractually stipulated percentage of sales. Merchandise Inventories – Merchandise inventories, which include merchandise for resale, are valued at the lower of cost (average cost) or net realizable value. The Company provides for estimated inventory losses and obsolescence based on a percentage of sales. The provision is adjusted every reporting period to reflect the trend of actual physical inventory and cycle count results. In addition, the Company may be required to take markdowns below the carrying cost of certain inventory to expedite the sale of such merchandise. Stock Based Compensation – The Company utilizes three types of equity awards: restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”). Compensation related to RSAs, RSUs and PSUs is based on the fair market value at the time of grant. The Company recognizes the compensation cost related to RSAs and RSUs over the requisite service period as determined by the grant, amortized ratably or on a straight-line basis over the life of the grant. The Company also recognizes compensation cost for PSUs over the performance period of each tranche, adjusting this cost based on the Company’s estimate of the probability that performance metrics will be achieved. If the Company determines that an award is unlikely to vest, any previously recorded expense is then reversed. The Company accounts for actual forfeitures as they occur. The Company records the tax savings resulting from tax deductions in excess of expense for stock-based compensation and the tax deficiency resulting from stock-based compensation in excess of the related tax deduction as income tax expense or benefit. In addition, the Company reflects the tax savings (deficiency) resulting from the taxation of stock-based compensation as an operating cash flow in its consolidated statement of cash flows. RSAs are outstanding shares of common stock and have the same cash dividend and voting rights as other shares of common stock. Shares of common stock subject to RSUs are not issued nor outstanding until vested, and RSUs do not have the same dividend and voting rights as common stock. However, all outstanding RSUs have accompanying dividend equivalents, requiring payment to the employees and directors with unvested RSUs of amounts equal to the dividend they would have received had the shares of common stock underlying the RSUs been actually issued and outstanding. Payments of dividend equivalents to employees are recorded as compensation expense. PSUs, similar to RSUs, are awarded with dividend equivalents, provided that such amounts become payable only if the performance metric is achieved. At the time the Compensation Committee confirms the performance metric has been achieved, the accrued dividend equivalents are paid on the PSUs. Treasury Stock – Shares of common stock repurchased by the Company are recorded at cost as treasury stock and result in the reduction of stockholders’ equity in the Company’s consolidated balance sheets. The Company may reissue these treasury shares as part of its stock-based compensation programs. When treasury shares are reissued, the Company uses the first in/first out (“FIFO”) cost method for determining cost of the reissued shares. If the issuance price is higher than the cost, the excess of the issuance price over the cost is credited to additional paid-in capital (“APIC”). If the issuance price is lower than the cost, the difference is first charged against any credit balance in APIC from treasury stock and the balance is charged to retained earnings. During the nine months ended May 31, 2023, the Company reissued approximately 7,000 treasury shares. Fair Value Measurements – The Company measures the fair value for all financial and non-financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring or non-recurring basis. The fair value of an asset is the price at which the asset could be sold in an orderly transaction between unrelated, knowledgeable and willing parties able to engage in the transaction. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount that would be paid to settle the liability with the creditor. The Company has established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring and revaluing fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company was not required to revalue any assets or liabilities utilizing Level 1 or Level 3 inputs at the balance sheet dates. The Company's Level 2 assets and liabilities revalued at the balance sheet dates, on a recurring basis, consisted of cash flow hedges (interest rate swaps and cross-currency interest rate swaps) and forward foreign exchange contracts. In addition, the Company utilizes Level 2 inputs in determining the fair value of long-term debt. Non-financial assets and liabilities are revalued and recognized at fair value subsequent to initial recognition when there is evidence of impairment. For the periods reported, no impairment of such non-financial assets was recorded. The Company’s current and long-term financial assets and liabilities have fair values that approximate their carrying values. The Company’s long-term financial liabilities consist of long-term debt, which is recorded on the balance sheet at issuance price and adjusted for any applicable unamortized discounts or premiums and debt issuance costs. There have been no significant changes in fair market value of the Company’s current and long-term financial assets and liabilities, and there have been no material changes to the valuation techniques utilized in the fair value measurement of assets and liabilities disclosed in the Company’s 2022 Annual Report on Form 10-K. Derivatives Instruments and Hedging Activities – The Company uses derivative financial instruments for hedging and non-trading purposes to manage its exposure to changes in interest and currency exchange rates. In using derivative financial instruments for the purpose of hedging the Company’s exposure to interest and currency exchange rate risks, the contractual terms of a hedged instrument closely mirror those of the hedged item and are intended to provide a high degree of risk reduction and correlation. Contracts that are effective at meeting the risk reduction and correlation criteria (effective hedge) are recorded using hedge accounting. If a derivative financial instrument is an effective hedge, changes in the fair value of the instrument will be reported in accumulated other comprehensive loss until the hedged item completes its contractual term. Instruments that do not meet the criteria for hedge accounting, or contracts for which the Company has not elected hedge accounting, are valued at fair value with unrealized gains or losses reported in earnings during the period of the change. The Company did not change valuation techniques utilized in the fair value measurement of assets and liabilities presented on the Company’s consolidated balance sheets from previous practice during the reporting period. The Company seeks to manage counterparty risk associated with these contracts by limiting transactions to counterparties with which the Company has an established banking relationship. There can be no assurance, however, that this practice effectively mitigates counterparty risk. Cash Flow Instruments. The Company is a party to receive floating interest rate, pay fixed-rate interest rate swaps to hedge the interest rate risk of certain U.S. dollar denominated debt within its international subsidiaries. The swaps are designated as cash flow hedges of interest expense risk. These instruments are considered effective hedges and are recorded using hedge accounting. The Company is also a party to receive variable interest rate, pay fixed interest rate cross-currency interest rate swaps to hedge the interest rate and currency exposure associated with the expected payments of principal and interest of U.S. denominated debt within its international subsidiaries whose functional currency is other than the U.S. dollar. The swaps are designated as cash flow hedges of the currency risk and interest-rate risk related to payments on the U.S. denominated debt. These instruments are also considered to be effective hedges and are recorded using hedge accounting. Under cash flow hedging, the entire gain or loss of the derivative, calculated as the net present value of the future cash flows, is reported on the consolidated balance sheets in accumulated other comprehensive loss. Amounts recorded in accumulated other comprehensive loss are released to earnings in the same period that the hedged transaction impacts consolidated earnings. Refer to “Note 8 - Derivative Instruments and Hedging Activities” for information on the fair value of interest rate swaps and cross-currency interest rate swaps as of May 31, 2023 and August 31, 2022. Fair Value Instruments. The Company is exposed to foreign currency exchange rate fluctuations in the normal course of business. This includes exposure to foreign currency exchange rate fluctuations on U.S. dollar denominated liabilities within the Company’s international subsidiaries whose functional currency is other than the U.S. dollar. The Company manages these fluctuations, in part, through the use of non-deliverable forward foreign-exchange contracts that are intended to offset changes in cash flows attributable to currency exchange movements. The contracts are intended primarily to economically address exposure to U.S. dollar merchandise inventory expenditures made by the Company’s international subsidiaries whose functional currency is other than the U.S. dollar. Currently, these contracts are treated for accounting purposes as fair value instruments and do not qualify for derivative hedge accounting, and as such the Company does not apply derivative hedge accounting to record these transactions. As a result, these contracts are valued at fair value with unrealized gains or losses reported in earnings during the period of the change. The Company seeks to mitigate foreign currency exchange-rate risk with the use of these contracts and does not intend to engage in speculative transactions. These contracts do not contain any credit-risk-related contingent features and are limited to less than one year in duration. Revenue Recognition – The accounting policies and other disclosures such as the disclosure of disaggregated revenues are described in “Note 3 – Revenue Recognition.” Gain Contingencies and Recoveries – A gain contingency is an existing condition, situation, or set of circumstances involving uncertainty as to a possible gain that will ultimately be resolved when one or more future events occur or fail to occur. During the ordinary course of our business, gain contingencies arise when we have the opportunity to recover costs or damages we incur from insurance carriers or other third parties. Anticipated proceeds in excess of the amount of loss recognized are considered contingent gains. Anticipated proceeds in excess of a loss recognized in the financial statements are not recognized until all contingencies related to the collectability, timing and amount are realizable. Cost of Goods Sold – The Company includes the cost of merchandise and food service and bakery raw materials in cost of goods sold - net merchandise sales. The Company also includes in cost of goods sold - net merchandise sales the external and internal distribution and handling costs for supplying merchandise, raw materials and supplies to the warehouse clubs, and, when applicable, costs of shipping to Members. External costs include inbound freight, duties, drayage, fees, insurance, and non-recoverable value-added tax related to inventory shrink, spoilage and damage. Internal costs include payroll and related costs, utilities, consumable supplies, repair and maintenance, rent expense and building and equipment depreciation at the Company's distribution facilities and payroll and other direct costs for in-club demonstrations. For export sales, the Company includes the cost of merchandise and external and internal distribution and handling costs for supplying merchandise in cost of goods sold - exports. Until the disposal of Aeropost in the first quarter of fiscal year 2022, the Company included the costs for the marketplace and casillero operations of external and internal shipping, handling and other direct costs incurred to provide delivery, insurance and customs processing services in cost of goods sold - non-merchandise. Vendor consideration consists primarily of volume rebates, time-limited product promotions, cooperative marketing efforts, digital advertising, slotting fees, demonstration reimbursements and prompt payment discounts. Volume rebates and time-limited promotions are recognized on a systematic and rational allocation of the cash consideration as the Company progresses toward earning the rebate, provided the amounts to be earned are probable and reasonably estimable. Cooperative marketing efforts and digital advertising are related to consideration received by the Company from vendors for non-distinct online advertising services on the Company’s website and social media platforms. Slotting fees are related to consideration received by the Company from vendors for preferential "end cap" placement of the vendor's products within the warehouse club. Demonstration reimbursements are related to consideration received by the Company from vendors for the in-club promotion of the vendors' products. The Company records the reduction in cost of goods sold on a transactional basis for these programs. On a quarterly basis, the Company calculates the amount of rebates recorded in cost of goods sold that relates to inventory on hand and this amount is reclassified as a reduction to inventory, if significant. Prompt payment discounts are taken in substantially all cases and therefore are applied directly to reduce the acquisition cost of the related inventory, with the resulting effect recorded to cost of goods sold when the inventory is sold. Selling, General and Administrative – Selling, general and administrative costs consist primarily of expenses associated with operating warehouse clubs and freight forwarding operations. These costs include payroll and related costs, including separation costs associated with the Chief Executive Officer departure, utilities, consumable supplies, repair and maintenance, rent expense, building and equipment depreciation, bank, credit card processing fees, and amortization of intangibles. Also included in selling, general and administrative expenses are the payroll and related costs for the Company’s U.S. and regional management and purchasing centers. In December 2022, the Company announced that Sherry Bahrambeygui would resign as Chief Executive Officer effective February 3, 2023. In connection with her departure, the Company recognized a one-time separation charge of approximately $7.7 million ($7.2 million net of tax) in the second quarter of fiscal year 2023. This amount consists of approximately $4.2 million of non-cash charges related to the acceleration of certain equity awards and approximately $3.5 million for other separation costs. Given that Ms. Bahrambeygui had substantially rendered the required services per her separation agreement, the Company recorded these charges in the second quarter of fiscal year 2023. These charges were recorded in the Separation costs associated with Chief Executive Officer departure line item under the Selling, general and administrative caption within the Consolidated Statements of Income and are recorded in the Company’s United States segment. The Company substantially fulfilled all payment obligations by the end of the second quarter of fiscal year 2023; however, some vesting of PSUs will occur in the first quarter of fiscal year 2024. Pre-Opening Costs – The Company expenses pre-opening costs (the costs of start-up activities, including organization costs and rent) for new warehouse clubs as incurred. Loss Contingencies and Litigation – The Company records and reserves for loss contingencies if (a) information available prior to issuance of the consolidated financial statements indicates that it is probable that an asset had been impaired, or a liability had been incurred at the date of the consolidated financial statements and (b) the amount of loss can be reasonably estimated. If one or both criteria for accrual are not met, but there is at least a reasonable possibility that a material loss will occur, the Company does not record and reserve for a loss contingency but describes the contingency within a note and provides detail, when possible, of the estimated potential loss or range of loss. If an estimate cannot be made, a statement to that effect is made. Related Party Transactions – On February 3, 2023, Robert E. Price, a Company founder and Chairman of the Board, became Interim Chief Executive Officer. Mr. Price has elected not to receive compensation for his role as Interim Chief Executive Officer. Therefore, the financial statements do not include compensation charges for his services. We have estimated the fair value of these services, based on a number of factors, to be approximately $5.1 million on an annual basis. We acknowledge that this may not be representative of what ultimately could be the cost to the

