PSMT - Earnings call transcript Q1 2021

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Operator

Good morning or afternoon everyone, and welcome to PriceSmart Incorporated Earnings Release Conference Call for the First Fiscal Quarter of 2021, which ended on November 30, 2020. After remarks from our company's representatives, Sherry Bahrambeygui, Chief Executive Officer; and Michael McCleary, Chief Financial Officer, you will be given an opportunity to ask questions as time permits.

As a reminder, this conference call is limited to one hour and is being recorded today, Friday, January 8, 2021. A digital replay will be available following the conclusion of today's call through January 15, 2021, by dialing 1 (877) 344-7529 for domestic callers or 1 (412) 317-0088 for international callers, by entering replay access code 10149960.

For opening remarks, I would like to turn the call over to PriceSmart's Chief Financial Officer, Michael McCleary. sir. proceed Please

Michael McCleary

welcome first and PriceSmart call earnings Thank of to fiscal the quarter year for you the XXXX.

both our We will our which X, in in we that afternoon, were XXXX. XX-Q, be discussing earnings the press information released January yesterday provided release

find Investor website You where both at email for on sign also can up documents alerts. investors.pricesmart.com, our can Relations you

matters. statements As revenues of historical statements call, other a than plans, reminder, all anticipated are statements concerning forward-looking made and Company's on related this conference the fact,

the but limited All estimate maybe from current risks not with to other and results in containing that are forward-looking the SEC's www.sec.gov. today, words include, statements XXXX. detailed Form statements statements to should, Forward-looking this obligation January on most may, expect, website are on are These statements uncertainties of could the Company are filings and the cause on to, Report update made recent expectations call. accessible assumptions updated based materially, during believe, forward-looking at differ time-to-time. as risks subject including actual will, The Annual undertakes XX-K X, no the and which SEC, Company's and to expressions. similar These statements risks

PriceSmart's turn over will the Now, I Officer. to Chief Sherry call Bahrambeygui, Executive

Sherry Bahrambeygui

quarter at possible our commitment Thank the caused by with Never the They've philosophy that the to and the our than members to ongoing to pandemic consistently results. shopping to they pleased in has seen in right Merchandising discuss Year, members. New time, you Good unwavering right all you, hope important and This best and quantity, XX with right at challenges Despite team the in Six been we've and right Michael. to our an healthy. the merchandise We're occasion with right The first of business day, members the the our having the the over past kind everyone. the and employees of from strong the months, are condition I of and today. Rights Happy retail today experience. emphasizes are safety safe place, your families more right you before providing price. best risen

operational the led of is additional merchandise the sales to growth these in time the last vigilance to net year. merchandise to operation core Note as X.X% to comparable had compared execution of principles and same one ago what Our growth November discipline year in that we XX, us efficiencies net period. sales and has in compared club X.X% XXXX

a During fewer restrictions, prior compared relaxation the we sequential the hours on people club. lost COVID-related and the in but numbers of quarter, saw limitations gradual still of which club we to quarter, experienced to led days

held a which year's to very quarter, During was this last event, smart weekend our we successful. last across the program smart Caribbean to and all proved be of week expanded in markets

programs. and readily We members media to curated them items valuable share also ability marketing our our which with our enhanced and have our from insights digital strengthened grasp and engagement, efforts quickly exciting more social

mix efforts, of transactions prior hardlines and to great traffic changes over leadership the increased in-club to these in provide and in in anticipating number as a reacting we've suppliers, of been with result quarter. the to members with year, last did area of team Driven a working a part the and by demand. restructuring changes job merchandising and the our As the tremendous inventory able sequential versus our clubs the visit reasons

grew by were by and sporting XX%. electronics, hardlines which XX%; growth our As grew XX% this goods experienced by compared period the approximately a year during quarter. Leading result, category to small prior grew XX% sales the appliances growth

and cleaning ensuring respectively. of team side, XX% X%, our and food performed and liquor also departments well, has our growth, all done a job the fantastic grocery, buying XX%, beauty, On with health XX%

quarter we long infrastructure quality life In have attribute lead this at and choice program. the we've also for an beginning supporting In our time the this our to the local increasing demand, decision This products produce fresh of direct and in and we farm we these options healthier during part in offerings, of through important back and program departments, market. the also with food an to to grocery source the from high-quality This us is meet seasonal priority reduces effort see challenges social pandemic. our categories, of an our continue members. and scale in Now, invested shelf demand us. and that produce fresh for orders did costs while to farmers to our industry allows improves our

