Latest news with #Guatemala
Yahoo
18 hours ago
- Business
- Yahoo
Pricesmart Inc (PSMT) Q3 2025 Earnings Call Highlights: Strong Sales Growth and Strategic ...
Release Date: July 14, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Pricesmart Inc (NASDAQ:PSMT) reported strong third-quarter results with net merchandise sales reaching almost $1.3 billion, an 8% increase from the previous year. The company plans to expand its footprint with new warehouse clubs in Costa Rica, Guatemala, and the Dominican Republic, indicating growth potential. Digital channel sales saw a significant increase of 19.8% year-over-year, representing 6.1% of total net merchandise sales. Membership accounts grew by 5.1% to almost 2 million, with a high renewal rate of 88%, reflecting strong customer loyalty. The company is investing in logistics and distribution infrastructure, including new distribution centers in Guatemala, Trinidad, and the Dominican Republic, to improve efficiency and reduce costs. Pricesmart Inc (NASDAQ:PSMT) faced technical difficulties during the earnings call, which may have impacted the clarity of communication with investors. The company reported a $7.2 million net loss in total other expenses, primarily due to unrealized losses in foreign currency valuations. SG&A expenses increased to 13.2% of total revenues, up from 13% the previous year, driven by planned technology investments. The company continues to face challenges with currency convertibility in Trinidad, affecting liquidity and financial operations. Despite strong sales growth, the average price per item remained flat year-over-year, which could indicate pricing pressures. Q: Michael, regarding your Trinidad funding plans discussed in the 10Q, how will this help solve the convertibility issue in Trinidad, and what impact do you foresee on the P&L and liquidity premium? Also, does the Trinidad-Jamaica transaction generate additional currency issues? A: The Trinidad funding involves several components, including a $15 million US dollar loan repayable in Trinidad dollars, which directly addresses our Trinidad payables. The remaining $50 million is indexed to US dollars, minimizing additional currency exposure. This funding is a tool to manage our imported merchandise costs, as about half of our merchandise in Trinidad is imported. We are also evaluating the impact of FX premiums on pricing to ensure minimal impact on member pricing. Q: Can you share the strategic decision-making process behind considering Chile for future openings, and how do you view the potential of this market? Are you open to other opportunities in the region? A: Chile was considered due to its strong middle class, stable government, and favorable trade relations with the US. The market potential is promising, with a GDP similar to Colombia but a smaller population, indicating a stronger middle class. While we are not actively studying other markets in Latin America, we remain open to assessing new opportunities as they arise. Q: How does the Trinidad financing arrangement affect your liquidity situation, and what are the specifics of the $65 million financing? A: The $65 million financing includes $15 million in US dollars, repayable in Trinidad dollars, providing a clear path for currency conversion. The remaining $50 million is primarily in US dollars, with some tied to Jamaican dollars but indexed to US dollars, avoiding third-currency volatility. This arrangement helps manage our US dollar vendor payments and spreads conversion over several years. Q: What are the potential impacts of the Trinidad financing on member pricing, considering FX premiums? A: We constantly evaluate FX premiums to minimize their impact on member pricing. Our goal is to ensure that these costs do not adversely affect our members, and we are incorporating these considerations into our pricing strategies for the upcoming year. Q: Could you elaborate on the potential for PriceSmart in Chile and how it compares to other markets? A: Chile offers a strong middle class and stable economic environment, making it an attractive market. With a GDP similar to Colombia but a smaller population, the potential for PriceSmart is significant, particularly in Santiago and secondary cities. We believe this market could be very beneficial for us as we continue to assess its potential. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Washington Post
3 days ago
- General
- Washington Post
Horse racing depends on immigrants who are suddenly working in fear
The modern backbone of an ancient sport quivers and quakes amid a relentless fear hovering at the barns of American horse tracks. The fear, almost like some smothering yet invisible blanket, howls at wake-up, lingers through the rigors in the stables and harasses eyelids at bedtime. The backbone, the laborers from Mexico and Guatemala and other lands who feed, water, walk, wash, massage, sustain, coddle and converse with the racehorses, finds the fear even in periphery: 'Like if you [dropped] something over there' and it made a noise, one laborer said through an interpreter while pointing across a room, 'you're scared of what you might see [next].'
