PriceSmart Inc (PSMT) 2025 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to PriceSmart, Inc., earnings release conference call for the second quarter of fiscal year 2025, which ended on February 28, 2025. After remarks from our company's representatives, Robert Price, Interim Chief Executive Officer; and Michael McCleary, Chief Financial Officer, you will be given an opportunity to ask questions as time permits.

大家下午好，歡迎參加 PriceSmart, Inc. 2025 財年第二季（截至 2025 年 2 月 28 日）收益發布電話會議。在我們公司的代表、臨時首席執行官羅伯特·普萊斯 (Robert Price) 和首席財務官邁克爾·麥克萊裡 (Michael McCleary) 發言之後，您將有機會在時間允許的情況下提問。

As a reminder, this conference call is limited to one hour and is being recorded today, Thursday, April 10, 2025. A digital replay will be available shortly following the conclusion of the call through April 17, 2025, by dialling (888) 660-6264 for domestic callers, or (646) 517-3975 for international callers, and entering replay access code 70282 and the pound key.

提醒一下，本次電話會議僅限一小時，並於今天（2025 年 4 月 10 日星期四）進行錄製。通話結束後不久即可收聽數位重播，有效期至 2025 年 4 月 17 日，國內用戶請撥打 (888) 660-6264，國際用戶請撥打 (646) 517-3975，輸入重播接入碼 70282 和井號鍵。

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

首先，我想將電話轉給 PriceSmart 的財務長 Michael McCleary。先生，請繼續。

Thank you, operator, and welcome to the PriceSmart, Inc.'s earnings call for the second quarter of fiscal year 2025, which ended on February 28, 2025. We will be discussing the information that we provided in our earnings press release and our 10-Q, which were both released on April 9, 2025.

謝謝接線員，歡迎參加 PriceSmart, Inc. 2025 財年第二季（截至 2025 年 2 月 28 日）收益電話會議。我們將討論我們在收益新聞稿和 10-Q 中提供的信息，它們均於 2025 年 4 月 9 日發布。

Also in these remarks, we refer to non-GAAP financial measures. You can find a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measures in our earnings press release and our 10-Q. These documents are available on our Investor Relations website at investors.pricesmart.com, where you can also sign up for email alerts.

在這些評論中，我們也提到了非公認會計準則財務指標。您可以在我們的收益新聞稿和 10-Q 中找到我們的非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳。這些文件可在我們的投資者關係網站 investors.pricesmart.com 上取得，您也可以在該網站上註冊電子郵件提醒。

As a reminder, all statements made on this conference call, other than statements of historical fact, are forward-looking statements concerning the company's anticipated plans, revenues, and related matters. Forward-looking statements include but are not limited to statements containing the words expect, believe, plan, will, may, should, estimate, and some other expressions.

提醒一下，本次電話會議上的所有陳述，除歷史事實陳述外，均為有關公司預期計劃、收入和相關事項的前瞻性陳述。前瞻性陳述包括但不限於包含預期、相信、計劃、將、可能、應該、估計等詞語的陳述。

All forward-looking statements are based on current expectations and assumptions as of today, April 10, 2025. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including the risks detailed in the company's most recent annual report on Form 10-K, the quarterly report on Form 10-Q filed yesterday, and other filings with the SEC, which are accessible on the SEC's website at www.sec.gov.

所有前瞻性陳述均基於截至 2025 年 4 月 10 日的當前預期和假設。這些聲明受到風險和不確定因素的影響，可能導致實際結果出現重大差異，包括公司最近的 10-K 表年度報告、昨天提交的 10-Q 表季度報告以及向美國證券交易委員會提交的其他文件中詳細列出的風險，這些文件可在美國證券交易委員會網站 www.sec.gov 上查閱。

These risks may be updated from time to time. The company undertakes no obligation to update forward-looking statements made during this call.

這些風險可能會不時更新。本公司不承擔更新本次電話會議中前瞻性陳述的義務。

Now I will turn the call over to Robert Price, PriceSmart's Interim Chief Executive Officer.

現在我將把電話轉給 PriceSmart 的臨時執行長 Robert Price。

Thank you, Michael, and good day, everyone. Welcome to our second quarter fiscal year 2025 earnings call.

謝謝你，邁克爾，大家好。歡迎參加我們 2025 財年第二季財報電話會議。

In a few minutes, Michael will present his report, but before he makes his remarks, I would like to begin my remarks today by thanking our 12,000 employees for their hard work and dedication to our company. We truly appreciate everything they do for PriceSmart, and I am personally grateful for the opportunity to support our employees, their families by providing competitive wages, comprehensive benefits, and a positive working environment that fosters growth and opportunity.

幾分鐘後，麥可將提交他的報告，但在他發表演說之前，我想先感謝我們 12,000 名員工為公司所做的辛勤工作和奉獻精神。我們由衷感謝他們為 PriceSmart 所做的一切，我個人也非常感謝他們有機會透過提供有競爭力的薪資、全面的福利以及促進成長和機會的積極工作環境來支持我們的員工及其家人。

This past week, I was in Costa Rica for the opening of our ninth Costa Rica location, which is located in the city of Cartago on the far east end of the Central Valley of Costa Rica. The opening went very well. I was impressed by the design of the building that provides an enhanced shopping experience and a more efficient operational characteristics.