investments farm in our additional the market. past. have addition, produce table throughout distribution in to centers centers In this more to have allowed our open efficiently distribution to continue program to us and produce expand and quicker produce than we provide intend We

of seen we've lagged, foods omni-channel candy, of real most growth value across pandemic-related is of restrictions few of categories fresh our critical continued departments, our as on and impact efforts. A the proposition development Although juices. the building part some and a our such and snacks of offsetting

an markets X.X% all is net available at the Curbside XX members. & during the of alternative Click October, in Go and all quarter, August. of our in end delivery and up all our in service, Our clubs merchandise from curbside late our six our delivery important to we for expanded of is markets, represented of just pickup which sales

past Click sales. the a delivery of months, Over has total Go continued become to several larger portion & our

and Our well grocery, platform. departments e-commerce cleaning on our and have done beauty health

available the to We selection our build expanded intend number inventory offer purchase to in items an grow online to online to what's of active and beyond available the continue we clubs.

favorably done sign-ups shoppers memberships. their were are In QX of all XX% addition, new our for responding platform in online online. to

to renewal opportunity acquisition membership auto Overtime, and the of and lead that renewals having and auto more we benefits provides payment. that efficient online for important renewal. of it expect One this sign-ups a this will is the

communication time. enhancements to technology in inbound The business investments merchandising and membership to operate optimal software important Our and this environment. capability an in That's better our in decisions quickly. required and also our and us make systems allow with information business allow and us channels real especially to feedback and use outbound valuable data to

the Turning challenges tremendous our pleasure to supply visiting despite have team chain and the continued just faced. inventory, I our to has the I center of job distribution recognize want the done we and Christmas Miami, secure Year's, the we're at between committed hard as alternatives, What and in has done to point Eta against out running of in workers week to work to slowdown Due of possible. were they some team and shipping as smoothly Asia, ensuring in and the devastating in had flow Central minimize is hedge in many the out significant remarkable. key of some seen items at categories we currency stock volatility container and Iota. including quality, we've local sourcing to to the surge the hurricanes discussed, America in of New we've supply origin shortages due demand

to work to high-quality inventory through be and identify continue to needed. able We these alternatives and challenges expect as develop local

to offering expanded the chain areas year tablets this we average have Especially more We our our were products. prior to with high-quality has in is and ever appreciated management. level first SKU given and lower our same by impact club versus of high-quality, of quarter, discipline a continue an $XXX,XXX be We've that approximately inventory reduce average quarter. optionality given club Increased focus and increase to televisions. Markdowns comparable the per on go per as offer value nonfood helped of such the order quarter spoilage. will also our in in-country management area, merchandise significantly inventory was inventory last continue in member year, our our many We the selection merchandise prices the in able less label proven label at quarter place to focus to centers. in laptops, our to of disruption to the clean, high-value risk. compared same terms our brand far private those as ability were for we markets this the mitigate of period significantly and competitors categories less distribution source than weren't our This markets. supply last during Private

number XXXX Now year accounts membership, year the of prior comparable quarter turning period. during first total the to of our compared fiscal membership X.X% when to decreased

saw our XXXX, membership XX, in in-club August since increase X.X% as we just accounts a traffic However, improved.

periods Our to Colombia membership their trailing XX-month November XX, and Central largest the respectively. the and renewal the had traffic XXXX, slowed renew ended due down. Historically, November and Caribbean. has rate XXXX, by XX, for decline, followed membership register XX.X% America was and the pandemic, would XX.X% members at our percentage the

XX encouraging an opened We're have prices as family we're to membership with the our and centers exempt low of eased excellent year. our value from trailing of at the the by has from approximately end August, renewals noted of completed quarter, includes renewal track rate However, end of no XX-month increase charge online. as of the this and up and XX three of up of on quarters XX.X% in optical the significantly of optical August improved at And on fiscal having up. restrictions membership we've the with clubs members end rollout in before, for membership four locations for vision the The products. our sign-ups at seen the end through enhancing membership optical XX.X%

members' we way. membership services a further As an to provide enhance and for that fundamental in PriceSmart value opportunity us relationship strengthen believe well-being members, to seeks to enhance life the attend our quality of our additional for our

vigilant of can us This in cleanliness our leaders proud focused I'm market. deepened that the you And of we've trust been also high members. measures our precautionary view, and As maintained in highlighted experience. member it's my quite have to and on safety. standards see, as has we're say about

