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Caribbean kind to PriceSmart’s April results

BY CSA STAFF

SAN DIEGO, Calif. — The sun shined favorably this month on PriceSmart, which operates 31 warehouse clubs in 12 countries and one U.S. territory.

For the month of April 2013 net sales increased 11% to $176 million from $159 million in April a year earlier. For the eight months ended April 30, net sales increased 11% to $1,484 million from $1,337 million for the eight months ended April a year earlier. There were 30 warehouse clubs in operation at the end of April 2013 and 29 warehouse clubs in operation at the end of April 2012.

For the four-week period ended April 28, 2013 comparable sales for the 29 warehouse clubs open at least 13.5 full months increased 10%, compared to the four-week period last year. For the 34-week period ended April 28, 2013 comparable warehouse sales increased 9%, compared to the comparable 34-week period a year ago.

PriceSmart recently opened its third warehouse club in Colombia. This warehouse club, located in the northern part of the city of Cali, is its second warehouse club in that city.

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OfficeMax profit misses

BY Marianne Wilson

Naperville, Ill. — OfficeMax on Tuesday reported a lower-than-expected profit, for its first profit, hurt by declining technology sales. Prior to its earnings release, the company also announced a special dividend of $1.50 per share.

OfficeMax’s first-quarter profit available to shareholders rose to $56.3 million, from $4.9 million a year earlier. Sales fell 5.65% to $1.77 billion, while analysts expected $1.83 billion.

"We experienced a challenging first quarter, with a sales decline that reflected weak macroeconomic conditions and continued industry declines in technology sales," said Ravi Saligram, president and CEO of OfficeMax. "We will continue to drive gross margin improvement and have put in place a significant cost reduction plan that should improve results in the second half of the year."

OfficeMax is waiting for regulatory approval for its pending merger with Office Depot.

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PriceSmart sales up 10.7% in April; opens new club in Colombia

BY Marianne Wilson

San Diego — PriceSmart announced that for the month of April 2013 net sales increased 10.7% to $176.1 million, from $159.1 million in April a year earlier. For the eight months ended April 30, 2013, net sales increased 11.0% to $1,483.8 million.

For the four-week period ended April 28, same-store sales for the 29 warehouse clubs open at least 13 1/2 full months increased 9.6%, compared to the four-week period last year.

PriceSmart also announced that on May 3, 2013 it opened its third warehouse club in Colombia, in the city of Cali. The location brings to 31 the total number of warehouse clubs in operation by the company.

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