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	May 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Performance Obligations The Company identifies each distinct performance obligation to transfer goods (or bundle of goods) or services. The Company recognizes revenue when (or as) it satisfies a performance obligation by transferring control of the goods or services to the customer. Net Merchandise Sales . The Company recognizes net merchandise sales revenue, net of sales taxes, on transactions where the Company has determined that it is the principal in the sale of merchandise. These transactions may include shipping commitments and/or shipping revenue if the transaction involves delivery to the customer. Non-merchandise Sales . Until the disposal of Aeropost in the first quarter of fiscal year 2022, the Company recognized non-merchandise revenue, net of sales taxes, on transactions where the Company had determined that it was the agent in the transaction. These transactions primarily consisted of contracts the Company entered into with its customers to provide delivery, insurance and customs processing services for products its customers purchased online in the United States either directly from other vendors utilizing the vendor’s website or through the Company’s marketplace site. Revenue was recognized when the Company’s performance obligations were completed (that is when delivery of the items have been made to the destination point) and was recorded in “non-merchandise revenue” on the consolidated statements of income. Prepayment for orders for which the Company had not fulfilled its performance obligation were recorded as deferred income. Additionally, the Company recorded revenue at the net amounts retained, i.e., the amount paid by the customer less amounts remitted to the respective merchandise vendors, as the Company was acting as an agent and was not the principal in the sale of those goods being purchased from the vendors by the Company’s customers. Membership Fee Revenue. Membership income represents annual membership fees paid by the Company’s warehouse club Members, which are recognized ratably over the 12-month term of the membership. Our membership policy allows Members to cancel their membership in the first 60 days and receive a full refund. After the 60-day period, membership refunds are prorated over the remaining term of the membership. The Company has significant experience with membership refund patterns and expects membership refunds will not be material. Therefore, no refund reserve was required for the periods presented. Membership fee revenue is included in membership income in the Company's consolidated statements of income. The deferred membership fee is included in deferred income in the Company's consolidated balance sheets. Platinum Points Reward Programs. The Company currently offers Platinum Memberships in all of its markets. The annual fee for a Platinum Membership is approximately $75. The Platinum Membership provides Members with a 2% rebate on most items, up to an annual maximum of $500. The rebate is issued annually to Platinum Members on March 1 and expires August 31. Platinum Members can apply this rebate to future purchases at the warehouse club during the redemption period. The Company records this 2% rebate as a reduction of revenue at the time of the sales transaction. Accordingly, the Company has reduced warehouse sales and has accrued a liability within other accrued expenses and other current liabilities, platinum rewards. The Company has determined that breakage revenue is 5% of the awards issued; therefore, it records 95% of the Platinum Membership liability at the time of sale. Annually, the Company reviews for expired unused rebates outstanding, and the expired unused rebates are recognized as “Other revenue and income” on the consolidated statements of income. Co-branded Credit Card Points Reward Programs. Most of the Company’s subsidiaries have points reward programs related to co-branded credit cards. These points reward programs provide incremental points that can be used at a future time to acquire merchandise within the Company’s warehouse clubs. This results in two performance obligations, the first performance obligation being the initial sale of the merchandise or services purchased with the co-branded credit card and the second performance obligation being the future use of the points rewards to purchase merchandise or services. As a result, upon the initial sale, the Company allocates the transaction price to each performance obligation with the amount allocated to the future use points rewards recorded as a contract liability within other accrued expenses and other current liabilities on the consolidated balance sheet. The portion of the selling price allocated to the reward points is recognized as Net merchandise sales when the points are used or when the points expire. The Company reviews on an annual basis expired points rewards outstanding, and the expired rewards are recognized as Net merchandise sales on the consolidated statements of income within markets where the co-branded credit card agreement allows for such treatment. Gift Cards . Members’ purchases of gift cards to be utilized at the Company's warehouse clubs are not recognized as sales until the card is redeemed and the customer purchases merchandise using the gift card. The outstanding gift cards are reflected as other accrued expenses and other current liabilities in the consolidated balance sheets. These gift cards generally have a one-year stated expiration date from the date of issuance and are generally redeemed prior to expiration. However, the absence of a large volume of transactions for gift cards impairs the Company's ability to make a reasonable estimate of the redemption levels for gift cards; therefore, the Company assumes a 100% redemption rate prior to expiration of the gift cards. The Company periodically reviews unredeemed outstanding gift cards, and the gift cards that have expired are recognized as “Other revenue and income” on the consolidated statements of income. Co-branded Credit Card Revenue Sharing Agreements . As part of the co-branded credit card agreements that the Company has entered into with financial institutions within its markets, the Company often enters into revenue sharing agreements. As part of these agreements, in some countries, the Company receives a portion of the interest income generated from the average outstanding balances on the co-branded credit cards from these financial institutions (“interest generating portfolio” or “IGP”). The Company recognizes its portion of interest received as revenue during the period it is earned. The Company has determined that this revenue should be recognized as “Other revenue and income” on the consolidated statements of income. Contract Performance Liabilities Contract performance liabilities as a result of transactions with customers primarily consist of deferred membership income, other deferred income, deferred gift card revenue, Platinum points programs, and liabilities related to co-branded credit card points rewards programs which are included in deferred income and other accrued expenses and other current liabilities in the Company’s consolidated balance sheets. The following table provides these contract balances from transactions with customers as of the dates listed (in thousands): Contract Liabilities May 31, August 31, Deferred membership income $ 31,155 $ 28,000 Other contract performance liabilities $ 10,013 $ 10,473 Disaggregated Revenues In the following table, net merchandise sales are disaggregated by merchandise category (in thousands): Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, Foods & Sundries $ 537,567 $ 490,268 $ 1,601,613 $ 1,453,993 Fresh Foods 319,706 293,148 940,470 851,945 Hardlines 106,937 111,677 342,225 343,953 Softlines 54,947 57,322 175,736 172,355 Other Business 51,106 46,596 151,681 132,704 Net Merchandise Sales $ 1,070,263 $ 999,011 $ 3,211,725 $ 2,954,950

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	May 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The Company presents basic net income per share using the two-class method. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders and that determines basic net income per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings that would have been available to common stockholders. A participating security is defined as a security that may participate in undistributed earnings with common stock. The Company’s capital structure includes securities that participate with common stock on a one-for-one basis for distribution of dividends. These are the restricted stock awards and restricted stock units issued pursuant to the 2013 Equity Incentive Award Plan. The Company does not include performance stock units as participating securities until the performance criteria are satisfied. The Company determines the diluted net income per share by using the more dilutive of the two class-method or the treasury stock method and by including the basic weighted average of outstanding performance stock units for which performance criteria have not been met in the calculation of diluted net income per share under the two-class method and including all potential common shares assumed issued in the calculation of diluted net income per share under the treasury stock method. The following table sets forth the computation of net income per share for the three and nine-months ended May 31, 2023 and 2022 (in thousands, except per share amounts): Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, Net income attributable to PriceSmart, Inc. $ 29,572 $ 19,258 $ 93,824 $ 81,230 Less: Allocation of income to unvested stockholders (456) (312) (1,098) (869) Net income attributable to PriceSmart, Inc. available for distribution $ 29,116 $ 18,946 $ 92,726 $ 80,361 Basic weighted average shares outstanding 30,800 30,615 30,752 30,582 Add dilutive effect of performance stock units (two-class method) 29 14 18 6 Diluted average shares outstanding 30,829 30,629 30,770 30,588 Basic net income per share $ 0.95 $ 0.62 $ 3.02 $ 2.63 Diluted net income per share $ 0.94 $ 0.62 $ 3.01 $ 2.63

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	May 31, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Dividends The following table summarizes the dividends declared and paid during fiscal year 2023 and 2022 (amounts are per share): First Payment Second Payment Declared Amount Record Date Date Amount Record Date Date Amount 2/3/2023 $ 0.92 2/16/2023 2/28/2023 N/A $ 0.46 8/15/2023 N/A 8/31/2023 $ 0.46 2/3/2022 $ 0.86 2/15/2022 2/28/2022 N/A $ 0.43 8/15/2022 8/31/2022 N/A $ 0.43 The Company anticipates the ongoing payment of semi-annual dividends in subsequent periods, although the actual declaration of future dividends, if any, the amount of such dividends, and the establishment of record and payment dates is subject to final determination by the Board of Directors at its discretion after its review of the Company’s financial performance and anticipated capital requirements, taking into account the uncertain macroeconomic conditions on our results of operations and cash flows. Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss The following tables disclose the effects on accumulated other comprehensive loss of each component of other comprehensive income (loss), net of tax (in thousands): Attributable to PriceSmart Noncontrolling Interests Total Beginning balance, September 1, 2022 $ (195,586) $ — $ (195,586) Foreign currency translation adjustments 26,599 — 26,599 Defined benefit pension plans (1) 30 — 30 Derivative instruments (2) (646) — (646) Ending balance, May 31, 2023 $ (169,603) $ — $ (169,603) Attributable to Noncontrolling Total Beginning balance, September 1, 2021 $ (182,508) $ 251 $ (182,257) Foreign currency translation adjustments (15,119) 3 (15,116) Defined benefit pension plans (1) 140 — 140 Derivative instruments (2) 4,339 — 4,339 Sale of Aeropost — (254) (254) Ending balance, May 31, 2022 $ (193,148) $ — $ (193,148) Attributable to Noncontrolling Total Beginning balance, September 1, 2021 $ (182,508) $ 251 $ (182,257) Foreign currency translation adjustments (19,034) 3 (19,031) Defined benefit pension plans (1) (341) — (341) Derivative instruments (2) 6,170 — 6,170 Amounts reclassified from accumulated other comprehensive loss 127 — 127 Sale of Aeropost — $ (254) (254) Ending balance, August 31, 2022 $ (195,586) $ — $ (195,586) (1) Amounts reclassified from accumulated other comprehensive income (loss) related to the minimum pension liability are included in warehouse club and other operations in the Company's consolidated statements of income. (2) Refer to Note 8 - Derivative Instruments and Hedging Activities. Retained Earnings Not Available for Distribution The following table summarizes retained earnings designated as legal reserves of various subsidiaries which cannot be distributed as dividends to PriceSmart, Inc. according to applicable statutory regulations (in thousands): May 31, August 31, Retained earnings not available for distribution $ 9,102 $ 8,648 Repurchases of Common Stock The Board of Directors authorized a program to repurchase up to $75 million of our common stock (the "Stock Buyback Program"). Under the Stock Buyback Program, shares of common stock may be repurchased from time to time on a discretionary basis through open market repurchases, privately negotiated transactions, block purchases, or other means, and will be structured to occur in compliance with applicable securities laws. In addition, open market repurchases of common stock could be made pursuant to trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which would permit common stock to be repurchased at a time that we might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The Stock Buyback Program does not obligate us to acquire any specific number of shares. The timing and actual number of shares repurchased will depend on a variety of factors, including the common stock price, trading volume, market conditions, our cash flow and liquidity profile, the capital needs of the business, and other considerations. Repurchases are funded with existing cash on hand. The Stock Buyback Program has no expiration date and may be modified, suspended or terminated at any time by the Board of Directors at its discretion. During the three and nine-months ended May 31, 2023, no repurchases were made under the Stock Buyback Program.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	May 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings F rom time to time, the Company and its subsidiaries are subject to legal proceedings, claims and litigation arising in the ordinary course of business related to the Company’s operations and property ownership. The Company evaluates such matters on a case by case basis, and vigorously contests any such legal proceedings or claims which the Company believes are without merit. The Company believes that the final disposition of these matters will not have a material adverse effect on its financial position, results of operations or liquidity. It is possible, however, that the Company's results of operations for a particular quarter or fiscal year could be impacted by changes in circumstances relating to such matters. The Company establishes an accrual for legal proceedings if and when those matters reach a stage where they present loss contingencies that are both probable and reasonably estimable. In such cases, there may be a possible exposure to loss in excess of any amounts accrued. The Company monitors those matters for developments that would affect the likelihood of a loss and the accrued amount, if any, thereof, and adjusts the amount as appropriate. If the loss contingency at issue is not both probable and reasonably estimable, the Company does not establish an accrual, but will continue to monitor the matter for developments that will make the loss contingency both probable and reasonably estimable. If it is at least a reasonable possibility that a material loss will occur, the Company will provide disclosure regarding the contingency. On August 5, 2022, PriceSmart received notice from Click USA Inc. and Aeropost, Inc. alleging that PriceSmart had breached certain provisions of a Stock Purchase Agreement between PriceSmart and Click USA, Inc. dated October 1, 2021, concerning the sale of Aeropost, Inc. to Click USA Inc. In this notice, Click USA Inc. and Aeropost, Inc. allege that PriceSmart made inaccurate or incomplete representations and warranties relating to Aeropost, Inc.’s cyber security and the condition of its IT systems in connection with the sale. Click USA Inc. and Aeropost, Inc. further asserted that, in or around April 2022, Aeropost, Inc. suffered cyberattacks, and they seek to hold PriceSmart liable for some amount of damages due to alleged losses directly relating to the cyberattacks as well as due to possible third-party claims as a result of the cyber-attacks. The notice suggested that aggregate losses attributable to these losses and future claims could exceed $3.0 million. On October 17, 2022, PriceSmart received a letter from Click USA Inc. supplementing its August 5, 2022 notice with additional information concerning Click USA Inc.’s direct losses and the existence or likelihood of third-party claims and potential related losses. Click USA Inc.’s letter estimates its total losses for direct and third-party claims at $2.9 million. Per the express terms of the agreement, the maximum amount of all losses for which PriceSmart may be liable for claims arising out of allegations concerning the above-referenced representations and warranties is $4.0 million. In its October 17, 2022 letter, Click USA Inc. notified PriceSmart of a separate and unrelated claim for breach of representations and warranties in the Stock Purchase Agreement relating to the alleged misclassification of an employee in Costa Rica. Click USA Inc. alleges that the amount of possible loss relating to this claim is approximately $300,000. PriceSmart intends to settle this litigation with Click USA Inc. and offered to release Aeropost, Inc. from an approximately $750,000 receivable owed to PriceSmart, Inc in exchange for release of the aforementioned claims. The Company has determined that settlement is probable as of May 31, 2023, and has written-off the receivable with the expense being recorded in the General and administrative line item in the Company's consolidated statements of income. Income Taxes For interim reporting, the Company uses an estimated annual effective tax rate (AETR) to calculate income tax expense. Our income tax expense, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits reflect management’s best estimate of current and future taxes to be paid. We are subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgments and estimates are required in the determination of the consolidated income tax expense. Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. In evaluating its ability to recover deferred tax assets in the jurisdictions from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. In projecting future taxable income, we begin with historical results adjusted for the results of discontinued operations and incorporate assumptions about the amount of future state, federal, and foreign pretax operating income adjusted for items that do not have tax consequences. The assumptions about future taxable income require the use of significant judgment and are consistent with the plans and estimates we are using to manage the underlying businesses. In evaluating the objective evidence that historical results provide, the Company considers three years of cumulative operating income (loss). The Company is required to file federal and state tax returns in the United States and various other tax returns in foreign jurisdictions. The preparation of these tax returns requires the Company to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid by the Company. The Company, in consultation with its tax advisors, bases its tax returns on interpretations that are believed to be reasonable under the circumstances. The tax returns, however, are subject to routine reviews by the various taxing authorities in the jurisdictions in which the Company files its returns. As part of these reviews, a taxing authority may disagree with the interpretations the Company used to calculate its tax liability and therefore require the Company to pay additional taxes. The Company accrues an amount for its estimate of probable additional income tax liability. In certain cases, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than 50% likelihood of being sustained. There were no material changes in the Company’s uncertain income tax positions during the nine months ended May 31, 2023. In evaluating the exposure associated with various non-income tax filing positions, the Company accrues for probable and estimable exposures for non-income tax related tax contingencies. As of May 31, 2023 and August 31, 2022, the Company has recorded within other accrued expenses and other current liabilities a total of $1.0 million and $1.1 million, respectively, for various non-income tax related tax contingencies. While the Company believes the recorded liabilities are adequate, there are inherent limitations in projecting the outcome of litigation, in estimating probable additional income tax liability taking into account uncertain tax positions and in evaluating the probable additional tax associated with various non-income tax filing positions. As such, the Company is unable to make a reasonable estimate of the sensitivity to change of estimates affecting its recorded liabilities. As additional information becomes available, the Company assesses the potential liability and revises its estimates as appropriate. In two countries where the Company operates, minimum income tax rules require the Company to pay taxes based on a percentage of sales rather than income. As a result, the Company is making income tax payments substantially in excess of those it would expect to pay based on taxable income. The Company had income tax receivables of $11.3 million and $11.0 million, as of May 31, 2023 and August 31, 2022, respectively, and deferred tax assets of $3.6 million and $3.5 million as of May 31, 2023 and August 31, 2022, respectively, in these countries. While the rules related to refunds of income tax receivables in these countries are either unclear or complex, the Company has not placed any type of allowance on the recoverability of these tax receivables or deferred tax assets because the Company believes that it is more likely than not that it will ultimately succeed in its refund requests. Other Commitments The Company is also committed to non-cancelable construction service obligations for various warehouse club developments and expansions. As of May 31, 2023 and August 31, 2022, the Company had approximately $9.1 million and $16.5 million, respectively, in contractual obligations for construction services not yet rendered. From time to time, the Company has entered into general land purchase and land purchase option agreements. The Company’s land purchase agreements are typically subject to various conditions including, but not limited to, the ability to obtain necessary governmental permits or approvals. A deposit under an agreement is typically returned to the Company if all permits or approvals are not obtained. Generally, the Company has the right to cancel any of its agreements to purchase land without cause by forfeiture of some or all of the deposits it has made pursuant to the agreement. As of May 31, 2023, the Company had entered into three land purchase agreements that, if completed, would result in the use of approximately $9.2 million in cash. The table below summarizes the Company’s interest in real estate joint ventures, commitments to additional future investments and the Company’s maximum exposure to loss as a result of its involvement in these joint venture as of May 31, 2023 (in thousands): Entity % Initial Additional Net Income (Loss) Company’s Commitment to Future Additional Investments (1) Company's Maximum Exposure to Loss in Entity (2) GolfPark Plaza, S.A. 50 % $ 4,616 $ 2,402 $ (90) $ 6,928 $ 99 $ 7,027 Price Plaza Alajuela PPA, S.A. 50 % 2,193 1,236 114 3,543 785 4,328 Total $ 6,809 $ 3,638 $ 24 $ 10,471 $ 884 $ 11,355 (1) The parties intend to seek alternate financing for the projects, which could reduce the amount of investments each party would be required to provide. The parties may mutually agree on changes to the projects, which could increase or decrease the amount of contributions each party is required to provide. (2) The maximum exposure is determined by adding the Company’s variable interest in the entity and any explicit or implicit arrangements that could require the Company to provide additional financial support.