上週，我去了哥斯達黎加，參加了我們在哥斯達黎加的第九家分店的開幕典禮，該分店位於哥斯達黎加中央山谷最東端的卡塔戈市。開幕式進行得很順利。建築的設計給我留下了深刻的印象，它提供了增強的購物體驗和更有效率的營運特性。

Additionally, our buyers both in the US and locally have done an excellent job procuring new and exciting merchandise as well as coordinating seamlessly with our distribution centre in Costa Rica that has made our operation much more efficient. I also wanted to make brief remarks about the ongoing tariff challenges which of all merchants face and particularly those of us who have some dependency on products from Asia.

此外，我們在美國和當地的買家在採購新穎且令人興奮的商品方面做得非常出色，並且與我們在哥斯達黎加的配送中心進行了無縫協調，使我們的營運更加高效。我還想簡單談談所有商家面臨的持續關稅挑戰，特別是那些依賴亞洲產品的商家。

We have been developing contingency plans to try to be flexible and to adapt, but it's pretty tough right now because nobody really knows how this thing is going to play out. I think one benefit for PriceSmart is that about 50% of the products we sell are sourced either locally or in the region. And about a third of the products we source come from the United States, so we're not as dependent on Asia and Europe as perhaps other merchants are.

我們一直在製定應急計劃，力求靈活應對，但目前情況相當艱難，因為沒有人真正知道事情將如何發展。我認為 PriceSmart 的一個優點是，我們銷售的約 50% 的產品都來自本地或週邊地區。我們購買的產品約有三分之一來自美國，因此我們並不像其他商家那樣依賴亞洲和歐洲。

And the other thing is that we are able to bring product in through our distribution centres directly from Asia, which could give us some shelter from tariff issues that are more focused on the United States, but again, none of us really knows what's going to happen. And so we have to just try to be as smart and as adaptable as possible.

另一件事是，我們能夠透過我們的配送中心直接從亞洲進口產品，這可以讓我們避免一些主要針對美國的關稅問題，但同樣，我們都不知道會發生什麼。因此，我們必須盡可能地聰明和適應性強。

So that's about the extent of my remarks. I do want to end by thanking our stockholders for their continued trust and support. And with that, I will turn the meeting back to Michael McCleary.

這就是我要說的全部。最後，我要感謝股東們的持續信任與支持。說完這些，我將把會議交還給邁克爾·麥克萊裡 (Michael McCleary)。

Thank you, Robert. In the second quarter, our net merchandise sales reached over $1.3 billion and total revenue was almost $1.4 billion. During the first half of our fiscal year, net merchandise sales reached almost $2.6 billion and total revenue was over $2.6 billion.

謝謝你，羅伯特。第二季度，我們的淨商品銷售額超過 13 億美元，總收入接近 14 億美元。在本財政年度上半年，商品淨銷售額達到近 26 億美元，總收入超過 26 億美元。

During the second quarter, net merchandise sales increased by 5.8% or 7% in constant currency, and comparable net merchandise sales increased by 6.7% or 7.9% in constant currency. For the first half of the fiscal year, net merchandise sales increased by 6.8% or 7.6% in constant currency, and comparable net merchandise sales increased by 6.2% or 7.1% in constant currency.

第二季度，淨商品銷售額成長 5.8%（以固定匯率計算成長 7%），可比淨商品銷售額成長 6.7%（以固定匯率計算成長 7.9%）。本財年上半年，淨商品銷售額成長 6.8% 或以固定匯率計算成長 7.6%，可比淨商品銷售額成長 6.2% 或以固定匯率計算成長 7.1%。

By segment, in Central America, where we had 30 clubs at quarter end, net merchandise sales increased 5.4% or 4.6% in constant currency, with a 5.6% increase in comparable net merchandise sales or 4.9% in constant currency. All of our markets in Central America had positive comparable net merchandise sales growth except for El Salvador, which opened one new club in February 2024 that is not yet included in the comparable net merchandise sales calculation. Our Central America segment contributed approximately 340 basis points of positive impact to the growth in total consolidated comparable net merchandise sales for the second quarter.

以細分市場劃分，在中美洲，截至本季度末我們擁有 30 傢俱樂部，淨商品銷售額增長 5.4%（按固定匯率計算增長 4.6%），可比淨商品銷售額增長 5.6%（按固定匯率計算增長 4.9%）。我們在中美洲的所有市場均實現了可比淨商品銷售額的正增長，薩爾瓦多除外，薩爾瓦多於 2024 年 2 月開設了一家新俱樂部，但尚未納入可比淨商品銷售額計算。我們的中美洲分部為第二季合併可比淨商品銷售總額的成長貢獻了約 340 個基點的正面影響。

In the Caribbean, where we had 14 clubs at quarter end, net merchandise sales increased 6.4% or 8.6% in constant currency, and comparable net merchandise sales increased 8.3% or 10.5% in constant currency. All of our markets in this segment had positive comparable net merchandise sales growth. Our Caribbean region contributed approximately 230 basis points of positive impact to the growth in total consolidated comparable net merchandise sales for the second quarter.

在加勒比海地區，我們在本季末擁有 14 傢俱樂部，淨商品銷售額成長 6.4% 或以固定匯率計算成長 8.6%，可比淨商品銷售額成長 8.3% 或以固定匯率計算成長 10.5%。我們在該領域的所有市場都實現了可比淨商品銷售額的正成長。我們的加勒比海地區對第二季合併可比淨商品銷售總額的成長貢獻了約 230 個基點的正面影響。

In Colombia, where we had 10 clubs open at the end of our second quarter, net merchandise sales increased 6.6% or 16% in constant currency, and comparable net merchandise sales increased 8.6% or 17.7% in constant currency. Colombia contributed approximately 100 basis points of positive impact to the growth in total consolidated comparable net merchandise sales for the quarter.