Yahoo
4 days ago
- Yahoo
Five men lynched in Guatemala after allegations of theft after quake
Five men have been lynched after rural community members accused them of robbing damaged homes following an earthquake that struck Guatemala and caused widespread damage. Police spokesperson Cesar Mateo told the AFP news agency on Friday night that the men were accused of using the dark of the night to break into homes following the tremors, which led people to sleep in shelters or with relatives. 'While it's true that robbery is illegal, lynching is also a crime,' Mateo said. Guatemala's Ministry of the Interior said residents of Santa Maria de Jesus municipality searched for the men late on Thursday and then blocked authorities who tried to detain and take them away. Residents beat the men with sticks and stones and then burned them in the community, which lies in the Sacatepequez department southwest of the capital. Santa Maria de Jesus was the worst-affected area by the earthquake that created tremors of up to 5.7 magnitude. At least seven people were killed across Guatemala after Tuesday's earthquake. Vigilante violence is a recurrent response to criminals who are not prosecuted in Guatemala. According to a local civil society organisation, between 2008 and 2020, vigilante justice left 361 people dead and 1,396 injured in the country. The earthquake left Santa Maria de Jesus, home to an Indigenous Mayan community, without power, while access to roads was cut off by landslides. The government flew in humanitarian aid to Santa Maria de Jesus to help residents. The disaster coordination agency, Conred, which has been evaluating the level of damage in affected areas, said a delivery of solar lamps, buckets, mats, mosquito nets, blankets and kitchen kits has been received from the United Nations refugee agency (UNHCR). In a separate statement on Friday, the agency said it was continuing to assist, including the 'mobilisation and delivery of humanitarian aid' to parts of the country.
Al Jazeera
5 days ago
- Al Jazeera
Five men lynched in Guatemala after allegations of theft after quake
Five men have been lynched after rural community members accused them of robbing damaged homes following an earthquake that struck Guatemala and caused widespread damage. Police spokesperson Cesar Mateo told the AFP news agency on Friday night that the men were accused of using the dark of the night to break into homes following the tremors, which led people to sleep in shelters or with relatives. 'While it's true that robbery is illegal, lynching is also a crime,' Mateo said. Guatemala's Ministry of the Interior said residents of Santa Maria de Jesus municipality searched for the men late on Thursday and then blocked authorities who tried to detain and take them away. Residents beat the men with sticks and stones and then burned them in the community, which lies in the Sacatepequez department southwest of the capital. Santa Maria de Jesus was the worst-affected area by the earthquake that created tremors of up to 5.7 magnitude. At least seven people were killed across Guatemala after Tuesday's earthquake. Vigilante violence is a recurrent response to criminals who are not prosecuted in Guatemala. According to a local civil society organisation, between 2008 and 2020, vigilante justice left 361 people dead and 1,396 injured in the country. The earthquake left Santa Maria de Jesus, home to an Indigenous Mayan community, without power, while access to roads was cut off by landslides. The government flew in humanitarian aid to Santa Maria de Jesus to help residents. The disaster coordination agency, Conred, which has been evaluating the level of damage in affected areas, said a delivery of solar lamps, buckets, mats, mosquito nets, blankets and kitchen kits has been received from the United Nations refugee agency (UNHCR). In a separate statement on Friday, the agency said it was continuing to assist, including the 'mobilisation and delivery of humanitarian aid' to parts of the country.
Washington Post
5 days ago
- Washington Post
Guatemalan villagers lynch 5 men accused of robbing homes after earthquakes
GUATEMALA CITY — Members of a rural community in Guatemala hard hit by this week's earthquakes lynched five men they accused of robbing damaged homes, authorities said Friday. Guatemala's Interior Ministry said that residents of Santa Maria de Jesus organized themselves to search for the men and then blocked authorities who tried to detain and take them away.