DEBT

DEBT	9 Months Ended
	May 31, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Short-term borrowings consist of unsecured lines of credit. The following table summarizes the balances of total facilities, facilities used and facilities available (in thousands): Facilities Used Total Amount of Facilities Short-term Borrowings Letters of Credit Facilities Available Weighted average interest rate May 31, 2023 - Committed $ 75,000 $ — $ 84 $ 74,916 — % May 31, 2023 - Uncommitted 91,000 10,414 — 80,586 11.9 May 31, 2023 - Total $ 166,000 $ 10,414 $ 84 $ 155,502 11.8 % August 31, 2022 - Committed $ 75,000 — 73 $ 74,927 — % August 31, 2022 - Uncommitted 91,000 10,608 — 80,392 5.3 August 31, 2022 - Total $ 166,000 $ 10,608 $ 73 $ 155,319 5.3 % As of May 31, 2023 and August 31, 2022, the Company was in compliance with all covenants or amended covenants for each of its short-term facility agreements. These facilities generally expire annually or bi-annually and are normally renewed. One of these facilities is a committed credit agreement with one bank for $75.0 million. In exchange for the bank’s commitment to fund any drawdowns the Company requests, the Company pays an annual commitment fee of 0.25%, payable quarterly, on any unused portion of this facility. Additionally, the Company has uncommitted facilities in most of the countries where it operates, with drawdown requests subject to approval by the individual banks each time a drawdown is requested. The following table provides the changes in long-term debt for the nine months ended May 31, 2023: (Amounts in thousands) Current Long-term debt (net of current portion) Total Balances as of August 31, 2022 $ 33,715 $ 103,556 $ 137,271 (1) Proceeds from long-term debt incurred during the period: Guatemala subsidiary — 12,454 12,454 Barbados subsidiary — 7,460 7,460 Honduras subsidiary 1,001 12,797 13,798 Trinidad subsidiary 750 4,250 5,000 Total proceeds from long-term debt incurred during the period 1,751 36,961 38,712 Repayments of long-term debt: (17,450) (13,957) (31,407) Reclassifications of long-term debt due in the next 12 months 1,426 (1,426) — Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar (2) 315 (503) (188) Balances as of May 31, 2023 $ 19,757 $ 124,631 $ 144,388 (3) (1) The carrying amount of non-cash assets assigned as collateral for these loans was $155.6 million. The carrying amount of cash assets assigned as collateral for these loans was $5.3 million. (2) These foreign currency translation adjustments are recorded within Other comprehensive income (loss). (3) The carrying amount of non-cash assets assigned as collateral for these loans was $160.9 million. The carrying amount of cash assets assigned as collateral for these loans was $3.9 million. As of May 31, 2023 and August 31, 2022, the Company had approximately $94.6 million and $110.7 million, respectively, of long-term loans held in the U.S. entity and in several foreign subsidiaries, which require these entities to comply with certain annual or quarterly financial covenants, which include debt service and leverage ratios. The Company was in compliance with all covenants or amended covenants for both periods. Annual maturities of long-term debt are as follows (in thousands): Twelve Months Ended May 31, Amount 2024 $ 19,757 2025 37,049 2026 14,902 2027 39,160 2028 18,330 Thereafter 15,190 Total $ 144,388

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	9 Months Ended
	May 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company is exposed to interest rate risk relating to its ongoing business operations. To manage interest rate exposure, the Company enters into hedge transactions (interest rate swaps) using derivative financial instruments. The objective of entering into interest rate swaps is to eliminate the variability of cash flows in the LIBOR interest payments associated with variable-rate loans over the life of the loans. As changes in interest rates impact the future cash flow of interest payments, the hedges provide a synthetic offset to interest rate movements. In addition, the Company is exposed to foreign currency and interest rate cash flow exposure related to non-functional currency long-term debt of one of its wholly owned subsidiaries. To manage this foreign currency and interest rate cash flow exposure, the Company’s subsidiaries entered into cross-currency interest rate swaps that convert their U.S. dollar denominated floating interest payments to functional currency fixed interest payments during the life of the hedging instrument. As changes in foreign exchange and interest rates impact the future cash flow of interest payments, the hedges are intended to offset changes in cash flows attributable to interest rate and foreign exchange movements. These derivative instruments (cash flow hedging instruments) are designated and qualify as cash flow hedges, with the entire gain or loss on the derivative reported as a component of other comprehensive loss. Amounts are deferred in other comprehensive loss and reclassified into earnings in the same income statement line item that is used to present the earnings effect of the hedged item when the hedged item affects earnings. The Company is exposed to foreign-currency exchange-rate fluctuations in the normal course of business, including foreign-currency exchange-rate fluctuations on U.S. dollar denominated liabilities within its international subsidiaries whose functional currency is other than the U.S. dollar. The Company manages these fluctuations, in part, through the use of non-deliverable forward foreign-exchange contracts (NDFs) that are intended to offset changes in cash flow attributable to currency exchange movements. These contracts are intended primarily to economically address exposure to U.S. dollar merchandise inventory expenditures made by the Company’s international subsidiaries whose functional currency is other than the U.S. dollar. Currently, these contracts do not qualify for derivative hedge accounting. The Company seeks to mitigate foreign-currency exchange-rate risk with the use of these contracts and does not intend to engage in speculative transactions. These contracts do not contain any credit-risk-related contingent features. Cash Flow Hedges As of May 31, 2023, all of the Company’s interest rate swap and cross-currency interest rate swap derivative financial instruments are designated and qualify as cash flow hedges. The Company formally documents the hedging relationships for its derivative instruments that qualify for hedge accounting. The following table summarizes agreements for which the Company has recorded cash flow hedge accounting for the nine months ended May 31, 2023: Entity Date Derivative Derivative Initial US$ Loan Held With Floating Leg Fixed Rate Settlement Effective Colombia subsidiary 12-Apr-23 Citibank, N.A. ("Citi") Cross currency interest rate swap $ 10,000,000 PriceSmart, Inc. 4.00% 11.40 % 11th day of each July, October, January and April, beginning on July 11, 2023 April 12, 2023 - April 11, 2028 Colombia subsidiary 26-Sep-22 Citibank, N.A. ("Citi") Cross currency interest rate swap $ 12,500,000 PriceSmart, Inc. 3.00% 10.35 % 24th day of each December, March, June and September beginning December 26, 2022 September 26, 2022 - September 24, 2024 Colombia subsidiary 3-May-22 Citibank, N.A. ("Citi") Cross currency interest rate swap $ 10,000,000 PriceSmart, Inc. 3.00% 9.04 % 3rd day of each May, August, November and February, beginning on August 3, 2022 May 3, 2022 - May 3, 2027 Colombia subsidiary 17-Nov-21 Citibank, N.A. ("Citi") Cross currency interest rate swap $ 10,000,000 PriceSmart, Inc. 3.00% 8.40 % 17th day of each February, May, August, and November, beginning on February 17, 2022 November 17, 2021 - November 18, 2024 Colombia subsidiary 3-Dec-19 Citibank, N.A. ("Citi") Cross currency interest rate swap $ 7,875,000 Citibank, N.A. Variable rate 3-month Libor plus 2.45% 7.87 % 3rd day of each December, March, June and September beginning March 3, 2020 December 3, 2019 - December 3, 2024 Colombia subsidiary 27-Nov-19 Citibank, N.A. ("Citi") Cross currency interest rate swap $ 25,000,000 Citibank, N.A. Variable rate 3-month Libor plus 2.45% 7.93 % 27th day of each November, February, May and August beginning February 27, 2020 November 27, 2019 - November 27, 2024 PriceSmart, Inc. 7-Nov-16 MUFG Union Bank, N.A. ("Union Bank") Interest rate swap $ 35,700,000 Union Bank Variable rate 3-month Libor plus 1.70% 3.65 % 1st day of each month beginning on April 1, 2017 March 1, 2017 - March 1, 2027 For the three and nine months ended May 31, 2023 and May 31, 2022, the Company included the gain or loss on the hedged items (that is, variable-rate borrowings) in the same line item—interest expense—as the offsetting gain or loss on the related interest rate swaps as follows (in thousands): Income Statement Classification Interest expense on borrowings (1) Cost of swaps (2) Total Interest expense for the three months ended May 31, 2023 $ 1,108 $ 210 $ 1,318 Interest expense for the three months ended May 31, 2022 $ 618 $ 871 $ 1,489 Interest expense for the nine months ended, May 31, 2023 $ 3,538 $ 747 $ 4,285 Interest expense for the nine months ended May 31, 2022 $ 1,720 $ 2,628 $ 4,348 (1) This amount is representative of the interest expense recognized on the underlying hedged transactions. (2) This amount is representative of the interest expense recognized on the interest rate swaps and cross-currency swaps designated as cash flow hedging instruments. The total notional balance of the Company’s pay-fixed/receive-variable interest rate swaps and cross-currency interest rate swaps was as follows (in thousands): Notional Amount as of Floating Rate Payer (Swap Counterparty) May 31, August 31, Union Bank $ 30,388 $ 31,344 Citibank N.A. 66,431 66,353 Scotiabank — 8,625 Total $ 96,819 $ 106,322 Derivatives listed on the table below were designated as cash flow hedging instruments. The table summarizes the effect of the fair value of interest rate swap and cross-currency interest rate swap derivative instruments that qualify for derivative hedge accounting and its associated tax effect on accumulated other comprehensive (income)/loss (in thousands): May 31, 2023 August 31, 2022 Derivatives designated as cash flow hedging instruments Balance Sheet Fair Net Tax Net Fair Net Tax Net Cross-currency interest rate swaps Other current assets $ — $ — $ — $ 2,736 $ (348) $ 2,388 Cross-currency interest rate swaps Other non-current assets 8,873 (3,105) 5,768 10,289 (4,559) 5,730 Cross-currency interest rate swaps Other current liabilities — — — (82) 25 (57) Cross-currency interest rate swaps Other long-term liabilities (1,164) 407 (757) — — — Interest rate swaps Other non-current assets 1,886 (416) 1,470 1,596 (6) 1,590 Net fair value of derivatives designated as hedging instruments $ 9,595 $ (3,114) $ 6,481 $ 14,539 $ (4,888) $ 9,651 Fair Value Instruments From time to time the Company enters into non-deliverable forward foreign-exchange contracts. These contracts are treated for accounting purposes as fair value contracts and do not qualify for derivative hedge accounting. The use of non-deliverable forward foreign-exchange contracts is intended to offset changes in cash flow attributable to currency exchange movements. These contracts are intended primarily to economically hedge exposure to U.S. dollar merchandise inventory expenditures made by the Company’s international subsidiaries whose functional currency is other than the U.S. dollar. The following table summarizes the non-deliverable forward foreign exchange contracts that are open as of May 31, 2023: Financial Derivative Subsidiary Dates Derivative Financial Total Notional Settlement Scotiabank Colpatria, S.A. Colombia 11-Jan-2023 - 27-Mar-2023 Forward foreign exchange contracts (USD) $ 4,500 8-Sep-2023 - 21-Dec-2023 Citibank, N.A. ("Citi") Colombia 18-Jan-2023 - 16-Mar-2023 Forward foreign exchange contracts (USD) $ 8,000 22-Jun-2023 - 16-Nov-2023 Forward derivative gains and (losses) on non-deliverable forward foreign-exchange contracts are included in Other income (expense), net in the consolidated statements of income in the period of change, but the amounts were immaterial for the three and nine month periods ended May 31, 2023 and May 31, 2022.