在哥倫比亞，我們在第二季末開設了 10 傢俱樂部，淨商品銷售額成長 6.6% 或以固定匯率計算成長 16%，可比淨商品銷售額成長 8.6% 或以固定匯率計算成長 17.7%。哥倫比亞對本季合併可比淨商品銷售總額的成長貢獻了約 100 個基點的正面影響。

In terms of merchandise categories, when comparing our second quarter sales to the same period in the prior year, our foods category grew approximately 5.3%. Our non-foods category increased approximately 7.9%. Our food services and bakery categories increased approximately 4.7%. And our health services, including optical, audiology and pharmacy, increased approximately 15.5%.

就商品類別而言，與去年同期相比，我們的第二季銷售額成長了約 5.3%。我們的非食品類別成長了約7.9%。我們的食品服務和烘焙類別成長了約 4.7%。我們的健康服務（包括眼科、聽力學和藥房）增加了約 15.5%。

Membership accounts grew 4.1% versus the prior year to over $1.9 million accounts with a 12-month renewal rate of 87% as of the end of the quarter. A key driver of our membership strategy is the Platinum membership, which is designed to offer even more value to our most engaged members.

會員帳戶較上年增長 4.1%，達到 190 多萬美元，截至本季末，12 個月續訂率為 87%。我們的會員策略的一個關鍵驅動力是白金會員資格，旨在為我們最投入的會員提供更多價值。

Platinum members enjoy exclusive benefits, including an annual cashback reward on eligible purchases which directly translates to savings that reward loyalty and increased purchasing power. Platinum accounts as of the end of our second quarter represented 14.5% of our total membership base, an increase from 9.6% in the prior year's second quarter and 12.3% as of the end of fiscal 2024.

白金會員可享有專屬福利，包括符合資格的購買的年度現金回饋獎勵，這直接轉化為獎勵忠誠度和提高購買力的節省。截至第二季末，白金帳戶占我們總會員數的 14.5%，高於去年第二季的 9.6% 和 2024 財年末的 12.3%。

This increase is due to additional focus on this important segment of our membership, which included platinum promotional campaigns during the second half of fiscal 2024 and the first half of fiscal 2025. Total gross margins for the second quarter of fiscal 2025 as a percentage of net merchandise sales decreased 10 basis points to 15.6% versus 15.7% in the second quarter of fiscal 2024.

這一增長是由於我們對會員中這一重要部分的額外關注，其中包括 2024 財年下半年和 2025 財年上半年的白金促銷活動。2025 財年第二季的總毛利率佔淨商品銷售額的百分比下降 10 個基點至 15.6%，而 2024 財年第二季為 15.7%。

However, in terms of total dollars, total gross margin increased $10 million or approximately 5% versus the same quarter of the prior fiscal year. Total revenue margins remained flat at 17.1% of total revenue when compared to the same period last year.

不過，就總美元而言，總毛利率與上一財年同期相比增加了 1,000 萬美元，約 5%。與去年同期相比，總收入利潤率保持不變，為總收入的 17.1%。

During the second quarter, our average sales ticket grew by 1.9% and transactions grew 3.9% versus the same prior year period. The average price per item remained flat year over year, while average items per basket increased approximately 1.8% compared to the same period of the prior year.

第二季度，我們的平均銷售額與去年同期相比成長了 1.9%，交易量成長了 3.9%。每件商品的平均價格與去年同期相比持平，而每籃商品的平均數量與去年同期相比上漲了約 1.8%。

Total SG&A expenses increased to 12.4% of total revenues for the second quarter of fiscal 2025 compared to 12.2% for the second quarter of fiscal 2024. The 20 basis point increase of SG&A as a percentage of revenue primarily related to planned technology investments to support the future growth of our business.

2025 財年第二季度，銷售、一般及行政費用總額佔總收入的比例從 2024 財年第二季的 12.2% 增至 12.4%。銷售、一般及行政費用佔收入的百分比增加 20 個基點，主要與計劃中的技術投資有關，以支持我們業務的未來成長。

Operating income for the second quarter of fiscal 2025 increased 2.6% from the same period last year to $65.3 million. Operating income for the first six months of fiscal 2025 increased 1.4% from the same period last year to $123.5 million.

2025財年第二季營業收入較去年同期成長2.6%至6,530萬美元。2025財年上半年營業收入較去年同期成長1.4%，達1.235億美元。

In the second quarter of fiscal 2025, we recorded a $5.1 million net loss in total of their expense compared to a $7.1 million net loss in total of their expense in the same period last year. This decrease in total other expense was primarily due to a $3.6 million decrease in unrealized losses in value of US dollar denominated monetary assets and liabilities in several of our markets.

在 2025 財年第二季度，我們記錄了總計 510 萬美元的費用淨虧損，而去年同期總計 710 萬美元的費用淨虧損。其他費用總額的減少主要是由於我們幾個市場中以美元計價的貨幣資產和負債的未實現損失價值減少了 360 萬美元。

This decrease was partially offset by an increase in the cost of premiums to convert local currency into US dollars from $3.4 million in the prior year to $5.1 million in the current year. Our effective tax rate for the second quarter of fiscal 2025 came in at 27.2% versus 30.5% a year ago.