year over ago, a remotely Usaquen and On to is of opening construction sales The safely to we City, time and ago of was which of Bogotá a local to leadership or our we second heart in recently, couple expected in fall month for growth, market, real two and provide support activities. believe one open suburb our of in drive international and of estate the presence Cristobal to ago. opening successful teams open We're of plans X, of is poised strategically important the convenience fifth Kingston, about in a has club our these our Now in I'd this potential for club located Portmore, San members of club. cloud XXXX; be a like strengthen announced the that locations, and grand in and a This a populated a fourth Also potential. new will both the clubs, were our other give and opening executives new excited a the significant expected pandemic the just of follows update that our the of our XXXX. little this began club. December able spring area warehouse to the densely team Guatemala effectively and Guatemala, to the market brief in celebrated build in weeks since just our we about greater Guatemala warehouse Usaquen Jamaica,

before, As merchandise comparable new initially I've adversely our impact are noted sales. likely club net openings to

as $XXX.X today. such for presence club Net better run, potential, a a or long However, and negative opportunities December impact ago sales I'd members. moment we experience our an like markets with openings with merchandise now $XX.X in in to by greater sales the growth when new earlier and forward believe X.X% were leveraging on a spend a we that our million. cases, increase FX of merchandise we'll services, X.X% sales growth of versus year of shopping released million, our in for these expansion incremental move net membership, provides way prominence that and in

of For negative were weeks net decreased a the with Colombia merchandise in weekend December by FX comparable restrictions club well as as impact days X.X%. four Panama as over X.X% impacted December Christmas Panama have additional mobility risen. return XXXX, closure a in rates sales of and ended XX, to sales infection

that we've results QX sales in will a strong and we're particularly to taken in for In dollar actions considering few operating due Michael in minutes. more liquidity, saw we environment posted Trinidad and about closing, response December, discuss We the in. U.S. current year-over-year to decline also

patterns and Rights to hurricanes ranging we has ways and this lockdowns during Our foreign past team the commitment capabilities to future. to this crisis challenges thing sustainable from we priorities believe past. and react serve to to expectations. shortages and find currency we the to We Six of is shown refocusing members' team evolve. into the are the and meet quarter And and season. the look have the members, which to on our even has We challenges a know will The holiday our really know-how, to our the rise carry and the risen encounter inspired Considering anticipate, forward future consumption after immediate members' to our better container will fluctuations, this us and these efforts new pandemic is continue

turn positioned for team over that forward, responsibility the XX,XXX of and and resolve on call of loyal talent, over lot members stellar their the markets services. and into our to and count the sincerely to take who we depend source goods credit Michael. have business well we and propel that us in And and Thank hard this performance. to I'll our We trusted a A commitment to heart. especially times we now wonderful company, to We're really I you the members like who thank on us, employees of as is have of families serve this. our

Michael McCleary

Thank joining afternoon to you, for us everyone, thanks or Good and morning Sherry. today.

I begin, and team for to like thank their season. to past members holiday this this take I selflessness also would opportunity quarter during efforts Before and our tremendous

and net and $XXX.X determination. results the hard X.X% Total for revenues and respectively, representing were reflection over million work are prior respectively. Our the merchandise period, million, of quarter increases a comparable $XXX.X sales that year and of X.X%

opened a compared the fiscal this June to quarter we the of in we warehouse quarter As at end warehouse ended clubs including with first Liberia the in XX reminder, XXXX. club of XX clubs XXXX,

XXXX. growth weeks November sales merchandise XX net ended X.X% comparable XX, the for Our was

net had or three since on decrease both including million end, fluctuations where merchandise in XXXX, X.X% impact segment we a sales. X.X% XX merchandise net October net of clubs Central basis net sales points. negative approximately comparable XXX merchandise comparable currency with $XX a By opened at sales had in and quarter Foreign increased merchandise America,

XX foreign clubs basis impact Trinidad comparable growth. from growth region from total Nicaragua the quarter. points Republic quarter to prior Salvador contributing through in that Cologne the basis point the of decrease XX.X%, by compared This this in the Caribbean Panama, Costa with in the Rica both recent net the impact Caribbean pandemic XXX growth sales basis showed sales our region, the prior countries grew a end, to the compared in well Republic. the where COVID-XX Rica period comparable during in out the quarter, El total markets current points coming with positive country we sales period experienced during sales Costa the in comparable the in merchandise had sales and two Dominican contributed hurricanes most In period versus Honduras, despite devaluation X.X%. and Up total of and significant Guatemala. and XXX merchandise currency markets year, year resulted the prior performed Dominican devaluation net at Our approximately comparable to despite net Guatemala to the merchandise of from comparable Most openings same when in Panama the in quarter our double-digit the markets decreases the transfers sales was contribution hit that and and year. club sales XXX