SEGMENTS

SEGMENTS	9 Months Ended
	May 31, 2023
Segment Reporting [Abstract]
SEGMENTS	SEGMENTSThe Company and its subsidiaries are principally engaged in the international operation of membership shopping in 51 warehouse clubs located in 12 countries and one U.S. territory that are located in Central America, the Caribbean and Colombia. In addition, the Company operates distribution centers and corporate offices in the United States. The Company has aggregated its warehouse clubs, distribution centers and corporate offices into reportable segments. The Company’s reportable segments are based on management’s organization of these locations into operating segments by general geographic location, which are used by management in setting up management lines of responsibility, providing support services, and making operational decisions and assessments of financial performance. Segment amounts are presented after converting to U.S. dollars and consolidating eliminations. Certain revenues, operating costs and inter-company charges included in the United States segment are not allocated to the segments within this presentation, as it is impractical to do so, and they appear as reconciling items to reflect the amount eliminated on consolidation of intersegment transactions. From time to time, the Company revises the measurement of each segment's operating income and net income, including certain corporate overhead allocations, and other measures as determined by the information regularly reviewed by management. When the Company does so, the previous period amounts and balances are reclassified to conform to the current period's presentation. The following tables summarize by segment certain revenues, operating costs and balance sheet items (in thousands): United Central Caribbean Operations (1) Colombia Reconciling Items (2) Total Three Months Ended May 31, 2023 Revenue from external customers $ 6,347 $ 669,691 $ 316,201 $ 104,415 $ — $ 1,096,654 Intersegment revenues 368,675 7,343 1,527 1,318 (378,863) — Depreciation, Property and equipment 1,302 9,349 4,793 2,377 — 17,821 Operating income (loss) 4,066 46,023 21,184 2,961 (31,182) 43,052 Net income (loss) attributable to PriceSmart, Inc. 2,336 38,715 17,091 2,612 (31,182) 29,572 Capital expenditures, net — 24,384 6,850 12,423 — 43,657 Nine Months Ended May 31, 2023 Revenue from external customers $ 23,687 $ 1,992,980 $ 956,032 $ 320,950 $ — $ 3,293,649 Intersegment revenues 1,141,492 20,726 4,178 3,198 (1,169,594) — Depreciation, Property and equipment 4,158 27,073 14,216 7,052 — 52,499 Amortization, Intangibles 765 — — — — 765 Operating income (loss) 24,622 152,786 71,161 12,491 (108,681) 152,379 Net income (loss) attributable to PriceSmart, Inc. 9,440 127,163 56,799 9,103 (108,681) 93,824 Long-lived assets (other than deferred tax assets) 70,733 543,410 212,112 188,471 — 1,014,726 Goodwill 8,981 24,127 10,044 — — 43,152 Total assets 242,003 963,929 471,817 255,597 — 1,933,346 Capital expenditures, net 8,829 52,695 14,219 21,737 — 97,480 Three Months Ended May 31, 2022 Revenue from external customers $ 13,396 $ 599,132 $ 294,785 $ 123,497 $ — $ 1,030,810 Intersegment revenues 351,404 6,223 1,706 1,388 (360,721) — Depreciation, Property and equipment 1,355 8,688 4,408 2,718 — 17,169 Amortization, Intangibles 388 — — — — 388 Operating income (loss) 2,821 39,458 19,163 4,652 (32,332) 33,762 Net income (loss) attributable to PriceSmart, Inc. (442) 34,011 14,903 3,118 (32,332) 19,258 Capital expenditures, net 197 11,851 10,695 8,439 — 31,182 Nine Months Ended May 31, 2022 Revenue from external customers $ 36,102 $ 1,785,017 $ 860,953 $ 362,651 $ — $ 3,044,723 Intersegment revenues 1,138,283 16,251 4,483 2,989 (1,162,006) — Depreciation, Property and equipment 3,361 25,586 12,449 7,638 — 49,034 Amortization, Intangibles 1,224 — — — — 1,224 Operating income (loss) 17,377 128,889 60,796 17,154 (96,115) 128,101 Net income (loss) attributable to PriceSmart, Inc. 6,106 108,661 48,977 13,620 (96,134) 81,230 Long-lived assets (other than deferred tax assets) 71,475 494,086 218,365 186,630 — 970,556 Goodwill 8,982 24,316 10,049 — — 43,347 Total assets 201,571 844,844 478,008 267,340 — 1,791,763 Capital expenditures, net 3,404 37,902 32,742 24,524 — 98,572 As of August 31, 2022 Long-lived assets (other than deferred tax assets) $ 71,743 $ 498,204 $ 218,021 $ 175,194 $ — $ 963,162 Goodwill 8,981 24,250 10,072 — — 43,303 Investment in unconsolidated affiliates — 10,534 — — — 10,534 Total assets 230,411 867,898 474,411 235,680 — 1,808,400 (1) Management considers its club in the U.S. Virgin Islands to be part of its Caribbean operations. (2) The reconciling items reflect the amount eliminated on consolidation of intersegment transactions.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	May 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company has evaluated all events subsequent to the balance sheet date as of May 31, 2023 through the date of issuance of these consolidated financial statements and has determined that, except as set forth below, there are no subsequent events that require disclosure. On May 30, 2023, the Company entered into a lease agreement for land and a building, which commenced on June 5, 2023 when the asset was made available to the Company. The purpose of the lease is the relocation of a distribution center in Panama. The lease agreement will result in the recognition of a lease liability and right-of-use asset of approximately $7.3 million.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	May 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation – The interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q for interim financial reporting pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2022 (the “2022 Form 10-K”). The interim consolidated financial statements include the accounts of PriceSmart, Inc., a Delaware corporation, and its subsidiaries. Intercompany transactions between the Company and its subsidiaries have been eliminated in consolidation.
Principles of Consolidation	Principles of Consolidation – The interim consolidated financial statements of the Company included herein include the assets, liabilities and results of operations of the Company’s wholly owned subsidiaries, subsidiaries in which it has a controlling interest, and the Company’s joint ventures for which the Company has determined that it is the primary beneficiary. The Company’s net income excludes income attributable to non-controlling interests. The Company reports non-controlling interests in consolidated entities as a component of equity separate from the Company’s equity. The interim consolidated financial statements also include the Company's investment in, and the Company's share of the income (loss) of, joint ventures recorded under the equity method. All significant inter-company accounts and transactions have been eliminated in consolidation. The interim consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the SEC and reflect all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to fairly present the financial position, results of operations and cash flows for the periods presented. The results for interim periods are not necessarily indicative of the results for the year. The Company determines whether any of the joint ventures in which it has made investments is a Variable Interest Entity (“VIE”) at the start of each new venture and if a reconsideration event has occurred. At this time, the Company also considers whether it must consolidate a VIE and/or disclose information about its involvement in a VIE. A reporting entity must consolidate a VIE if that reporting entity has a variable interest (or combination of variable interests) and is determined to be the primary beneficiary. If the Company determines that it is not the primary beneficiary of the VIE, then the Company records its investment in, and the Company's share of the income (loss) of, joint ventures recorded under the equity method. Due to the nature of the joint ventures that the Company participates in and the continued commitments for additional financing, the Company determined these joint ventures are VIEs.
Use of Estimates	Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates and assumptions take into account historical and forward-looking factors that the Company believes are reasonable. Actual results could differ from those estimates and assumptions.
Cash and Cash Equivalents	Cash and Cash Equivalents – The Company considers as cash and cash equivalents all cash on deposit, highly liquid investments with a maturity of three months or less at the date of purchase and proceeds due from credit and debit card transactions in the process of settlement. The Company invests in certain debt securities, primarily U.S. treasury bills, as part of our cash management policy. Purchases of debt securities are classified as trading, held-to-maturity, or available-for-sale at the time of purchase based on the individual security. All of our debt securities are currently classified as held-to-maturity and are reported at amortized cost. The Company has the ability and intent to hold these investments until maturity. All of these investments are currently included in Cash and cash equivalents on the consolidated balance sheets. In addition, the Company invests some of our cash in money market funds which are considered equity securities and are held at fair value in Cash and cash equivalents on the consolidated balance sheets.
Restricted Cash	Restricted Cash – The following table summarizes the restricted cash reported by the Company (in thousands): May 31, August 31, Short-term restricted cash $ 2,965 $ 3,013 Long-term restricted cash 10,739 10,650 Total restricted cash (1) $ 13,704 $ 13,663 (1) Restricted cash consists of cash deposits held within banking institutions in compliance with federal regulatory requirements in Costa Rica and Panama. In addition, the Company is required to maintain a certificate of deposit and/or security deposits of Trinidad dollars, as measured in U.S. dollars, of approximately $7.8 million with a few of its lenders as compensating balances for several U.S. dollar and euro denominated loans payable over several years. The certificates of deposit will be reduced annually commensurate with the loan balances.
Short-Term Investments	Short-Term Investments – The Company considers as short-term investments, certificates of deposit and similar time-based deposits with financial institutions with maturities over three months and up to one year.
Long-Term Investments	Long-Term Investments – The Company considers as long-term investments, certificates of deposit and similar time-based deposits with financial institutions with maturities over one year.
Goodwill	Goodwill – Goodwill totaled $43.2 million as of May 31, 2023 and $43.3 million as of August 31, 2022. The Company reviews reported goodwill at the reporting unit level for impairment. The Company tests goodwill for impairment at least annually or when events or changes in circumstances indicate that it is more likely than not that the asset is impaired.
Receivables	Receivables –
Tax Receivables	Tax Receivables – The Company pays Value Added Tax (“VAT”) or similar taxes, income taxes, and other taxes within the normal course of business in most of the countries in which it operates related to the procurement of merchandise and/or services the Company acquires and/or on sales and taxable income. VAT is a form of indirect tax applied to the value added at each stage of production (primary, manufacturing, wholesale and retail). This tax is similar to, but operates somewhat differently than, sales tax paid in the United States. The Company generally collects VAT from its Members upon sale of goods and services and pays VAT to its vendors upon purchase of goods and services. Periodically, the Company submits VAT reports to governmental agencies and reconciles the VAT paid and VAT received. The net overpaid VAT may be refunded or applied to subsequent returns, and the net underpaid VAT must be remitted to the government. With respect to income taxes paid, if the estimated income taxes paid or withheld exceed the actual income tax due, this creates an income tax receivable. In most countries where the Company operates, the governments have implemented additional collection procedures, such as requiring credit card processors to remit a portion of sales processed via credit and debit cards directly to the government as advance payments of VAT and/or income tax. This collection mechanism generally leaves the Company with net VAT and/or income tax receivables, forcing the Company to process significant refund claims on a recurring basis. These refund or offset processes can take anywhere from several months to several years to complete. The Company’s policy for classification and presentation of VAT receivables, income tax receivables and other tax receivables is as follows: • Short-term VAT and Income tax receivables, recorded as Prepaid expenses and other current assets: This classification is used for any countries where the Company’s subsidiary has generally demonstrated the ability to recover the VAT or income tax receivable within one year. The Company also classifies as short-term any approved refunds or credit notes to the extent that the Company expects to receive the refund or use the credit notes within one year. • Long-term VAT and Income tax receivables, recorded as Other non-current assets: This classification is used for amounts not approved for refund or credit in countries where the Company’s subsidiary has not demonstrated the ability to obtain refunds within one year and/or for amounts which are subject to outstanding disputes. An allowance is provided against VAT and income tax receivable balances in dispute when the Company does not expect to eventually prevail in its recovery. The Company does not currently have any allowances provided against VAT and income tax receivables.
Lease Accounting	Lease Accounting – The Company’s leases are operating leases for warehouse clubs and non-warehouse club facilities such as corporate headquarters, regional offices, and regional distribution centers. The Company determines if an arrangement is a lease and classifies it as either a finance or operating lease at lease inception. Operating leases are included in Operating lease right-of-use assets, net; Operating lease liabilities, current portion; and Long-term operating lease liabilities on the consolidated balance sheets. The Company does not have finance leases. Operating lease liabilities are recognized at commencement date based on the present value of the future minimum lease payments over the lease term. The Company’s leases generally do not have a readily determinable implicit rate; therefore, the Company uses a collateralized incremental borrowing rate at the commencement date in determining the present value of future payments. The incremental borrowing rate is based on a yield curve derived from publicly traded bond offerings for companies with credit characteristics that approximate the Company's market risk profile. In addition, we adjust the incremental borrowing rate for jurisdictional risk derived from quoted interest rates from financial institutions to reflect the cost of borrowing in the Company’s local markets. The Company’s lease terms may include options to purchase, extend or terminate the lease, which are recognized when it is reasonably certain that the Company will exercise that option. The Company does not combine lease and non-lease components. The Company measures Right-of-use (“ROU”) assets based on the corresponding lease liabilities, adjusted for any initial direct costs and prepaid lease payments made to the lessor before or at the commencement date (net of lease incentives). The lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are not included in the calculation of the ROU asset and the related lease liability and are recognized as incurred. The Company’s variable lease payments generally relate to amounts the Company pays for additional contingent rent based on a contractually stipulated percentage of sales.
Merchandise Inventories	Merchandise Inventories – Merchandise inventories, which include merchandise for resale, are valued at the lower of cost (average cost) or net realizable value. The Company provides for estimated inventory losses and obsolescence based on a percentage of sales. The provision is adjusted every reporting period to reflect the trend of actual physical inventory and cycle count results. In addition, the Company may be required to take markdowns below the carrying cost of certain inventory to expedite the sale of such merchandise.
Stock Based Compensation	Stock Based Compensation – The Company utilizes three types of equity awards: restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”). Compensation related to RSAs, RSUs and PSUs is based on the fair market value at the time of grant. The Company recognizes the compensation cost related to RSAs and RSUs over the requisite service period as determined by the grant, amortized ratably or on a straight-line basis over the life of the grant. The Company also recognizes compensation cost for PSUs over the performance period of each tranche, adjusting this cost based on the Company’s estimate of the probability that performance metrics will be achieved. If the Company determines that an award is unlikely to vest, any previously recorded expense is then reversed. The Company accounts for actual forfeitures as they occur. The Company records the tax savings resulting from tax deductions in excess of expense for stock-based compensation and the tax deficiency resulting from stock-based compensation in excess of the related tax deduction as income tax expense or benefit. In addition, the Company reflects the tax savings (deficiency) resulting from the taxation of stock-based compensation as an operating cash flow in its consolidated statement of cash flows. RSAs are outstanding shares of common stock and have the same cash dividend and voting rights as other shares of common stock. Shares of common stock subject to RSUs are not issued nor outstanding until vested, and RSUs do not have the same dividend and voting rights as common stock. However, all outstanding RSUs have accompanying dividend equivalents, requiring payment to the employees and directors with unvested RSUs of amounts equal to the dividend they would have received had the shares of common stock underlying the RSUs been actually issued and outstanding. Payments of dividend equivalents to employees are recorded as compensation expense. PSUs, similar to RSUs, are awarded with dividend equivalents, provided that such amounts become payable only if the performance metric is achieved. At the time the Compensation Committee confirms the performance metric has been achieved, the accrued dividend equivalents are paid on the PSUs.
Treasury Stock	Treasury Stock – Shares of common stock repurchased by the Company are recorded at cost as treasury stock and result in the reduction of stockholders’ equity in the Company’s consolidated balance sheets. The Company may reissue these treasury shares as part of its stock-based compensation programs. When treasury shares are reissued, the Company uses the first in/first out (“FIFO”) cost method for determining cost of the reissued shares. If the issuance price is higher than the cost, the excess of the issuance price over the cost is credited to additional paid-in capital (“APIC”). If the issuance price is lower than the cost, the difference is first charged against any credit balance in APIC from treasury stock and the balance is charged to retained earnings.
Fair Value Measurements	Fair Value Measurements – The Company measures the fair value for all financial and non-financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring or non-recurring basis. The fair value of an asset is the price at which the asset could be sold in an orderly transaction between unrelated, knowledgeable and willing parties able to engage in the transaction. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount that would be paid to settle the liability with the creditor. The Company has established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring and revaluing fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company was not required to revalue any assets or liabilities utilizing Level 1 or Level 3 inputs at the balance sheet dates. The Company's Level 2 assets and liabilities revalued at the balance sheet dates, on a recurring basis, consisted of cash flow hedges (interest rate swaps and cross-currency interest rate swaps) and forward foreign exchange contracts. In addition, the Company utilizes Level 2 inputs in determining the fair value of long-term debt. Non-financial assets and liabilities are revalued and recognized at fair value subsequent to initial recognition when there is evidence of impairment. For the periods reported, no impairment of such non-financial assets was recorded.
Derivatives Instruments and Hedging Activities	Derivatives Instruments and Hedging Activities – The Company uses derivative financial instruments for hedging and non-trading purposes to manage its exposure to changes in interest and currency exchange rates. In using derivative financial instruments for the purpose of hedging the Company’s exposure to interest and currency exchange rate risks, the contractual terms of a hedged instrument closely mirror those of the hedged item and are intended to provide a high degree of risk reduction and correlation. Contracts that are effective at meeting the risk reduction and correlation criteria (effective hedge) are recorded using hedge accounting. If a derivative financial instrument is an effective hedge, changes in the fair value of the instrument will be reported in accumulated other comprehensive loss until the hedged item completes its contractual term. Instruments that do not meet the criteria for hedge accounting, or contracts for which the Company has not elected hedge accounting, are valued at fair value with unrealized gains or losses reported in earnings during the period of the change. The Company did not change valuation techniques utilized in the fair value measurement of assets and liabilities presented on the Company’s consolidated balance sheets from previous practice during the reporting period. The Company seeks to manage counterparty risk associated with these contracts by limiting transactions to counterparties with which the Company has an established banking relationship. There can be no assurance, however, that this practice effectively mitigates counterparty risk. Cash Flow Instruments. The Company is a party to receive floating interest rate, pay fixed-rate interest rate swaps to hedge the interest rate risk of certain U.S. dollar denominated debt within its international subsidiaries. The swaps are designated as cash flow hedges of interest expense risk. These instruments are considered effective hedges and are recorded using hedge accounting. The Company is also a party to receive variable interest rate, pay fixed interest rate cross-currency interest rate swaps to hedge the interest rate and currency exposure associated with the expected payments of principal and interest of U.S. denominated debt within its international subsidiaries whose functional currency is other than the U.S. dollar. The swaps are designated as cash flow hedges of the currency risk and interest-rate risk related to payments on the U.S. denominated debt. These instruments are also considered to be effective hedges and are recorded using hedge accounting. Under cash flow hedging, the entire gain or loss of the derivative, calculated as the net present value of the future cash flows, is reported on the consolidated balance sheets in accumulated other comprehensive loss. Amounts recorded in accumulated other comprehensive loss are released to earnings in the same period that the hedged transaction impacts consolidated earnings. Refer to “Note 8 - Derivative Instruments and Hedging Activities” for information on the fair value of interest rate swaps and cross-currency interest rate swaps as of May 31, 2023 and August 31, 2022. Fair Value Instruments. The Company is exposed to foreign currency exchange rate fluctuations in the normal course of business. This includes exposure to foreign currency exchange rate fluctuations on U.S. dollar denominated liabilities within the Company’s international subsidiaries whose functional currency is other than the U.S. dollar. The Company manages these fluctuations, in part, through the use of non-deliverable forward foreign-exchange contracts that are intended to offset changes in cash flows attributable to currency exchange movements. The contracts are intended primarily to economically address exposure to U.S. dollar merchandise inventory expenditures made by the Company’s international subsidiaries whose functional currency is other than the U.S. dollar. Currently, these contracts are treated for accounting purposes as fair value instruments and do not qualify for derivative hedge accounting, and as such the Company does not apply derivative hedge accounting to record these transactions. As a result, these contracts are valued at fair value with unrealized gains or losses reported in earnings during the period of the change. The Company seeks to mitigate foreign currency exchange-rate risk with the use of these contracts and does not intend to engage in speculative transactions. These contracts do not contain any credit-risk-related contingent features and are limited to less than one year in duration.
Revenue Recognition	Revenue Recognition – The accounting policies and other disclosures such as the disclosure of disaggregated revenues are described in “Note 3 – Revenue Recognition.”
Gain Contingencies and Recoveries	Gain Contingencies and Recoveries – A gain contingency is an existing condition, situation, or set of circumstances involving uncertainty as to a possible gain that will ultimately be resolved when one or more future events occur or fail to occur. During the ordinary course of our business, gain contingencies arise when we have the opportunity to recover costs or damages we incur from insurance carriers or other third parties. Anticipated proceeds in excess of the amount of loss recognized are considered contingent gains. Anticipated proceeds in excess of a loss recognized in the financial statements are not recognized until all contingencies related to the collectability, timing and amount are realizable.
Cost of Goods Sold	Cost of Goods Sold – The Company includes the cost of merchandise and food service and bakery raw materials in cost of goods sold - net merchandise sales. The Company also includes in cost of goods sold - net merchandise sales the external and internal distribution and handling costs for supplying merchandise, raw materials and supplies to the warehouse clubs, and, when applicable, costs of shipping to Members. External costs include inbound freight, duties, drayage, fees, insurance, and non-recoverable value-added tax related to inventory shrink, spoilage and damage. Internal costs include payroll and related costs, utilities, consumable supplies, repair and maintenance, rent expense and building and equipment depreciation at the Company's distribution facilities and payroll and other direct costs for in-club demonstrations. For export sales, the Company includes the cost of merchandise and external and internal distribution and handling costs for supplying merchandise in cost of goods sold - exports. Until the disposal of Aeropost in the first quarter of fiscal year 2022, the Company included the costs for the marketplace and casillero operations of external and internal shipping, handling and other direct costs incurred to provide delivery, insurance and customs processing services in cost of goods sold - non-merchandise. Vendor consideration consists primarily of volume rebates, time-limited product promotions, cooperative marketing efforts, digital advertising, slotting fees, demonstration reimbursements and prompt payment discounts. Volume rebates and time-limited promotions are recognized on a systematic and rational allocation of the cash consideration as the Company progresses toward earning the rebate, provided the amounts to be earned are probable and reasonably estimable. Cooperative marketing efforts and digital advertising are related to consideration received by the Company from vendors for non-distinct online advertising services on the Company’s website and social media platforms. Slotting fees are related to consideration received by the Company from vendors for preferential "end cap" placement of the vendor's products within the warehouse club. Demonstration reimbursements are related to consideration received by the Company from vendors for the in-club promotion of the vendors' products. The Company records the reduction in cost of goods sold on a transactional basis for these programs. On a quarterly basis, the Company calculates the amount of rebates recorded in cost of goods sold that relates to inventory on hand and this amount is reclassified as a reduction to inventory, if significant. Prompt payment discounts are taken in substantially all cases and therefore are applied directly to reduce the acquisition cost of the related inventory, with the resulting effect recorded to cost of goods sold when the inventory is sold.
Selling, General and Administrative	Selling, General and Administrative – Selling, general and administrative costs consist primarily of expenses associated with operating warehouse clubs and freight forwarding operations. These costs include payroll and related costs, including separation costs associated with the Chief Executive Officer departure, utilities, consumable supplies, repair and maintenance, rent expense, building and equipment depreciation, bank, credit card processing fees, and amortization of intangibles. Also included in selling, general and administrative expenses are the payroll and related costs for the Company’s U.S. and regional management and purchasing centers. In December 2022, the Company announced that Sherry Bahrambeygui would resign as Chief Executive Officer effective February 3, 2023. In connection with her departure, the Company recognized a one-time separation charge of approximately $7.7 million ($7.2 million net of tax) in the second quarter of fiscal year 2023. This amount consists of approximately $4.2 million of non-cash charges related to the acceleration of certain equity awards and approximately $3.5 million for other separation costs. Given that Ms. Bahrambeygui had substantially rendered the required services per her separation agreement, the Company recorded these charges in the second quarter of fiscal year 2023. These charges were recorded in the Separation costs associated with Chief Executive Officer departure line item under the Selling, general and administrative caption within the Consolidated Statements of Income and are recorded in the Company’s United States segment. The Company substantially fulfilled all payment obligations by the end of the second quarter of fiscal year 2023; however, some vesting of PSUs will occur in the first quarter of fiscal year 2024.
Pre-Opening Costs	Pre-Opening Costs – The Company expenses pre-opening costs (the costs of start-up activities, including organization costs and rent) for new warehouse clubs as incurred.
Loss Contingencies and Litigation	Loss Contingencies and Litigation – The Company records and reserves for loss contingencies if (a) information available prior to issuance of the consolidated financial statements indicates that it is probable that an asset had been impaired, or a liability had been incurred at the date of the consolidated financial statements and (b) the amount of loss can be reasonably estimated. If one or both criteria for accrual are not met, but there is at least a reasonable possibility that a material loss will occur, the Company does not record and reserve for a loss contingency but describes the contingency within a note and provides detail, when possible, of the estimated potential loss or range of loss. If an estimate cannot be made, a statement to that effect is made.
Related Party Transactions	Related Party Transactions –
Foreign Currency Translation	Foreign Currency Translation – The assets and liabilities of the Company’s foreign operations are translated to U.S. dollars when the functional currency in the Company’s international subsidiaries is the local currency and not U.S. dollars. Assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the exchange rate on the balance sheet date, and revenue, costs and expenses are translated at average rates of exchange in effect during the period. The corresponding translation gains and losses are recorded as a component of accumulated other comprehensive income or loss. These adjustments will affect net income upon the sale or liquidation of the underlying investment.
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements AdoptedThere were no new accounting standards that had a material impact on the Company’s consolidated financial statements during the nine-month period ended May 31, 2023, and there were no other new accounting standards or pronouncements that were issued but not yet effective as of May 31, 2023 that the Company expects to have a material impact on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	May 31, 2023
Accounting Policies [Abstract]
Schedule of Joint Ventures	The Company's ownership interest in real estate development joint ventures the Company has recorded under the equity method as of May 31, 2023 are listed below: Real Estate Development Joint Ventures Countries Ownership Basis of GolfPark Plaza, S.A. Panama 50.0 % Equity (1) Price Plaza Alajuela PPA, S.A. Costa Rica 50.0 % Equity (1) (1) Joint venture interests are recorded as investment in unconsolidated affiliates on the consolidated balance sheets.
Summary of Restricted Cash	The following table summarizes the restricted cash reported by the Company (in thousands): May 31, August 31, Short-term restricted cash $ 2,965 $ 3,013 Long-term restricted cash 10,739 10,650 Total restricted cash (1) $ 13,704 $ 13,663 (1) Restricted cash consists of cash deposits held within banking institutions in compliance with federal regulatory requirements in Costa Rica and Panama. In addition, the Company is required to maintain a certificate of deposit and/or security deposits of Trinidad dollars, as measured in U.S. dollars, of approximately $7.8 million with a few of its lenders as compensating balances for several U.S. dollar and euro denominated loans payable over several years. The certificates of deposit will be reduced annually commensurate with the loan balances.
Summary of Value Added Tax Receivables	The following table summarizes the VAT receivables reported by the Company (in thousands): May 31, August 31, Prepaid expenses and other current assets $ 4,274 $ 3,890 Other non-current assets 33,613 32,460 Total amount of VAT receivables reported $ 37,887 $ 36,350
Summary of Income Tax Receivables	The following table summarizes the Income tax receivables reported by the Company (in thousands): May 31, August 31, Prepaid expenses and other current assets $ 17,809 $ 12,077 Other non-current assets 19,942 19,985 Total amount of income tax receivables reported $ 37,751 $ 32,062
Net Effect of Foreign Currency Translation	The following table discloses the net effect of translation into the reporting currency on other comprehensive loss for these local currency denominated accounts for the three and nine months ended May 31, 2023 and 2022 (in thousands): Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, Effect on other comprehensive income (loss) due to foreign currency translation $ 15,285 $ (9,401) $ 26,599 $ (15,119)
Summary of Foreign Currency Gains (Losses)	These foreign exchange transaction gains (losses), including transactions recorded involving these monetary assets and liabilities, are recorded as Other income (expense) in the consolidated statements of income (in thousands): Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, Currency loss $ (2,095) $ (2,504) $ (12,153) $ (6,142)