這一減少被將當地貨幣兌換成美元的保費成本的增加所部分抵消，成本從上年的 340 萬美元增加到本年的 510 萬美元。我們 2025 財年第二季的有效稅率為 27.2%，去年同期為 30.5%。

Our effective tax rate for the first six months of fiscal 2025 was 26.9% compared to 31.4% for the prior year period. The decrease in the effective tax rate is primarily related to our implementation of certain tax optimization initiatives at the end of fiscal 2024. On a go forward basis, we estimate our annualized effective tax rate will be approximately 27% to 29%.

我們 2025 財年上半年的有效稅率為 26.9%，去年同期為 31.4%。有效稅率的下降主要與我們在2024財政年度結束時實施的某些稅收優化措施有關。從未來來看，我們預計年化有效稅率將約為 27% 至 29%。

Net income for the second quarter of fiscal 2025 was $43.8 million or $1.45 per diluted share compared to $39.3 million or $1.03 per diluted share in the second quarter of fiscal 2024. Adjusted the EBITDA for the second quarter of fiscal 2025 was $87 million compared to $84.1 million in the same period last year.

2025 財年第二季的淨收入為 4,380 萬美元，即每股攤薄收益 1.45 美元，而 2024 財年第二季的淨收入為 3,930 萬美元，即每股攤薄收益 1.03 美元。調整後 2025 財年第二季的 EBITDA 為 8,700 萬美元，而去年同期為 8,410 萬美元。

Net income for the first six months of fiscal 2025 was $81.2 million or $2.66 per diluted share compared to $77.3 million or $2.54 per diluted share in the comparable prior year period. Adjusted EBITDA for the first six months of fiscal 2025 was $166.1 million compared to $161.9 million in the same period last year.

2025 財年上半年淨收入為 8,120 萬美元，即每股攤薄收益 2.66 美元，而去年同期淨收入為 7,730 萬美元，即每股攤薄收益 2.54 美元。2025 財年上半年調整後 EBITDA 為 1.661 億美元，去年同期為 1.619 億美元。

Moving on to our strong balance sheet, we ended the quarter with cash, cash equivalent, and restricted cash totalling $145.5 million, plus approximately $116.9 million of short-term investments. When reviewing our cash balances, it is important to note that as of February 28, 2025, we had $77.3 million of cash, cash equivalents, and short-term investments denominated in local currency in Trinidad and Honduras, which we could not readily convert into US dollars. This is a decrease from $81 million at the end of the first quarter, driven by our ability to source more dollars in our Honduras subsidiary during the second quarter.

繼續看我們強勁的資產負債表，本季末我們的現金、現金等價物和受限現金總額為 1.455 億美元，加上約 1.169 億美元的短期投資。在審查我們的現金餘額時，值得注意的是，截至 2025 年 2 月 28 日，我們在特立尼達和宏都拉斯擁有以當地貨幣計價的 7,730 萬美元現金、現金等價物和短期投資，我們無法輕易將其兌換成美元。這一數字較第一季末的 8,100 萬美元有所下降，原因是我們在第二季度能夠從洪都拉斯子公司獲得更多美元。

From a cash flow perspective, net cash provided by operating activities totalled $126.4 million for the first six months of fiscal 2025 compared to $127.7 million for the same prior year period. Shifts in working capital generated from changes in our merchandise inventory and accounts payable positions contributed $29 million to the overall decrease. This was partially offset by a net positive change in our other operating assets and liabilities, which contributed $20.6 million.

從現金流角度來看，2025 財年上半年經營活動提供的淨現金總計 1.264 億美元，去年同期為 1.277 億美元。由於我們的商品庫存和應付帳款狀況的變化而產生的營運資本轉移導致總體減少 2,900 萬美元。這被我們其他營運資產和負債的淨正變化（貢獻了 2,060 萬美元）部分抵銷。

Average inventory per club increased by approximately $878,000 or 9.4%, and inventory days on hand increased by approximately one day or 3.1% for the second quarter of fiscal 2025 versus the same period in 2024. The increase of inventory per club and days on hand is primarily due to a shift in our inventory mix towards more non-food items.

2025 財年第二季度，與 2024 年同期相比，每個俱樂部的平均庫存增加了約 878,000 美元，即 9.4%，庫存天數增加了約一天，即 3.1%。每個俱樂部的庫存和庫存天數的增加主要是因為我們的庫存結構轉向更多非食品項目。

Net cash used in investing activities decreased by $25.8 million for the first six months of fiscal 2025 compared to the prior year, primarily due to a $40.7 million decrease in property and equipment expenditures. This was partially offset by a $15 million net decrease in proceeds from settlements and purchases of short-term investments.

2025 財年上半年投資活動所用淨現金與前一年相比減少了 2,580 萬美元，主要原因是財產和設備支出減少了 4,070 萬美元。但結算和購買短期投資所得的淨減少額為 1,500 萬美元，部分抵銷了這一增幅。

Net cash used in financing activities during the first six months of fiscal 2025 decreased by $51.6 million primarily the result of fewer repurchases of our common stock, partially offset by an increase in repayments of and a decrease in proceeds from long-term bank borrowings.

2025 財年上半年融資活動所用淨現金減少了 5,160 萬美元，主要原因是我們普通股的回購減少，但部分被長期銀行借款償還額的增加和收益的減少所抵銷。

Now on to our growth drivers, starting with real estate. We are excited to announce that last week we opened our ninth warehouse club in Costa Rica located in Cartago, approximately 10 miles east of the nearest club in the Greater San Jose Metropolitan area. We had a successful opening day with strong sales volume and new member signups.