However, I sales would during to very in dollars note like Trinidad the in were we dollars. Trinidad, converting challenges are to although continuing that U.S. to quarter, experience strong

goods quarter, we Trinidad. the to U.S. a As first the began of limiting from during shipments result,

We sales, to Therefore, of shipments the million December second imported limiting exchange quarter other ability merchandise. estimated reduction will not Trinidad in dollars and our during mix quantity in continue in our by the line to impact $XX our to currently this second shipments plan usual or impact and their sales the currencies. million. seeing negatively from XXXX. in increase believe is already are Trinidad We to we carrying $XX club Trinidad U.S. expect of to our merchandise with We decrease an quarter in fiscal or hard fiscal Trinidad

sales challenge shifting certain ticket X.X% comparable to and such also comparable impact growth the in locally In at to increase to Colombia of currency exports merchandise compared prior primary merchandise year net COVID-XX seven restrictions the sales devaluation of of are prior is where an positive we and net we and buying quarter, in continues clubs Colombia our The a warehouse opened Trinidad, seeking in increased to of and to year fewer locally dollar the to such Currency impact, be X.X%, had approaches goods our significant use currency as purchase total to led we to sources are as period. seeking Colombia, members driver However, to effort XX.X%, our opportunities basis foreign by respectively there. the quarter. trips period was U.S. increase local negative other actively sourced items. comparable exposure of and reduce compared mitigate as the Colombia, clubs impact and in net produced to three-month more on approximately sales XX.X% goods increased during but the different total merchandise managing points XXX in of Average contributing merchandise of the employing for sourcing sales. the net

to our and premium in XX offset same from took total particular, A XXX sales point driven pricing XXX at total point improvement margin have risks. last a foreign net certain In we actions the increase in margins, primarily a by basis exchange XX.X%, was Trinidad gross increase Turning on basis gross implemented basis year. came a imported items. to we costs quarter point U.S. over merchandise currency on liquidity

operations period last and in merchandising increased management. XXX increase points points result XX margin Total offset the and sales of percentage from Selling, points revenues, higher and decreased quarter margins export year. same total Warehouse general basis ratios total, points XXX XX million The points margins expenses but expenses the revenue, and markets. warehouse same an This The of increase higher that and year, margins points, club came basis basis points expenses compared versus result as overall XX.X% operations our lower the is a basis period primarily revenue $X.X administrative I business. to consolidated of as increased other total basis total contributed XX from our of revenue business total mentioned basis decline. club of other points all gross and expenses year. basis XX last our and XX of XX% across basis marketplace were the of General is focused the revenue lower expense points quarter more of of income SG&A of of for decrease a to percentage a total administrative of previously inventory contributed prior In from versus growth. Trinidad the strategies improvement basis a a the XX by XX of result casillero our other decrease the revenue dollars as leveraging from of revenue. partially membership the from the

and However, quarter, a and short-term to Other of COVID-XX our for capital the same fund was reflects as reserves convert first interest increase of our due average efforts period. Net projects of our income point part of in expenses to expense cash. merchandise related net tradable dollars construction other last lines or Jamaican to of margin, total the X.X% dollar to prior support from year sales to to $X.X of basis increase million new of currencies, period U.S. revenue loan Trinidad talent cost balances and expenses we million secure long-term leveraging compared Operating Portmore SG&A due revenue the over total cash and strengthening fiscal the make points the to our of credit in downs technology designated primarily XXXX year. primarily quarter on This $XX.X of for XX the first comparable higher to $X.X basis a XXX draw the into X.X% total or continue dollar-denominated are Club. development. revenue investments fund due increased our $XX.X to primarily million our million to from