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	May 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Contract Performance Liabilities	The following table provides these contract balances from transactions with customers as of the dates listed (in thousands): Contract Liabilities May 31, August 31, Deferred membership income $ 31,155 $ 28,000 Other contract performance liabilities $ 10,013 $ 10,473
Schedule of Disaggregated Revenues	In the following table, net merchandise sales are disaggregated by merchandise category (in thousands): Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, Foods & Sundries $ 537,567 $ 490,268 $ 1,601,613 $ 1,453,993 Fresh Foods 319,706 293,148 940,470 851,945 Hardlines 106,937 111,677 342,225 343,953 Softlines 54,947 57,322 175,736 172,355 Other Business 51,106 46,596 151,681 132,704 Net Merchandise Sales $ 1,070,263 $ 999,011 $ 3,211,725 $ 2,954,950

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	May 31, 2023
Earnings Per Share [Abstract]
Schedule of the Computation of Net Income Per Share	The following table sets forth the computation of net income per share for the three and nine-months ended May 31, 2023 and 2022 (in thousands, except per share amounts): Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, Net income attributable to PriceSmart, Inc. $ 29,572 $ 19,258 $ 93,824 $ 81,230 Less: Allocation of income to unvested stockholders (456) (312) (1,098) (869) Net income attributable to PriceSmart, Inc. available for distribution $ 29,116 $ 18,946 $ 92,726 $ 80,361 Basic weighted average shares outstanding 30,800 30,615 30,752 30,582 Add dilutive effect of performance stock units (two-class method) 29 14 18 6 Diluted average shares outstanding 30,829 30,629 30,770 30,588 Basic net income per share $ 0.95 $ 0.62 $ 3.02 $ 2.63 Diluted net income per share $ 0.94 $ 0.62 $ 3.01 $ 2.63

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	May 31, 2023
Equity [Abstract]
Schedule of Dividends	The following table summarizes the dividends declared and paid during fiscal year 2023 and 2022 (amounts are per share): First Payment Second Payment Declared Amount Record Date Date Amount Record Date Date Amount 2/3/2023 $ 0.92 2/16/2023 2/28/2023 N/A $ 0.46 8/15/2023 N/A 8/31/2023 $ 0.46 2/3/2022 $ 0.86 2/15/2022 2/28/2022 N/A $ 0.43 8/15/2022 8/31/2022 N/A $ 0.43
Schedule of Components of Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss	The following tables disclose the effects on accumulated other comprehensive loss of each component of other comprehensive income (loss), net of tax (in thousands): Attributable to PriceSmart Noncontrolling Interests Total Beginning balance, September 1, 2022 $ (195,586) $ — $ (195,586) Foreign currency translation adjustments 26,599 — 26,599 Defined benefit pension plans (1) 30 — 30 Derivative instruments (2) (646) — (646) Ending balance, May 31, 2023 $ (169,603) $ — $ (169,603) Attributable to Noncontrolling Total Beginning balance, September 1, 2021 $ (182,508) $ 251 $ (182,257) Foreign currency translation adjustments (15,119) 3 (15,116) Defined benefit pension plans (1) 140 — 140 Derivative instruments (2) 4,339 — 4,339 Sale of Aeropost — (254) (254) Ending balance, May 31, 2022 $ (193,148) $ — $ (193,148) Attributable to Noncontrolling Total Beginning balance, September 1, 2021 $ (182,508) $ 251 $ (182,257) Foreign currency translation adjustments (19,034) 3 (19,031) Defined benefit pension plans (1) (341) — (341) Derivative instruments (2) 6,170 — 6,170 Amounts reclassified from accumulated other comprehensive loss 127 — 127 Sale of Aeropost — $ (254) (254) Ending balance, August 31, 2022 $ (195,586) $ — $ (195,586) (1) Amounts reclassified from accumulated other comprehensive income (loss) related to the minimum pension liability are included in warehouse club and other operations in the Company's consolidated statements of income. (2) Refer to Note 8 - Derivative Instruments and Hedging Activities.
Schedule of Retained Earnings Not Available for Distribution	The following table summarizes retained earnings designated as legal reserves of various subsidiaries which cannot be distributed as dividends to PriceSmart, Inc. according to applicable statutory regulations (in thousands): May 31, August 31, Retained earnings not available for distribution $ 9,102 $ 8,648