現在來談談我們的成長動力，首先是房地產。我們很高興地宣布，上週我們在哥斯達黎加開設了第九家倉儲俱樂部，位於卡塔戈，距離大聖何塞都會區最近的俱樂部以東約 10 英里。我們的開業日非常成功，銷售量強勁，新會員註冊量也很大。

As of today, we have 55 warehouse clubs in operation. Additionally, we plan to open our seventh warehouse club in Guatemala located in Quetzaltenango, approximately 122 miles west from the nearest club in the capital of Guatemala City. This club is currently under construction, and we expect it to open this summer. Once this new club is open, we will operate 56 warehouse clubs in total.

截至今天，我們已有 55 家倉儲俱樂部投入營運。此外，我們計劃在危地馬拉的克薩爾特南戈開設第七家倉儲俱樂部，距離首都危地馬拉城最近的俱樂部約 122 英里。該俱樂部目前正在建設中，預計今年夏天開放。一旦這個新俱樂部開業，我們將總共經營 56 家倉儲俱樂部。

Finally, we continue to actively seek ways to improve our distribution infrastructure to better serve our members. We currently have major distribution centres in Miami, Costa Rica, and Panama. We are also in various stages of development and implementation of PriceSmart operated DCs in markets such as Guatemala, Trinidad, and the Dominican Republic.

最後，我們將繼續積極尋求改善分銷基礎設施的方法，以便更好地服務我們的會員。我們目前在邁阿密、哥斯大黎加和巴拿馬設有主要配送中心。我們也在危地馬拉、特立尼達和多明尼加共和國等市場開發和實施由 PriceSmart 營運的 DC 的不同階段。

We believe these in-country distribution centres will provide numerous advantages, including shortening the time to market for imported products, lowering the net landed costs for most of our merchandise, and providing better in stocks. Along with additional distribution centres, we are beginning to operate our own fleet of trucks in some countries to deliver merchandise from our distribution centres to our clubs.

我們相信這些國內配送中心將帶來許多優勢，包括縮短進口產品的上市時間、降低大多數商品的淨到岸成本以及提供更好的庫存。除了增加配送中心外，我們還開始在一些國家經營自己的卡車車隊，將商品從配送中心運送到我們的俱樂部。

Additionally, we are enhancing our distribution and logistics network through the expected opening of distribution centres in China and in each of our multi-club markets, either operated by PriceSmart or through the use of third-party logistics providers.

此外，我們還將在中國和各多俱樂部市場開設配送中心，以加強我們的配送和物流網絡，這些配送中心由 PriceSmart 營運或透過第三方物流供應商營運。

As Robert mentioned earlier in the call, there is currently significant uncertainty surrounding the topic of tariffs. Most recently, last week, the US government announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with which the United States has the largest trade deficits.

正如羅伯特早些時候在電話中提到的那樣，目前圍繞關稅問題存在很大的不確定性。最近，上週，美國政府宣布對所有國家進口的產品徵收10%的基準關稅，並對美國貿易逆差最大的國家徵收額外的個別互惠關稅。

There are some exemptions from the reciprocal tariff, but not from the additional 10% tariff. The countries into which we import may adjust and or impose new reciprocal tariffs or other restrictions which may affect our operations and increase the cost of the merchandise we import, negatively affecting affordability to our members.

互惠關稅有一些豁免，但附加 10% 的關稅則沒有豁免。我們進口到的國家可能會調整或實施新的互惠關稅或其他限制，這可能會影響我們的營運並增加我們進口商品的成本，從而對我們會員的負擔能力產生負面影響。

This new international trade landscape creates additional complexities and will potentially bring cost pressures. However, our operations within a free trade zone in both the US and Costa Rica provide us with a significant advantage.

這種新的國際貿易格局帶來了額外的複雜性，並可能帶來成本壓力。然而，我們在美國和哥斯達黎加的自由貿易區內開展業務為我們提供了顯著的優勢。

Our [FTZ] operations are designated areas where foreign goods are received and can be reconsolidated for shipment to the countries where we operate without being subject to customs duties or tariffs until they reach their final destination. We are actively working with our vendors and evaluating strategic measures where feasible, such as supply chain diversification, cost management, expanding China consolidation efforts, and increasing the use of our FTZ to keep our supply chain as efficient and as cost effective as possible and minimize the impact of related costs to our members.

我們的 [FTZ] 業務是接收外國貨物的指定區域，這些貨物可以重新整合並運往我們經營所在的國家/地區，在到達最終目的地之前無需繳納關稅或關稅。我們正在積極與供應商合作，並在可行的情況下評估策略措施，例如供應鏈多樣化、成本管理、擴大中國整合力度以及增加我們的 FTZ 的使用，以盡可能保持我們的供應鏈高效且具有成本效益，並最大限度地減少相關成本對我們成員的影響。

I'd now like to turn to our efforts to increase the value of membership to attract new members and foster long-term loyalty. In addition to providing low prices on merchandise, we seek to provide members with greater convenience and an expanding range of services. Our private label members selection brand plays a crucial role in enhancing the membership value proposition.

現在我想談談我們為提高會員價值所做的努力，以吸引新會員並培養長期忠誠度。除了提供低價商品外，我們還致力於為會員提供更大的便利和更廣泛的服務。我們的自有品牌會員精選品牌在提升會員價值主張方面發揮著至關重要的作用。

By offering high quality products at competitive prices, members selection delivers superior value while maintaining the high standards that our members expect. Sourced with care and designed to meet every day needs, members selection products range from food staples to other household essentials, providing affordable alternatives without compromising on quality.