XXXX last quarter a ago. QX we of tax year rate year in would year the fiscal came fiscal for that fourth be XXXX and tax XX.X% at slightly XX%. effective full versus higher rate fiscal XXXX XX.X% call, our effective our In conference than Our estimated

share strong fiscal period. diluted However, $X.XX year QX XXXX for due or million was to expect comparable quarter to $XX.X in tax share full million approximately prior year income we $XX.X now the XXXX rate per results, $X.XX or fiscal first the XX%. compared of the our diluted be to effective Net per

in decreases in equivalents net the during an and Our extension during same our ago. balance initial cash that is remains pre-COVID It very cash quarter fiscal net due $XX.X with revert extended cash as from a vendor XXXX. We terms $XX.X negotiated period versus activities will COVID working year continue million primarily of increase terms provided the the many ended of terms flow temporary operating the by quarter. shift $XXX.X totaling part second of restricted the was sheet and to our million million, expiring cash, strong. third capital perspective, vendor to these quarters a response From cash note to cash of as of began to important to used

dollars actively by convert hand, as U.S. expenditures. million those on is result The allows cash availability in by we of for primarily vendor by increase work of cash cash due used financing used revisit while the from a in the experience to deposit instruction permanent activities increased Trinidad change to Net certificates activity basis. dollars a Trinidad year, into investments we long of an decrease and investing extensions the short-term provided the $XX.X prior less Our provided more $X.X terms proceeds in net in borrowings. with in has to compared to offset to on temporary term have opportunity primarily million

to position any We cash continue to changes and be circumstances. vigilant in about our sensitive

and we our in the context, completely In to we to uncertainty the to our this remaining credit, duration lines about we remains which of pay operations very Rights down successfully continuing this digitally omni-channel currently response fiscal our Merchandising that in of COVID-XX while short-term pandemic, during talent, third expect with believe While We strong and of also pleased and To markets part platform the enabled to the has the continue investments of up, our to and real commitment some invest ability quarters estate have we initial positioned our the XXXX. wrap of are access in second Six confidence fiscal future. are well start as The we us extent our in future. our year. our making for

for addition, strong, In members our growth, which sales future stockholders balance your you providing and support that solid to believe of sheet, may we for benefit take alike. foundation callers We liquidity and take a questions. uncertainty. we remains the turn call over now continued your the our cash will flow success. times these Operator, operator path right questions. the and are during driving on same-store to will for our you all I believe now Thank

Operator

from Instructions] comes question [Operator Echagary begin session. Rodrigo first today Our question-and-answer We with will the now Scotiabank.

Rodrigo Echagaray

in results. Happy thoughts and you be New I context margin on December drivers same-store sales, the in And the December go main sustainable you know also touched previous sales in quarter on expansion that the of can Year how but any on the over would December? gross of congrats sales, please?

Sherry Bahrambeygui

season I were a impacted no as Year, think it's that against clubs December sales is also to we've same-store New the the sales remember mentioned that holiday Rodrigo. additional that we last important clubs. December from Happy Well, had before, comping And by were COVID. existing this where was there fact sales, December transferring

And pandemic a lot we sales may shifted on have what something do during more when discretionary came So essentials first is we back that items about, degree. felt seasonal did did cut this to to some and did season, some their would of had to that with we it. be that people impact and we some focus as think the holiday

best terms provide try to and continue can the of find our the always and we member eliminate that so process possible. to the to effort value reduce In is the in inefficiencies the margin, them to them

Our it's of it, margins, business. to a to when you about specific difficult assign areas think all margin our

for can cost, understand, better that at and structure. structure. a other might And to you efforts a we we're provide business more but As example, has services so to members integrate doing that require source a and our higher-margin lower merchandise our different quality margin vertically

the different our business mandate for become the more pricing, the terms and margin we better to more structure our areas value ways services source may and continually and to is vary find while So dynamic better of among our member as drive for better possible members. merchandise, better the in of best entrepreneurial materials,

Rodrigo Echagaray

Got it.

other change makes guess So related to important like sounds it's me. in which a efforts, structural that definitely the to I be it direction. seem is very the question which to distribution in-country sense and

many more up? in centers think we XX do foresee Just I Florida? foresee you distribution -- if wondering shaping platform road, what's inventory held and in-country down having the years about the being how a you in do distribution lower mean, the whole

Sherry Bahrambeygui

distribution when various multiple imports flow, involved. and times to markets often. one. of come of be more lead it in-country most risk one for us Miami, centers direct. would we that longer go as there's gain distribution direction markets, come allows of And a go and We leverage number By China having optionality still and believe through having us centers our will Previously, reasons. tremendous there's That's when our and that benefits provides from basically it from concentration throughout in gives

that support efforts exciting to shared to The vertically our able items quality can be and source amongst be we're to and private other integrate then our more opportunities our merchandise, label to merchandise, unique markets more markets. our is expand finding in and different and that to curate

times trying and get every efficient. club, our each benefit to to hold as to to provide to retail having opportunity merchandise distribution and with them an closer pulse exact merchandise opposed does it thread into the the And and and so to also ability is directed amount lead a more the us clubs the the and long centers needle right for operations certainly be

structure the as distribution our a having benefits basically So, we've And in we markets. there's part various that benefits the expanding see regional online among significant of then these got it centers. some which presence distribution also more from in decentralizing center and our way well,

Rodrigo Echagaray

was so that that exactly sense from makes more question my Yes, that as perspective. well

Sherry Bahrambeygui

Yes, right.