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	May 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Variable Interest Entities Maximum Loss Exposure	The table below summarizes the Company’s interest in real estate joint ventures, commitments to additional future investments and the Company’s maximum exposure to loss as a result of its involvement in these joint venture as of May 31, 2023 (in thousands): Entity % Initial Additional Net Income (Loss) Company’s Commitment to Future Additional Investments (1) Company's Maximum Exposure to Loss in Entity (2) GolfPark Plaza, S.A. 50 % $ 4,616 $ 2,402 $ (90) $ 6,928 $ 99 $ 7,027 Price Plaza Alajuela PPA, S.A. 50 % 2,193 1,236 114 3,543 785 4,328 Total $ 6,809 $ 3,638 $ 24 $ 10,471 $ 884 $ 11,355 (1) The parties intend to seek alternate financing for the projects, which could reduce the amount of investments each party would be required to provide. The parties may mutually agree on changes to the projects, which could increase or decrease the amount of contributions each party is required to provide. (2) The maximum exposure is determined by adding the Company’s variable interest in the entity and any explicit or implicit arrangements that could require the Company to provide additional financial support.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	May 31, 2023
Debt Disclosure [Abstract]
Schedule of Short-Term Borrowings	Short-term borrowings consist of unsecured lines of credit. The following table summarizes the balances of total facilities, facilities used and facilities available (in thousands): Facilities Used Total Amount of Facilities Short-term Borrowings Letters of Credit Facilities Available Weighted average interest rate May 31, 2023 - Committed $ 75,000 $ — $ 84 $ 74,916 — % May 31, 2023 - Uncommitted 91,000 10,414 — 80,586 11.9 May 31, 2023 - Total $ 166,000 $ 10,414 $ 84 $ 155,502 11.8 % August 31, 2022 - Committed $ 75,000 — 73 $ 74,927 — % August 31, 2022 - Uncommitted 91,000 10,608 — 80,392 5.3 August 31, 2022 - Total $ 166,000 $ 10,608 $ 73 $ 155,319 5.3 %
Schedule of Changes in Long-Term Debt	The following table provides the changes in long-term debt for the nine months ended May 31, 2023: (Amounts in thousands) Current Long-term debt (net of current portion) Total Balances as of August 31, 2022 $ 33,715 $ 103,556 $ 137,271 (1) Proceeds from long-term debt incurred during the period: Guatemala subsidiary — 12,454 12,454 Barbados subsidiary — 7,460 7,460 Honduras subsidiary 1,001 12,797 13,798 Trinidad subsidiary 750 4,250 5,000 Total proceeds from long-term debt incurred during the period 1,751 36,961 38,712 Repayments of long-term debt: (17,450) (13,957) (31,407) Reclassifications of long-term debt due in the next 12 months 1,426 (1,426) — Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar (2) 315 (503) (188) Balances as of May 31, 2023 $ 19,757 $ 124,631 $ 144,388 (3) (1) The carrying amount of non-cash assets assigned as collateral for these loans was $155.6 million. The carrying amount of cash assets assigned as collateral for these loans was $5.3 million. (2) These foreign currency translation adjustments are recorded within Other comprehensive income (loss). (3) The carrying amount of non-cash assets assigned as collateral for these loans was $160.9 million. The carrying amount of cash assets assigned as collateral for these loans was $3.9 million.
Schedule of Annual Maturities of Long-Term Debt	Annual maturities of long-term debt are as follows (in thousands): Twelve Months Ended May 31, Amount 2024 $ 19,757 2025 37,049 2026 14,902 2027 39,160 2028 18,330 Thereafter 15,190 Total $ 144,388

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	May 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following table summarizes agreements for which the Company has recorded cash flow hedge accounting for the nine months ended May 31, 2023: Entity Date Derivative Derivative Initial US$ Loan Held With Floating Leg Fixed Rate Settlement Effective Colombia subsidiary 12-Apr-23 Citibank, N.A. ("Citi") Cross currency interest rate swap $ 10,000,000 PriceSmart, Inc. 4.00% 11.40 % 11th day of each July, October, January and April, beginning on July 11, 2023 April 12, 2023 - April 11, 2028 Colombia subsidiary 26-Sep-22 Citibank, N.A. ("Citi") Cross currency interest rate swap $ 12,500,000 PriceSmart, Inc. 3.00% 10.35 % 24th day of each December, March, June and September beginning December 26, 2022 September 26, 2022 - September 24, 2024 Colombia subsidiary 3-May-22 Citibank, N.A. ("Citi") Cross currency interest rate swap $ 10,000,000 PriceSmart, Inc. 3.00% 9.04 % 3rd day of each May, August, November and February, beginning on August 3, 2022 May 3, 2022 - May 3, 2027 Colombia subsidiary 17-Nov-21 Citibank, N.A. ("Citi") Cross currency interest rate swap $ 10,000,000 PriceSmart, Inc. 3.00% 8.40 % 17th day of each February, May, August, and November, beginning on February 17, 2022 November 17, 2021 - November 18, 2024 Colombia subsidiary 3-Dec-19 Citibank, N.A. ("Citi") Cross currency interest rate swap $ 7,875,000 Citibank, N.A. Variable rate 3-month Libor plus 2.45% 7.87 % 3rd day of each December, March, June and September beginning March 3, 2020 December 3, 2019 - December 3, 2024 Colombia subsidiary 27-Nov-19 Citibank, N.A. ("Citi") Cross currency interest rate swap $ 25,000,000 Citibank, N.A. Variable rate 3-month Libor plus 2.45% 7.93 % 27th day of each November, February, May and August beginning February 27, 2020 November 27, 2019 - November 27, 2024 PriceSmart, Inc. 7-Nov-16 MUFG Union Bank, N.A. ("Union Bank") Interest rate swap $ 35,700,000 Union Bank Variable rate 3-month Libor plus 1.70% 3.65 % 1st day of each month beginning on April 1, 2017 March 1, 2017 - March 1, 2027
Schedule of Cash Flow Hedging Instruments	For the three and nine months ended May 31, 2023 and May 31, 2022, the Company included the gain or loss on the hedged items (that is, variable-rate borrowings) in the same line item—interest expense—as the offsetting gain or loss on the related interest rate swaps as follows (in thousands): Income Statement Classification Interest expense on borrowings (1) Cost of swaps (2) Total Interest expense for the three months ended May 31, 2023 $ 1,108 $ 210 $ 1,318 Interest expense for the three months ended May 31, 2022 $ 618 $ 871 $ 1,489 Interest expense for the nine months ended, May 31, 2023 $ 3,538 $ 747 $ 4,285 Interest expense for the nine months ended May 31, 2022 $ 1,720 $ 2,628 $ 4,348 (1) This amount is representative of the interest expense recognized on the underlying hedged transactions. (2) This amount is representative of the interest expense recognized on the interest rate swaps and cross-currency swaps designated as cash flow hedging instruments.
Schedule of Notional Amounts of Outstanding Derivative Positions	The total notional balance of the Company’s pay-fixed/receive-variable interest rate swaps and cross-currency interest rate swaps was as follows (in thousands): Notional Amount as of Floating Rate Payer (Swap Counterparty) May 31, August 31, Union Bank $ 30,388 $ 31,344 Citibank N.A. 66,431 66,353 Scotiabank — 8,625 Total $ 96,819 $ 106,322
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table summarizes the effect of the fair value of interest rate swap and cross-currency interest rate swap derivative instruments that qualify for derivative hedge accounting and its associated tax effect on accumulated other comprehensive (income)/loss (in thousands): May 31, 2023 August 31, 2022 Derivatives designated as cash flow hedging instruments Balance Sheet Fair Net Tax Net Fair Net Tax Net Cross-currency interest rate swaps Other current assets $ — $ — $ — $ 2,736 $ (348) $ 2,388 Cross-currency interest rate swaps Other non-current assets 8,873 (3,105) 5,768 10,289 (4,559) 5,730 Cross-currency interest rate swaps Other current liabilities — — — (82) 25 (57) Cross-currency interest rate swaps Other long-term liabilities (1,164) 407 (757) — — — Interest rate swaps Other non-current assets 1,886 (416) 1,470 1,596 (6) 1,590 Net fair value of derivatives designated as hedging instruments $ 9,595 $ (3,114) $ 6,481 $ 14,539 $ (4,888) $ 9,651
Schedule of Open Non-Deliverable Forward Foreign Exchange Contract	The following table summarizes the non-deliverable forward foreign exchange contracts that are open as of May 31, 2023: Financial Derivative Subsidiary Dates Derivative Financial Total Notional Settlement Scotiabank Colpatria, S.A. Colombia 11-Jan-2023 - 27-Mar-2023 Forward foreign exchange contracts (USD) $ 4,500 8-Sep-2023 - 21-Dec-2023 Citibank, N.A. ("Citi") Colombia 18-Jan-2023 - 16-Mar-2023 Forward foreign exchange contracts (USD) $ 8,000 22-Jun-2023 - 16-Nov-2023

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
	May 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Revenues, Operating Costs and Balance Sheet Items	The following tables summarize by segment certain revenues, operating costs and balance sheet items (in thousands): United Central Caribbean Operations (1) Colombia Reconciling Items (2) Total Three Months Ended May 31, 2023 Revenue from external customers $ 6,347 $ 669,691 $ 316,201 $ 104,415 $ — $ 1,096,654 Intersegment revenues 368,675 7,343 1,527 1,318 (378,863) — Depreciation, Property and equipment 1,302 9,349 4,793 2,377 — 17,821 Operating income (loss) 4,066 46,023 21,184 2,961 (31,182) 43,052 Net income (loss) attributable to PriceSmart, Inc. 2,336 38,715 17,091 2,612 (31,182) 29,572 Capital expenditures, net — 24,384 6,850 12,423 — 43,657 Nine Months Ended May 31, 2023 Revenue from external customers $ 23,687 $ 1,992,980 $ 956,032 $ 320,950 $ — $ 3,293,649 Intersegment revenues 1,141,492 20,726 4,178 3,198 (1,169,594) — Depreciation, Property and equipment 4,158 27,073 14,216 7,052 — 52,499 Amortization, Intangibles 765 — — — — 765 Operating income (loss) 24,622 152,786 71,161 12,491 (108,681) 152,379 Net income (loss) attributable to PriceSmart, Inc. 9,440 127,163 56,799 9,103 (108,681) 93,824 Long-lived assets (other than deferred tax assets) 70,733 543,410 212,112 188,471 — 1,014,726 Goodwill 8,981 24,127 10,044 — — 43,152 Total assets 242,003 963,929 471,817 255,597 — 1,933,346 Capital expenditures, net 8,829 52,695 14,219 21,737 — 97,480 Three Months Ended May 31, 2022 Revenue from external customers $ 13,396 $ 599,132 $ 294,785 $ 123,497 $ — $ 1,030,810 Intersegment revenues 351,404 6,223 1,706 1,388 (360,721) — Depreciation, Property and equipment 1,355 8,688 4,408 2,718 — 17,169 Amortization, Intangibles 388 — — — — 388 Operating income (loss) 2,821 39,458 19,163 4,652 (32,332) 33,762 Net income (loss) attributable to PriceSmart, Inc. (442) 34,011 14,903 3,118 (32,332) 19,258 Capital expenditures, net 197 11,851 10,695 8,439 — 31,182 Nine Months Ended May 31, 2022 Revenue from external customers $ 36,102 $ 1,785,017 $ 860,953 $ 362,651 $ — $ 3,044,723 Intersegment revenues 1,138,283 16,251 4,483 2,989 (1,162,006) — Depreciation, Property and equipment 3,361 25,586 12,449 7,638 — 49,034 Amortization, Intangibles 1,224 — — — — 1,224 Operating income (loss) 17,377 128,889 60,796 17,154 (96,115) 128,101 Net income (loss) attributable to PriceSmart, Inc. 6,106 108,661 48,977 13,620 (96,134) 81,230 Long-lived assets (other than deferred tax assets) 71,475 494,086 218,365 186,630 — 970,556 Goodwill 8,982 24,316 10,049 — — 43,347 Total assets 201,571 844,844 478,008 267,340 — 1,791,763 Capital expenditures, net 3,404 37,902 32,742 24,524 — 98,572 As of August 31, 2022 Long-lived assets (other than deferred tax assets) $ 71,743 $ 498,204 $ 218,021 $ 175,194 $ — $ 963,162 Goodwill 8,981 24,250 10,072 — — 43,303 Investment in unconsolidated affiliates — 10,534 — — — 10,534 Total assets 230,411 867,898 474,411 235,680 — 1,808,400 (1) Management considers its club in the U.S. Virgin Islands to be part of its Caribbean operations. (2) The reconciling items reflect the amount eliminated on consolidation of intersegment transactions.