透過以具有競爭力的價格提供高品質的產品，會員選擇提供了卓越的價值，同時保持了會員期望的高標準。會員精選產品經過精心採購，旨在滿足日常需求，涵蓋主食到其他家庭必需品，提供價格實惠的替代品，同時又不影響品質。

During the second quarter of fiscal 2025, our private label sales represented 27.4% of our total merchandise sales. That's up 30 basis points from 27.1% in the comparable period of fiscal 2024.

在 2025 財年第二季度，我們的自有品牌銷售額占我們商品總銷售額的 27.4%。這比 2024 財年同期的 27.1% 上升了 30 個基點。

We also continue to focus on health services. We currently have 54 locations with optical centres where during the second quarter we performed over 31,000 eye exams. Optical services are also an important component of our contributions to the communities in which our clubs are located.

我們也持續關注健康服務。我們目前在 54 個地點設有眼鏡中心，在第二季度我們進行了超過 31,000 次眼科檢查。眼科服務也是我們對俱樂部所在社區貢獻的重要組成部分。

Our pharmacy centres are open in all nine of our warehouse clubs in Costa Rica, five warehouse clubs in Panama, and five in Guatemala. By the end of fiscal 2025, we expect to have pharmacies in substantially all clubs in these three countries. We also currently have 30 ideology centres that members can utilize for hearing tests and competitive pricing on hearing aids.

我們的藥局中心已在哥斯達黎加的所有 9 家倉儲式商店、巴拿馬的 5 家倉儲式商店和危地馬拉的 5 家倉儲式商店中開放。到 2025 財年末，我們預計這三個國家的幾乎所有俱樂部都將設有藥局。我們目前還擁有 30 個意識形態中心，會員可以利用它們進行聽力測試並以有競爭力的價格購買助聽器。

Our third growth driver is providing omnichannel shopping options for our members, including sales via our app and or our desktop website, as well as enhancing our technological capabilities. We currently utilize pricesmart.com, our app, and other third-party last mile delivery services to drive online sales.

我們的第三個成長動力是為我們的會員提供全通路購物選擇，包括透過我們的應用程式和/或桌面網站進行銷售，以及增強我們的技術能力。我們目前利用 pricesmart.com、我們的應用程式和其他第三方最後一英里交付服務來推動線上銷售。

During the second quarter, total net merchandise sales through digital channels increased 19.3% versus the same period in the prior year and represented a record high of $76.2 million or 5.7% of total net merchandise sales. Total orders placed directly on pricesmart.com and our app increased 14.4% and the average transaction value increased 3.9% versus the prior year period.

第二季度，透過數位管道實現的商品淨銷售額較去年同期成長 19.3%，達到創紀錄的 7,620 萬美元，佔商品淨銷售額的 5.7%。與去年同期相比，直接在 pricesmart.com 和我們的應用程式上下的訂單總數增加了 14.4%，平均交易額增加了 3.9%。

In March we launched our online pharmacy services on pricesmart.com in Costa Rica, and we plan to launch this online platform for other pharmacy locations. This new e-commerce service allows our members to place orders directly to our pharmacy for home delivery or pickup at the club. As of February 28, 2025, approximately 63.7% of our members had created an online profile with pricesmart.com or our app, and 29.2% of members with an online profile had made a purchase on pricesmart.com or our app.

今年三月，我們在哥斯達黎加的 pricesmart.com 上推出了線上藥局服務，並計劃在其他藥局推出這個線上平台。這項新的電子商務服務使我們的會員可以直接向我們的藥房下訂單，然後送貨上門或在俱樂部取貨。截至 2025 年 2 月 28 日，約有 63.7% 的會員在 pricesmart.com 或我們的應用程式上創建了線上個人資料，29.2% 擁有線上個人資料的會員在 pricesmart.com 或我們的應用程式上進行了購買。

We believe that there are significant growth opportunities in our digital channel, and we will continue to invest in this part of our business to provide an enhanced omnichannel experience and additional value to our members. We are also continuing to prioritize investments in our technology for supply chain enhancements, back office productivity improvements, and initiatives to both optimize and transform the brick and mortar experience and to make the digital experience more efficient and member centric.

我們相信我們的數位管道具有巨大的成長機會，我們將繼續投資於這部分業務，為我們的會員提供增強的全通路體驗和附加價值。我們也將繼續優先投資於我們的技術，以增強供應鏈、提高後台生產力，並優化和改變實體店體驗，使數位體驗更加高效和以會員為中心。

One example of these efforts is relax, a unified supply chain and retail planning platform which will modernize our ordering and inventory management. We started this project in 2023, and we expect it to be substantially operational by the end of fiscal 2025.

這些努力的一個例子是 Relax，這是一個統一的供應鏈和零售計劃平台，它將使我們的訂購和庫存管理現代化。我們於 2023 年啟動了該項目，預計到 2025 財年末它將基本投入營運。

As a result of this implementation, we anticipate improved sales and efficiencies due to enhanced in stock positions, diminished spoilage, and streamlined inventory flow. Sustainability continues to be an important component of how we approach our business and add value to the membership. We do our best to incorporate practices that use natural resources responsibly.

透過實施此措施，我們預期庫存狀況將會改善、損耗將減少、庫存流程將會簡化，銷售額和效率將會提高。永續性仍然是我們開展業務和為會員增加價值的重要組成部分。我們竭盡全力採取負責任地使用自然資源的做法。

Just to give a quick update, we currently have seven recycling centres open with two in El Salvador, three in Honduras, and two in Guatemala. Looking ahead, we plan to expand the successful program by opening one additional recycling centre in the Dominican Republic during fiscal 2025. You can find more information about PriceSmart's sustainability efforts on pricesmart.org.

