PriceSmart Narrows Loss for 4Q, Year
San Diego, PriceSmart Inc. narrowed its operating loss from $3.1 million to $465,000 in its in its fourth quarter ended Aug. 31. Net sales grew 18.6% to $155.4 million.
For the fiscal year, PriceSmart recorded an operating loss of $5.3 million, vs. a $6.7 million loss the previous year. Net revenues grew 13.7% to $618.8 million for the fiscal year.
The warehouse club retailer also announced the opening of its fourth location in Costa Rica, and the acquisition of a Panama City commercial center that already houses a PriceSmart club, plus additional commercial property that the merchant plans to develop.
Questrom Joins Jones Apparel Board
Bristol, Pa., Jones Apparel Group has added retail heavyweight Allen Questrom to its board of directors.
Questrom formerly captained Barneys New York, J.C. Penney and Federated Department Stores. He currently serves as principal of AEA Investors.
NRF Raises Holiday Sales Forecast
Washington, D.C., The National Retail Federation revised its holiday sales forecast upwards, the first time it has ever done so during the holiday season.
The NRF projected retail sales growth of 6% to $439.53 billion during the holiday season, up from the 5% growth it forecast on Sept. 21.
“Recent consumer spending has surpassed our expectations and we expect this momentum to continue through the holiday season,” NRF president and CEO Tracy Mullin said in a statement.