COMPANY OVERVIEW AND BASIS OF_2

COMPANY OVERVIEW AND BASIS OF PRESENTATION (Narrative) (Details)	12 Months Ended
	Aug. 31, 2023 warehouse	May 31, 2023 warehouse country
Company Overview And Basis Of Presentation [Line Items]
Number of stores		51
Ownership interest		100%
Scenario, Forecast
Company Overview And Basis Of Presentation [Line Items]
Number of stores	54
Number of stores expected in the future	3
Colombia
Company Overview And Basis Of Presentation [Line Items]
Number of stores		9
Costa Rica
Company Overview And Basis Of Presentation [Line Items]
Number of stores		8
Panama
Company Overview And Basis Of Presentation [Line Items]
Number of stores		7
Dominican Republic And Guatemala
Company Overview And Basis Of Presentation [Line Items]
Number of stores		5
Trinidad
Company Overview And Basis Of Presentation [Line Items]
Number of stores		4
Honduras
Company Overview And Basis Of Presentation [Line Items]
Number of stores		3
El Salvador
Company Overview And Basis Of Presentation [Line Items]
Number of stores		3
Nicaragua
Company Overview And Basis Of Presentation [Line Items]
Number of stores		2
Jamaica
Company Overview And Basis Of Presentation [Line Items]
Number of stores		2
Aruba
Company Overview And Basis Of Presentation [Line Items]
Number of stores		1
Barbados
Company Overview And Basis Of Presentation [Line Items]
Number of stores		1
United States Virgin Islands
Company Overview And Basis Of Presentation [Line Items]
Number of stores		1
Foreign Countries
Company Overview And Basis Of Presentation [Line Items]
Number of countries | country		12
Domestic Territories
Company Overview And Basis Of Presentation [Line Items]
Number of countries | country		1
Domestic Territories | United States
Company Overview And Basis Of Presentation [Line Items]
Number of countries | country		1

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Joint Ventures) (Details)	May 31, 2023
GolfPark Plaza, S.A.
Schedule of Equity Method Investments [Line Items]
Ownership	50%
Price Plaza Alajuela PPA, S.A.
Schedule of Equity Method Investments [Line Items]
Ownership	50%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Restricted Cash) (Details) - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
Cash and Cash Equivalents [Line Items]
Short-term restricted cash	$ 2,965	$ 3,013
Long-term restricted cash	10,739	10,650
Total restricted cash	13,704	$ 13,663
Certificates of Deposit
Cash and Cash Equivalents [Line Items]
Total restricted cash	$ 7,800

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Goodwill and Other Intangibles) (Narrative) (Details) - USD ($) $ in Millions	May 31, 2023	Aug. 31, 2022
Accounting Policies [Abstract]
Goodwill and other intangibles, net	$ 43.2	$ 43.3

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tax Receivables) (Narrative) (Details) $ in Thousands	3 Months Ended	9 Months Ended
	May 31, 2023 USD ($) country	May 31, 2023 USD ($) country	Aug. 31, 2022 USD ($)
Tax Receivables [Line Items]
Number of countries where method of computing minimum tax payments has changed | country		2
Income taxes receivable	$ 37,751	$ 37,751	$ 32,062
Value Added Tax Receivable, Writeoff	$ 2,300
Number of countries with significant VAT receivable balance | country	1	1
Two Countries
Tax Receivables [Line Items]
Income taxes receivable	$ 11,300	$ 11,300	11,000
Deferred tax assets, net	$ 3,600	$ 3,600	$ 3,500

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Value Added Tax Receivables) (Details) - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
Accounting Policies [Abstract]
Prepaid expenses and other current assets	$ 4,274	$ 3,890
Other non-current assets	33,613	32,460
Total amount of VAT receivables reported	$ 37,887	$ 36,350

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Income Tax Receivables) (Details) - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
Accounting Policies [Abstract]
Prepaid expenses and other current assets	$ 17,809	$ 12,077
Other non-current assets	19,942	19,985
Total amount of income tax receivables reported	$ 37,751	$ 32,062

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Stock Based Compensation) (Narrative) (Details)	9 Months Ended
	May 31, 2023 award
Accounting Policies [Abstract]
Number of types of equity awards issued	3

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Treasury Stock) (Narrative) (Details) shares in Thousands	9 Months Ended
	May 31, 2023 shares
Accounting Policies [Abstract]
Reissued treasury shares (in shares)	7

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fair Value Measurements) (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Accounting Policies [Abstract]
Non-financial asset impairment	$ 0	$ 0	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOU_13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Selling, General and Administrative) (Details) $ in Millions	1 Months Ended
	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
One-time separation charge	$ 7.7
One-time charge, net of tax	7.2
One time separation charge, non-cash charges	4.2
One-time separation charge, other separation costs	$ 3.5

SUMMARY OF SIGNIFICANT ACCOU_14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Related Party Transactions) (Details) $ in Millions	Feb. 03, 2023 USD ($)
Affiliated Entity | Chief Executive Officer
Related Party Transaction [Line Items]
Estimated compensation expense	$ 5.1

SUMMARY OF SIGNIFICANT ACCOU_15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Net Effect of Foreign Currency Translation) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Accounting Policies [Abstract]
Effect on other comprehensive income (loss) due to foreign currency translation	[1]	$ 15,285	$ (9,401)	$ 26,599	$ (15,119)
[1]Translation adjustments arising in translating the financial statements of a foreign entity have no effect on the income taxes of that foreign entity. They may, however, affect: (a) the amount, measured in the parent entity's reporting currency, of withholding taxes assessed on dividends paid to the parent entity and (b) the amount of taxes assessed on the parent entity by the government of its country. The Company has determined that the reinvestment of earnings of its foreign subsidiaries are indefinite because of the long-term nature of the Company's foreign investment plans. Therefore, deferred taxes are not provided for on translation adjustments related to non-remitted earnings of the Company's foreign subsidiaries.

SUMMARY OF SIGNIFICANT ACCOU_16

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Foreign Currency Gains (Losses)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Accounting Policies [Abstract]
Currency loss	$ (2,095)	$ (2,504)	$ (12,153)	$ (6,142)

REVENUE RECOGNITION (Narrative)

REVENUE RECOGNITION (Narrative) (Details)	9 Months Ended
	May 31, 2023 USD ($) country
Disaggregation of Revenue [Line Items]
Period where membership income is recognized ratably	12 months
Period where members can cancel membership	60 days
Period after which membership refunds are prorated over remaining term	60 days
Annual membership fee	$ 75
Platinum membership rebate (as percent)	2%
Maximum Platinum annual membership rebate	$ 500
Breakage revenue (as percent)	5%
Platinum membership recorded liability (as percent)	95%
Platinum membership redemption rate (as percent)	100%
Foreign Countries
Disaggregation of Revenue [Line Items]
Number of countries | country	12
Gift Card
Disaggregation of Revenue [Line Items]
Platinum membership redemption period	1 year

REVENUE RECOGNITION (Schedule o

REVENUE RECOGNITION (Schedule of Contract Performance Liabilities) (Details) - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
Deferred membership income
Disaggregation of Revenue [Line Items]
Contract Liabilities	$ 31,155	$ 28,000
Other contract performance liabilities
Disaggregation of Revenue [Line Items]
Contract Liabilities	$ 10,013	$ 10,473

REVENUE RECOGNITION (Schedule_2

REVENUE RECOGNITION (Schedule of Disaggregated Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	$ 1,096,654	$ 1,030,810	$ 3,293,649	$ 3,044,723
Net merchandise sales
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	1,070,263	999,011	3,211,725	2,954,950
Foods & Sundries
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	537,567	490,268	1,601,613	1,453,993
Fresh Foods
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	319,706	293,148	940,470	851,945
Hardlines
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	106,937	111,677	342,225	343,953
Softlines
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	54,947	57,322	175,736	172,355
Other Business
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	$ 51,106	$ 46,596	$ 151,681	$ 132,704

EARNINGS PER SHARE (Schedule of

EARNINGS PER SHARE (Schedule of the Computation of Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Earnings Per Share [Abstract]
Net income attributable to PriceSmart, Inc.	$ 29,572	$ 19,258	$ 93,824	$ 81,230
Less: Allocation of income to unvested stockholders	(456)	(312)	(1,098)	(869)
Net income attributable to PriceSmart, Inc. available for distribution	$ 29,116	$ 18,946	$ 92,726	$ 80,361
Basic weighted average shares outstanding (in shares)	30,800	30,615	30,752	30,582
Add dilutive effect of performance stock units (two-class method) (in shares)	29	14	18	6
Diluted average shares outstanding (in shares)	30,829	30,629	30,770	30,588
Basic net income per share (in dollars per share)	$ 0.95	$ 0.62	$ 3.02	$ 2.63
Diluted net income per share (in dollars per share)	$ 0.94	$ 0.62	$ 3.01	$ 2.63

STOCKHOLDERS' EQUITY (Schedule

STOCKHOLDERS' EQUITY (Schedule of Dividends) (Details) - $ / shares	Aug. 31, 2023	Feb. 28, 2023	Feb. 03, 2023	Aug. 31, 2022	Feb. 28, 2022	Feb. 03, 2022
Distribution Made to Limited Partner [Line Items]
Dividends declared (in dollars per share)			$ 0.92			$ 0.86
Cash paid (in dollars per share)		$ 0.46		$ 0.43	$ 0.43
Scenario, Forecast
Distribution Made to Limited Partner [Line Items]
Cash paid (in dollars per share)	$ 0.46

STOCKHOLDERS' EQUITY (Schedul_2

STOCKHOLDERS' EQUITY (Schedule of Components of Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	May 31, 2023	May 31, 2022	Aug. 31, 2022
Total
Beginning balance	$ 991,073	$ 916,214	$ 916,214
Ending balance	1,089,693	968,198	991,073
Total
Total
Beginning balance	(195,586)	(182,257)	(182,257)
Ending balance	(169,603)	(193,148)	(195,586)
Attributable to PriceSmart
Total
Beginning balance	(195,586)	(182,508)	(182,508)
Ending balance	(169,603)	(193,148)	(195,586)
Noncontrolling Interests
Total
Beginning balance	0	251	251
Ending balance	0	0	0
Foreign currency translation adjustments
Total
Other comprehensive income, before reclassification	26,599	(15,116)	(19,031)
Foreign currency translation adjustments, Parent
Total
Other comprehensive income, before reclassification	26,599	(15,119)	(19,034)
Foreign currency translation adjustments, Noncontrolling Interests
Total
Other comprehensive income, before reclassification	0	3	3
Defined benefit pension plan
Total
Other comprehensive income, before reclassification	30	140	(341)
Defined benefit pension plan, parent
Total
Other comprehensive income, before reclassification	30	140	(341)
Defined benefit pension plan, Noncontrolling Interests
Total
Other comprehensive income, before reclassification	0	0	0
Derivative Instruments
Total
Other comprehensive income, before reclassification	(646)	4,339	6,170
Derivative Instruments, Parent
Total
Other comprehensive income, before reclassification	(646)	4,339	6,170
Derivative Instruments, Noncontrolling Interests
Total
Other comprehensive income, before reclassification	$ 0	0	0
Amount reclassified from accumulated other comprehensive loss
Total
Amounts reclassified from accumulated other comprehensive loss			127
Amount reclassified from accumulated other comprehensive loss, Parent
Total
Amounts reclassified from accumulated other comprehensive loss			127
Amount reclassified from accumulated other comprehensive loss, Noncontrolling Interests
Total
Amounts reclassified from accumulated other comprehensive loss			0
Sale of Aeropost
Total
Amounts reclassified from accumulated other comprehensive loss		(254)	(254)
Sale of Aeropost, Parent
Total
Amounts reclassified from accumulated other comprehensive loss		0	0
Sale of Aeropost, Noncontrolling Interests
Total
Amounts reclassified from accumulated other comprehensive loss		$ (254)	$ (254)

STOCKHOLDERS' EQUITY (Schedul_3

STOCKHOLDERS' EQUITY (Schedule of Retained Earnings Not Available for Distribution) (Details) - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
Equity [Abstract]
Retained earnings not available for distribution	$ 9,102	$ 8,648

STOCKHOLDERS' EQUITY (Repurchas

STOCKHOLDERS' EQUITY (Repurchases of Common Stock) (Details) - USD ($)	3 Months Ended
	May 31, 2023	May 18, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase of treasury stock	0
Stock Buyback Program
Accumulated Other Comprehensive Income (Loss) [Line Items]
Authorized amount		$ 75,000,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Narrative) (Details)	9 Months Ended
	May 31, 2023 USD ($) agreement country	Oct. 17, 2022 USD ($)	Aug. 31, 2022 USD ($)	Aug. 05, 2022 USD ($)
Commitments And Contingencies [Line Items]
Accrual for taxes other than income taxes, current	$ 1,000,000		$ 1,100,000
Income taxes receivable	37,751,000		32,062,000
Contractual obligation	$ 9,100,000		16,500,000
Number of land purchase agreements | agreement	3
Purchase options, land	$ 9,200,000
Number of countries where method of computing minimum tax payments has changed | country	2
Two Countries
Commitments And Contingencies [Line Items]
Income taxes receivable	$ 11,300,000		11,000,000
Deferred tax assets, net	3,600,000		$ 3,500,000
Breached Stock Purchase Agreement Provisions
Commitments And Contingencies [Line Items]
Loss contingency, estimate of possible loss		$ 2,900,000
Misclassification Of Employee In Costa Rica
Commitments And Contingencies [Line Items]
Loss contingency, estimate of possible loss		4,000,000
Minimum | Breached Stock Purchase Agreement Provisions
Commitments And Contingencies [Line Items]
Loss contingency, estimate of possible loss		$ 3,000,000		$ 300,000
Proposed settlement	$ 750,000

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Schedule of Variable Interest Entities Maximum Loss Exposure) (Details) - USD ($) $ in Thousands	9 Months Ended
	May 31, 2023	Aug. 31, 2022
Variable Interest Entity [Line Items]
Initial ‎Investment	$ 6,809
Additional ‎Investments	3,638
Net Income (Loss) ‎Inception to ‎Date	24
Company’s ‎Variable ‎Interest ‎in Entity	10,471	$ 10,534
Commitment to Future Additional Investments	884
Company's Maximum Exposure to Loss in Entity	$ 11,355
GolfPark Plaza, S.A.
Variable Interest Entity [Line Items]
Percentage Ownership	50%
Initial ‎Investment	$ 4,616
Additional ‎Investments	2,402
Net Income (Loss) ‎Inception to ‎Date	(90)
Company’s ‎Variable ‎Interest ‎in Entity	6,928
Commitment to Future Additional Investments	99
Company's Maximum Exposure to Loss in Entity	$ 7,027
Price Plaza Alajuela PPA, S.A.
Variable Interest Entity [Line Items]
Percentage Ownership	50%
Initial ‎Investment	$ 2,193
Additional ‎Investments	1,236
Net Income (Loss) ‎Inception to ‎Date	114
Company’s ‎Variable ‎Interest ‎in Entity	3,543
Commitment to Future Additional Investments	785
Company's Maximum Exposure to Loss in Entity	$ 4,328

DEBT (Schedule of Short-Term Bo

DEBT (Schedule of Short-Term Borrowings) (Details) - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
Short-Term Debt [Line Items]
Total Amount of Facilities	$ 166,000	$ 166,000
Facilities Available	$ 155,502	$ 155,319
Weighted average interest rate	11.80%	5.30%
Committed
Short-Term Debt [Line Items]
Total Amount of Facilities	$ 75,000	$ 75,000
Facilities Available	$ 74,916	$ 74,927
Weighted average interest rate	0%	0%
Uncommitted
Short-Term Debt [Line Items]
Total Amount of Facilities	$ 91,000	$ 91,000
Facilities Available	$ 80,586	$ 80,392
Weighted average interest rate	11.90%	5.30%
Short-term Borrowings
Short-Term Debt [Line Items]
Facilities Used	$ 10,414	$ 10,608
Short-term Borrowings | Committed
Short-Term Debt [Line Items]
Facilities Used	0	0
Short-term Borrowings | Uncommitted
Short-Term Debt [Line Items]
Facilities Used	10,414	10,608
Letters of Credit
Short-Term Debt [Line Items]
Facilities Used	84	73
Letters of Credit | Committed
Short-Term Debt [Line Items]
Facilities Used	84	73
Letters of Credit | Uncommitted
Short-Term Debt [Line Items]
Facilities Used	$ 0	$ 0