簡單介紹一下最新情況，我們目前開設了七個回收中心，其中兩個在薩爾瓦多，三個在宏都拉斯，兩個在瓜地馬拉。展望未來，我們計劃在 2025 財年期間在多明尼加共和國開設一個額外的回收中心，以擴大這項成功的計畫。您可以在 pricesmart.org 上找到有關 PriceSmart 永續發展工作的更多資訊。

Looking forward a little into our current third quarter, our comparable net merchandise sales for the four weeks ending March 30, 2025, were up 8.7% or 10.2% in constant currency. It is important to note that this year on year comparison is impacted by the timing of the Easter holiday period. This year, Good Friday, when we close all our clubs and Easter Sunday when we close our clubs in Aruba and Barbados both fall in April, whereas last year they fell in March.

展望當前第三季度，截至 2025 年 3 月 30 日的四周，我們的可比淨商品銷售額增長了 8.7% 或按固定匯率計算增長了 10.2%。值得注意的是，今年的同比數據受到復活節假期時間的影響。今年，耶穌受難日（我們關閉所有俱樂部的日子）和復活節星期日（我們關閉阿魯巴和巴巴多斯的俱樂部的日子）都在四月，而去年則在三月。

In closing, as PriceSmart continues to grow, we look forward to reinvesting in new benefits and services that enhance the member experience, creating a mutually beneficial relationship built on trust, value, and innovation.

最後，隨著 PriceSmart 的不斷發展，我們期待重新投資於新的福利和服務，以提升會員體驗，建立基於信任、價值和創新的互惠互利關係。

Thank you for joining our call today. I will now turn the call over to the operator to take your questions. Operator, you may now start taking our caller's questions.

感謝您今天參加我們的電話會議。我現在將電話轉給接線員來回答您的問題。接線員，您現在可以開始回答來電者的問題了。

(Operator Instructions)

（操作員指示）

Jon Braatz, Kansas Capital.

喬恩‧布拉茨 (Jon Braatz)，堪薩斯首府。

Morning, Robert. Morning, Michael. If we could return to the tariff situation, and I know it's very fluid and who knows what's going to happen but, Robert, you mentioned that 50% of your merchandise is locally sourced and a third of it comes from the US. And so a couple of questions.

早上好，羅伯特。早上好，麥可。如果我們可以回到關稅問題，我知道它非常不穩定，誰知道會發生什麼，但是，羅伯特，你提到 50% 的商品是本地採購的，其中三分之一來自美國。有幾個問題。

Number one, some of the companies that you -- some of the countries that you do business with, have they instituted or imposed a 10% reciprocal tariff on merchandise from the US?

第一，你們與之有業務往來的一些公司——一些國家，是否對來自美國的商品實施或徵收了 10% 的互惠關稅？

And then secondly, the merchandise that comes in from China, it sounds like some of it might come through the US as sort of a conduit, but can you move that merchandise instead directly to your warehouses in San Jose and Panama and just avoid any issues with the with the tariffs? And maybe I guess in the end, how much of your merchandise really might be impacted by tariffs?

其次，從中國進口的商品聽起來有些可能會透過美國這種管道運輸，但您能否將這些商品直接運送到您在聖荷西和巴拿馬的倉庫，從而避免關稅問題？也許我想問一下，到最後你們的商品到底有多少會受到關稅的影響？

Okay. So starting with the 10% question, we're not aware of our countries having reciprocated with 10% tariffs. Yeah, it could happen, but we're not aware of anything yet. So that's one thing. The second question about sourcing out of Asia, we -- the reason, let me see how to answer this.

好的。因此，從 10% 的問題開始，我們不知道我們的國家是否也以 10% 的關稅作為回報。是的，這有可能發生，但我們還不知道任何事情。這是一回事。第二個問題是關於從亞洲採購的原因，讓我看看如何回答這個問題。

Michael, in his remarks mentioned the fact that historically, most of that has routed through Miami, which is really not very efficient to a free trade zone that we have in Miami. So that US tariffs don't apply, but the cost of extra freight going into Miami is really what has -- well, two things.

麥可在演講中提到，從歷史上看，大部分的貿易都是透過邁阿密進行的，這對我們在邁阿密的自由貿易區來說效率確實不高。因此美國關稅不適用，但進入邁阿密的額外運費成本實際上是——嗯，兩件事。

The extra freight cost as well as the time to market has really motivated us to consolidate our freight in -- particularly in China, so that it can be shipped efficiently full containers directly into our markets. Now, at the moment we have our own distribution centres in Costa Rica and Panama where it would be very easy to which would facilitate those direct shipments.

額外的運費以及上市時間確實促使我們整合貨運——特別是在中國，以便可以有效地將整箱貨物直接運往我們的市場。目前，我們在哥斯達黎加和巴拿馬擁有自己的配送中心，可以非常輕鬆地進行直接運輸。

And we are building, as Michael mentioned in Guatemala, the Dominican Republic, and Trinidad. So I think for both in terms of cost, lower costs because of freight and time to market, regardless of these tariffs, we would have been doing this and the fact that at the moment we don't pay the tariffs unless the only time we're paying tariffs out of Asia is when we're buying something domestically, which has already incurred the tariff, but that tends to be on items that don't sell at a very high rate because if they sold a high rate, we'd be consolidated or buying out of buying out of Asia direct.