Rodrigo Echagaray

Great, congrats well, Year results. on New Happy the that's you. end. my it Thank and

Sherry Bahrambeygui

Rodrigo. you, Year too. you Happy New Thank to

Operator

Braatz question Capital. with next comes Kansas from Our Jon City

Jon Braatz

Looking Michael, the quarter asset million. net position at the position of -- asset at Trinidad, $X.X monetary end was your fourth

it liability to if but you increasing sounds to million. you're went monetary for risk. of at in the you're sales, compensate additional prices what you're net strategy, You doing a $XX.X look Trinidad, And your like limiting

would strategy, net monetary or it the your that increase the quarters subsequent liability position same? Given about stay would in

Michael McCleary

yes, within, level able exports liability U.S., what saying that toward range, because equation a be that to in good We're from sales start perfect extent limiting Trinidad. question. we're liability people to I'd items. a into more to local say range. we're Trinidad the Actually, we're of but reasonable convert not I goods within essentially exports that the which Jon, balance the like into trying in U.S. there. trying wouldn't as as pricing we're would limit things to certainly quality should regional and far our doing But maintain and orders. let's think, trying We manage our I to a itself, within liability generally with that's, say, a best and do with philosophy. like as the generally, It's as are out defies that the around that, a because long U.S. to it right, we're generate complies line

Jon Braatz

Okay.

the might in energy would improve With a is that being energy the think tied situation -- you situation heavily the the with country little bit markets strengthening to sector? Trinidad

Michael McCleary

energy of number There's several they levels energy sector of in. one that of their that's source participate different U.S. dollars is the Certainly, sector.

And export to other Trinidad, sell in definitely help. our and prices I dollars U.S. U.S. the in energy definitely so our the of we Trinidad that in rising able should in clubs. time, dollar mentioned, buy us and yes, ability but to if can rising out markets them import merchandise as sector more also -- consumption and sell dollars good we're At to export gives same looking to into increase to be

Jon Braatz

Yes. Yes.

Okay.

that your up, basis improvement Trinidad for was that gross overall to gross in about points the said accounted On front you margin margin. about related XX

would in related it place to strategy Trinidad? your in in you the actions consolidated the expect continue margins bump a to gross way With is,

Michael McCleary

mean but time, at risk we price of charging premium, kind we model facing ahead I the faced to haven't obviously we're it. one be of Yes. to same anathema generally, a that was to prudent it this here business also thought But it's the before.

that long hopefully, this foreseeable premium it component the resolving it go to So we a would to for because call it we as up situations to would extent down, out we ends foresee future as situation and start itself, as the do hope was all set. important but these thought that and

Jon Braatz

some you there Okay, in Sherry, of hours things additional if we that New changed it December, worsened were things lockdowns, your restricted Year? that to and operation. one the Has you at question. or last Have as all? mentioned want call moved improved into

Sherry Bahrambeygui

cases, additional a of It result varies a are from additional, rising but we restrictions. market seeing as market, to

for from we're especially and For people a holidays any Year's spread. of people home, couple example, have because rapid and governments concerned our of that been the large markets restricted keeping circulation, gatherings and about whole weekend, New Christmas

So, members. here resolved for not it's not utilize to we see there, and prepared get and this and resolved an certainly, dynamic. of dynamic be ways ongoing that shopping have just different merchandise to to still it's so our we But ongoing as modes alternative an it's our

Jon Braatz

it been Okay. Is Panama impacted most? more the has Colombia and that

Sherry Bahrambeygui

the we've That's it where seen most.

Operator

over call turn like the question-and-answer Bahrambeygui our for remarks. to Sherry concludes I'd closing This session, to any and back

Sherry Bahrambeygui

Just company everybody our so the for our to especially have employees and other of a members, to good to our who thank and everyone really taking start tremendous care thank New each demonstrated a commitment and steadfast to commitment to wishing wanted to your most Year.

Operator

The now presentation. Thank attending conference concluded. has you for today's

You may now disconnect.

PriceSmart (PSMT) 8 Jan 212021 Q1 Earnings call transcript