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	May 31, 2023	Aug. 31, 2022
Debt Instrument [Line Items]
Total amount of facilities	$ 166,000	$ 166,000
Annual commitment fee	0.25%
Total	$ 144,388	137,271
Committed
Debt Instrument [Line Items]
Total amount of facilities	75,000
Group of Subsidiaries | Covenants
Debt Instrument [Line Items]
Total	$ 94,600	$ 110,700

DEBT (Schedule of Changes in Lo

DEBT (Schedule of Changes in Long-Term Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
	May 31, 2023	May 31, 2022	Aug. 31, 2022
Debt Instrument [Line Items]
Current ‎portion of ‎long-term debt	$ 33,715
Long-term debt (net of current portion)	103,556
Total	137,271
Proceeds from long-term debt incurred during the period:
Current portion of long-term debt	1,751
Long-term debt (net of current portion)	36,961
Total	38,712	$ 30,633
Repayments of long-term debt:
Current portion of long-term debt	(17,450)
Long-term debt (net of current portion)	(13,957)
Total	(31,407)	$ (17,804)
Reclassifications of long-term debt due in the next 12 months
Current portion of long-term debt	1,426
Long-term debt (net of current portion)	(1,426)
Total	0
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar
Current portion of long-term debt	315
Long-term debt (net of current portion)	(503)
Total	(188)
Current portion of long-term debt	19,757
Long-term debt (net of current portion)	124,631
Total	144,388
Non-cash Assets
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar
Collateral amount	160,900		$ 155,600
Cash Assets
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar
Collateral amount	3,900		$ 5,300
Guatemala subsidiary
Proceeds from long-term debt incurred during the period:
Current portion of long-term debt	0
Long-term debt (net of current portion)	12,454
Total	12,454
Barbados subsidiary
Proceeds from long-term debt incurred during the period:
Current portion of long-term debt	0
Long-term debt (net of current portion)	7,460
Total	7,460
Honduras subsidiary
Proceeds from long-term debt incurred during the period:
Current portion of long-term debt	1,001
Long-term debt (net of current portion)	12,797
Total	13,798
Trinidad subsidiary
Proceeds from long-term debt incurred during the period:
Current portion of long-term debt	750
Long-term debt (net of current portion)	4,250
Total	$ 5,000

DEBT (Schedule of Annual Maturi

DEBT (Schedule of Annual Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
Debt Disclosure [Abstract]
2024	$ 19,757
2025	37,049
2026	14,902
2027	39,160
2028	18,330
Thereafter	15,190
Total	$ 144,388	$ 137,271

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Interest Rate Derivatives) (Details) - Cash Flow Hedging	May 31, 2023 USD ($)
Colombia $10M Cross Currency Interest Rate Swap
Derivative [Line Items]
Initial ‎US$ ‎Notional ‎Amount	$ 10,000,000
Floating Leg ‎(swap ‎counter-party)	4%
Fixed Rate ‎for PSMT ‎Subsidiary	11.40%
Colombia $12.5M Cross Currency Interest Rate Swap
Derivative [Line Items]
Initial ‎US$ ‎Notional ‎Amount	$ 12,500,000
Floating Leg ‎(swap ‎counter-party)	3%
Fixed Rate ‎for PSMT ‎Subsidiary	10.35%
Colombia $10M Cross Currency Interest Rate Swap 1
Derivative [Line Items]
Initial ‎US$ ‎Notional ‎Amount	$ 10,000,000
Floating Leg ‎(swap ‎counter-party)	3%
Fixed Rate ‎for PSMT ‎Subsidiary	9.04%
Colombia $8M Cross Currency Interest Rate Swap
Derivative [Line Items]
Initial ‎US$ ‎Notional ‎Amount	$ 10,000,000
Floating Leg ‎(swap ‎counter-party)	3%
Fixed Rate ‎for PSMT ‎Subsidiary	8.40%
Colombia $25M Interest Rate Swap
Derivative [Line Items]
Initial ‎US$ ‎Notional ‎Amount	$ 7,875,000
Floating Leg ‎(swap ‎counter-party)	2.45%
Fixed Rate ‎for PSMT ‎Subsidiary	7.87%
Panama $15M Interest Rate Swap
Derivative [Line Items]
Initial ‎US$ ‎Notional ‎Amount	$ 25,000,000
Floating Leg ‎(swap ‎counter-party)	2.45%
Fixed Rate ‎for PSMT ‎Subsidiary	7.93%
Honduras $13.5M Cross Currency Interest Rate Swap
Derivative [Line Items]
Initial ‎US$ ‎Notional ‎Amount	$ 35,700,000
Floating Leg ‎(swap ‎counter-party)	1.70%
Fixed Rate ‎for PSMT ‎Subsidiary	3.65%

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Cash Flow Hedging Instruments) (Details) - Cash Flow Hedging - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Derivative [Line Items]
Interest expense	$ 1,318	$ 1,489	$ 4,285	$ 4,348
Interest expense on borrowings
Derivative [Line Items]
Interest expense	1,108	618	3,538	1,720
Cost of swaps
Derivative [Line Items]
Interest expense	$ 210	$ 871	$ 747	$ 2,628

DERIVATIVE INSTRUMENTS AND HE_5

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Notional Amounts of Outstanding Derivative Positions) (Details) - Cash Flow Hedging - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
Derivative [Line Items]
Derivative liability, notional amount	$ 96,819	$ 106,322
Union Bank
Derivative [Line Items]
Derivative liability, notional amount	30,388	31,344
Citibank N.A.
Derivative [Line Items]
Derivative liability, notional amount	66,431	66,353
Scotiabank
Derivative [Line Items]
Derivative liability, notional amount	$ 0	$ 8,625

DERIVATIVE INSTRUMENTS AND HE_6

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Details) - USD ($) $ in Thousands	May 31, 2023	Aug. 31, 2022
Derivative [Line Items]
Fair value of asset, noncurrent	$ 10,759	$ 11,884
Fair value, liabilities, current	(1,240)	(82)
Derivative liability, noncurrent	$ (1,164)	$ 0
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other non-current assets (includes $10,759 and $11,884 as of May 31, 2023 and August 31, 2022, respectively, for the fair value of derivative instruments)	Other non-current assets (includes $10,759 and $11,884 as of May 31, 2023 and August 31, 2022, respectively, for the fair value of derivative instruments)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued expenses and other current liabilities (includes $1,240 and $82 as of May 31, 2023 and August 31, 2022, respectively, for the fair value of derivative instruments)	Other accrued expenses and other current liabilities (includes $1,240 and $82 as of May 31, 2023 and August 31, 2022, respectively, for the fair value of derivative instruments)
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities (includes $1,164 and $0 for the fair value of derivative instruments and $9,416 and $8,440 for post-employment plans as of May 31, 2023 and August 31, 2022, respectively)	Other long-term liabilities (includes $1,164 and $0 for the fair value of derivative instruments and $9,416 and $8,440 for post-employment plans as of May 31, 2023 and August 31, 2022, respectively)
Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Fair ‎Value	$ 9,595	$ 14,539
Net Tax ‎Effect	(3,114)	(4,888)
Net ‎OCI	6,481	9,651
Cross-currency interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Fair value of asset, current	0	2,736
Net Tax ‎Effect	0	(348)
Net ‎OCI	0	2,388
Cross-currency interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Fair value of asset, noncurrent	8,873	10,289
Net Tax ‎Effect	(3,105)	(4,559)
Net ‎OCI	5,768	5,730
Cross-currency interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Fair value, liabilities, current	0	(82)
Net Tax ‎Effect	0	25
Net ‎OCI	0	(57)
Cross-currency interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Derivative liability, noncurrent	(1,164)	0
Net Tax ‎Effect	407	0
Net ‎OCI	(757)	0
Interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Fair value of asset, noncurrent	1,886	1,596
Net Tax ‎Effect	(416)	(6)
Net ‎OCI	$ 1,470	$ 1,590

DERIVATIVE INSTRUMENTS AND HE_7

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule Of Open Non-Deliverable Forward Foreign Exchange Contract) (Details) - Forward foreign exchange contracts - Not Designated as Hedging Instrument	May 31, 2023 USD ($)
Settlement Date At December 21,2023
Derivative [Line Items]
Notional Amount	$ 4,500,000
Settlement Date at November 16, 2023
Derivative [Line Items]
Notional Amount	$ 8,000,000

SEGMENTS (Narrative) (Details)

SEGMENTS (Narrative) (Details)	May 31, 2023 warehouse country
Segment Reporting Information [Line Items]
Number of stores | warehouse	51
Foreign Countries
Segment Reporting Information [Line Items]
Number of countries	12
Domestic Territories
Segment Reporting Information [Line Items]
Number of countries	1

SEGMENTS (Schedule of Segment R

SEGMENTS (Schedule of Segment Revenues, Operating Costs and Balance Sheet Items) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022	Aug. 31, 2022
Segment Reporting Information [Line Items]
Revenue from external customers	$ 1,096,654	$ 1,030,810	$ 3,293,649	$ 3,044,723
Depreciation, Property and equipment	17,821	17,169	52,499	49,034
Amortization, Intangibles		388	765	1,224
Operating income (loss)	43,052	33,762	152,379	128,101
Net income (loss) attributable to PriceSmart, Inc.	29,572	19,258	93,824	81,230
Long-lived assets (other than deferred tax assets)	1,014,726	970,556	1,014,726	970,556	$ 963,162
Goodwill	43,152	43,347	43,152	43,347	43,303
Total assets	1,933,346	1,791,763	1,933,346	1,791,763	1,808,400
Capital expenditures, net	43,657	31,182	97,480	98,572
Investment in unconsolidated affiliates					10,534
Operating segments | United ‎States ‎Operations
Segment Reporting Information [Line Items]
Revenue from external customers	6,347	13,396	23,687	36,102
Depreciation, Property and equipment	1,302	1,355	4,158	3,361
Amortization, Intangibles		388	765	1,224
Operating income (loss)	4,066	2,821	24,622	17,377
Net income (loss) attributable to PriceSmart, Inc.	2,336	(442)	9,440	6,106
Long-lived assets (other than deferred tax assets)	70,733	71,475	70,733	71,475	71,743
Goodwill	8,981	8,982	8,981	8,982	8,981
Total assets	242,003	201,571	242,003	201,571	230,411
Capital expenditures, net	0	197	8,829	3,404
Investment in unconsolidated affiliates					0
Operating segments | Central ‎American ‎Operations
Segment Reporting Information [Line Items]
Revenue from external customers	669,691	599,132	1,992,980	1,785,017
Depreciation, Property and equipment	9,349	8,688	27,073	25,586
Amortization, Intangibles		0	0	0
Operating income (loss)	46,023	39,458	152,786	128,889
Net income (loss) attributable to PriceSmart, Inc.	38,715	34,011	127,163	108,661
Long-lived assets (other than deferred tax assets)	543,410	494,086	543,410	494,086	498,204
Goodwill	24,127	24,316	24,127	24,316	24,250
Total assets	963,929	844,844	963,929	844,844	867,898
Capital expenditures, net	24,384	11,851	52,695	37,902
Investment in unconsolidated affiliates					10,534
Operating segments | Caribbean Operations
Segment Reporting Information [Line Items]
Revenue from external customers	316,201	294,785	956,032	860,953
Depreciation, Property and equipment	4,793	4,408	14,216	12,449
Amortization, Intangibles		0	0	0
Operating income (loss)	21,184	19,163	71,161	60,796
Net income (loss) attributable to PriceSmart, Inc.	17,091	14,903	56,799	48,977
Long-lived assets (other than deferred tax assets)	212,112	218,365	212,112	218,365	218,021
Goodwill	10,044	10,049	10,044	10,049	10,072
Total assets	471,817	478,008	471,817	478,008	474,411
Capital expenditures, net	6,850	10,695	14,219	32,742
Investment in unconsolidated affiliates					0
Operating segments | Colombia Operations
Segment Reporting Information [Line Items]
Revenue from external customers	104,415	123,497	320,950	362,651
Depreciation, Property and equipment	2,377	2,718	7,052	7,638
Amortization, Intangibles		0	0	0
Operating income (loss)	2,961	4,652	12,491	17,154
Net income (loss) attributable to PriceSmart, Inc.	2,612	3,118	9,103	13,620
Long-lived assets (other than deferred tax assets)	188,471	186,630	188,471	186,630	175,194
Goodwill	0	0	0	0	0
Total assets	255,597	267,340	255,597	267,340	235,680
Capital expenditures, net	12,423	8,439	21,737	24,524
Investment in unconsolidated affiliates					0
Intersegment revenues
Segment Reporting Information [Line Items]
Revenue from external customers	(378,863)	(360,721)	(1,169,594)	(1,162,006)
Intersegment revenues | United ‎States ‎Operations
Segment Reporting Information [Line Items]
Revenue from external customers	368,675	351,404	1,141,492	1,138,283
Intersegment revenues | Central ‎American ‎Operations
Segment Reporting Information [Line Items]
Revenue from external customers	7,343	6,223	20,726	16,251
Intersegment revenues | Caribbean Operations
Segment Reporting Information [Line Items]
Revenue from external customers	1,527	1,706	4,178	4,483
Intersegment revenues | Colombia Operations
Segment Reporting Information [Line Items]
Revenue from external customers	1,318	1,388	3,198	2,989
Reconciling Items
Segment Reporting Information [Line Items]
Revenue from external customers	0	0	0
Depreciation, Property and equipment	0	0	0	0
Amortization, Intangibles		0	0	0
Operating income (loss)	(31,182)	(32,332)	(108,681)	(96,115)
Net income (loss) attributable to PriceSmart, Inc.	(31,182)	(32,332)	(108,681)	(96,134)
Long-lived assets (other than deferred tax assets)	0	0	0	0	0
Goodwill	0	0	0	0	0
Total assets	0	0	0	0	0
Capital expenditures, net	$ 0	$ 0	$ 0	$ 0
Investment in unconsolidated affiliates					$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Jun. 05, 2023	May 31, 2023	Aug. 31, 2022
Subsequent Event [Line Items]
Right-of-use asset		$ 106,411	$ 111,810
GUATEMALA | Subsequent Event
Subsequent Event [Line Items]
Lease liability	$ 7,300
Right-of-use asset	$ 7,300