正如邁克爾所提到的，我們正在危地馬拉、多明尼加共和國和特立尼達進行建設。因此，我認為，無論從成本角度還是從運費和上市時間角度考慮，成本都會降低，無論關稅如何，我們都會這樣做，而且目前我們不支付關稅，除非我們唯一一次支付來自亞洲的關稅是在我們在國內購買已經產生關稅的時候，但這往往是針對那些不會以很高的價格出售的商品，因為如果它們的合併價格很高，我們就會進行合併或直接從亞洲購買。

So I think from that point of view I don't see that directly affecting us. One thing that came through my mind, I shouldn't probably say this, but I'll say it anyway. If I was a Chinese -- China vendor, Vietnamese vendor, I might think, well, shipping into the US is going to be more difficult. I'll have to try to find ways to lower my cost to try to compensate for the tariffs, although 125% tariff's going to be pretty hard to compensate for, but we might risk having some shifting of cost to us, but I hope that wouldn't happen.

所以我認為從這個角度來看，這不會直接影響我們。我想到一件事，我可能不該這麼說，但我還是要說。如果我是中國供應商、越南供應商，我可能會想，運送到美國會更困難。我必須想辦法降低成本以彌補關稅，儘管 125% 的關稅很難彌補，但我們可能會面臨成本轉移的風險，但我希望這種情況不會發生。

What we've seen early so far is the suppliers. Well, I've heard anyway, the suppliers who do sell us direct out of Asia actually are grateful that they have our business, and I think they'll hopefully be cooperative in terms of supporting our pricing.

到目前為止，我們早期看到的是供應商。嗯，無論如何，我聽說，直接從亞洲向我們銷售產品的供應商實際上很高興能與我們做生意，而且我認為他們有望在支持我們的定價方面給予合作。

So Robert, it sounds like that in the absence of any reciprocal tariffs imposed by Central American countries or Colombia, that any impact would be de minimis?

那麼羅伯特，聽起來，如果中美洲國家或哥倫比亞不實施任何互惠關稅，那麼任何影響都會微乎其微？

Let's hope so. I mean, this is a crazy world, so you don't know how the whole thing will play out. I know, I was thinking about one item in particular when I was in Cartago, we sold this coffee maker made by, I guess, Ninja. You're probably familiar with Ninja, Shark Ninjas, the company, I guess, and the thing just in 10 minutes, we had sold out of $2,400, $500 items and it's very interesting because this company is based in Boston, engineers, really highly educated people designing very fast, consumer goods.

但願如此。我的意思是，這是一個瘋狂的世界，所以你不知道整件事會如何發展。我知道，當我在卡塔戈時，我特別想到了一件物品，我們出售的這台咖啡機，我猜是 Ninja 製造的。我想，您可能對 Ninja、Shark Ninjas 這家公司很熟悉。在短短 10 分鐘內，我們就已經售出了價值 2,400 美元和價值 500 美元的商品。這非常有趣，因為這家公司總部位於波士頓，工程師都是受過高等教育的人，他們設計的產品速度非常快，而且是消費品。

But everything is made in China. So here you have the -- this is just lost in the whole discussion here. The high value educated people doing the work and really the US benefiting from that. At the same time, the need to source product where it can be sourced, efficiently and at a low cost and that partnership is really being disrupted right now. It's really bad.

但一切都是中國製造。所以，這裡有——這在整個討論中都被忽略了。受過高價值教育的人們從事這項工作，美國確實從中受益。同時，需要在能夠有效率、低成本地採購產品的地方採購產品，而這種合作關係現在確實受到了乾擾。這真的很糟糕。

Okay. One final question. We're halfway through 2025, and we haven't heard -- we haven't talked or disclosed anything about any new store openings beyond Guatemala. And I'm wondering, you've opened stores at least one a year since 2012 or 2013, something like that. Is it likely we'll see some store openings for in 2026?

好的。最後一個問題。2025 年已經過去一半了，我們還沒有聽到——我們還沒有談論或披露有關危地馬拉以外任何新店開業的消息。我想知道，自 2012 年或 2013 年起，您每年至少會開一家店。我們有可能在 2026 年看到一些商店開業嗎？

Okay. So I don't know how much I can say. So I guess, if that's --

好的。所以我不知道我能說多少。所以我想，如果那是--

It's actually, Jon, as you know, we don't generally announce before we receive permits in the 10-Q, we have disclosed that we're in that, we have up to six locations which are in various stages of due diligence and permitting. So we're not talking about timing at this point, but we have disclosed that. And so there's multiple -- that's probably the highest number since we started disclosing it that we've had, but that's, may or may not be an indicator. And once again, the timing of l those are varied just I understand.

事實上，喬恩，如你所知，我們通常不會在 10-Q 收到許可證之前宣布，我們已經披露，我們有多達六個地點處於盡職調查和許可的不同階段。因此，我們現在還沒有談論時間，但我們已經披露了這一點。因此，這可能是我們開始揭露以來的最高數字，但這可能是也可能不是一個指標。再次強調，我理解這些時間是多種多樣的。

Okay, sounds good. Thank you.

好的，聽起來不錯。謝謝。

There are no further questions at this time. Mr. McCleary, please go ahead.

目前沒有其他問題。麥克萊裡先生，請繼續。

Okay. That wraps up our conference for today. We thank you all for your time. Have a great week. Bye bye.

好的。今天的會議到此結束。我們感謝大家抽出時間。祝您有個愉快的一周。再見。

Ladies and gentlemen, this concludes the conference call for today. Thank you for participating in my now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您參與我現在的斷開連接。