PriceSmart Inc (PSMT) 2025 Q3 法說會逐字稿

Good afternoon, everyone. Welcome to PriceSmart, Inc.'s earnings release conference call for the third quarter of fiscal year 2025, which ended on May 31, 2025.

大家下午好。歡迎參加 PriceSmart, Inc. 2025 財年第三季（截至 2025 年 5 月 31 日）收益發布電話會議。

After remarks from our company's representatives, Robert Price, Interim Chief Executive Officer; and Michael McCleary, Executive Vice President , Finance, you will be given an opportunity to ask questions as time permits.

在我們公司的代表、臨時執行長羅伯特·普萊斯 (Robert Price) 和財務執行副總裁邁克爾·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, Monday, July 14, 2025. A digital replay will be available shortly, following the conclusion of the call through July 21, 2025, by dialing (888) 660-6264 for domestic callers or (646) 517-3975 for international callers and entering replay access code 90598#.

提醒一下，本次電話會議僅限一小時，並於今天（2025 年 7 月 14 日星期一）進行錄製。電話會議結束後，即可立即收聽數位重播，有效期至 2025 年 7 月 21 日，國內用戶請撥打 (888) 660-6264，國際用戶請撥打 (646) 517-3975，並輸入重播接入碼 90598#。

For opening remarks, I would like to turn the call over to PriceSmart's Executive Vice President, Finance, Michael McCleary. Please proceed, sir.

首先，我想請 PriceSmart 的財務執行副總裁 Michael McCleary 致開幕詞。先生，請繼續。

Thank you, operator. Welcome to PriceSmart, Inc.'s earnings call for the third quarter of fiscal year 2025, which ended on May 31, 2025.

謝謝您，接線生。歡迎參加 PriceSmart, Inc. 2025 財年第三季（截至 2025 年 5 月 31 日）收益電話會議。

We will be discussing the information that we provided in our earnings press release and our 10-Q, which were both released on July 10, 2025.

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 7 月 10 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. All forward-looking statements are based on current expectations and assumptions as of today, July 14, 2025.

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。所有前瞻性陳述均基於截至 2025 年 7 月 14 日的當前預期和假設。

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 on July 10, 2025, and other filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These risks may be updated from time to time.

這些聲明受風險和不確定因素的影響，可能導致實際結果與預期有重大差異，包括公司最近提交的10-K表年度報告、2025年7月10日提交的10-Q表季度報告以及提交給美國證券交易委員會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。這些風險可能會不時更新。

The company undertakes no obligation to update forward-looking statements made during this call.

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. Good day, everyone. Welcome to our third-quarter earnings call.

謝謝你，麥可。大家好。歡迎參加我們的第三季財報電話會議。

As we have previously announced, David Price will be PriceSmart's new Chief Executive Officer; effective September 1, 2025. David is very well prepared for his CEO responsibilities. I am looking forward to working with David in my role as Executive Chairman of our company.

正如我們之前宣布的那樣，David Price 將擔任 PriceSmart 的新執行長；自 2025 年 9 月 1 日起生效。David 已經為擔任 CEO 職責做好了充分的準備。我期待以我們公司執行主席的身份與大衛合作。

I would also like to acknowledge Michael McCleary for his many years of dedicated service to our company, most recently as Chief Financial Officer.

我還要感謝 Michael McCleary 多年來為我們公司所做的奉獻，最近擔任財務長。

With Michael's retirement, I welcome Gualberto Hernandez as PriceSmart's new Chief Executive Officer. Gualberto comes well prepared for his new responsibilities, with significant senior executive financial experience, including working in the retail industry in South America.

隨著麥可的退休，我歡迎 Gualberto Hernandez 擔任 PriceSmart 的新任執行長。Gualberto 已經為他的新職責做好了充分的準備，他擁有豐富的高階管理財務經驗，包括在南美零售業的工作經驗。

As always, I want to express my appreciation to our 12,000 employees for their dedication to PriceSmart. We are so proud of their many contributions to PriceSmart's success.

像往常一樣，我要向我們 12,000 名員工對 PriceSmart 的奉獻表示感謝。我們為他們為 PriceSmart 的成功做出的許多貢獻感到非常自豪。

Finally, I want to thank our stockholders for their support and continuing confidence.

最後，我要感謝股東的支持和持續的信任。

Now, it is my pleasure to turn the meeting over to David.

現在，我很高興將會議交給大衛。

Thank you, Robert. Good morning, everyone.

謝謝你，羅伯特。大家早安。

Let me begin by sharing how honored I am to step into the role of CEO of PriceSmart, effective September 1. Building on the legacy of my father; and grandfather, Sol Price, I'm committed to leading with the same values that have guided this company from the beginning: integrity, excellence, and community -- values that are centered on our employees, members, providers, and the communities where we operate.

首先，我很榮幸能夠擔任 PriceSmart 的執行長一職，該職位將於 9 月 1 日生效。繼承我父親和祖父索爾·普萊斯的遺志，我致力於以公司成立伊始就一直指導公司的價值觀來領導公司：誠信、卓越和社區——這些價值觀以我們的員工、會員、供應商和我們經營所在的社區為中心。

Over the past decade, I've had the opportunity to work across many areas of the business. From launching and scaling our digital commerce business to advancing our sustainability efforts and more recently, to partnering closely with Robert, John Hildebrandt, and the executive team on our broader operations.

在過去的十年裡，我有機會在許多業務領域工作。從啟動和擴展我們的數位商務業務到推動我們的永續發展努力，以及最近與羅伯特、約翰·希爾德布蘭特和執行團隊在更廣泛的營運方面密切合作。

These experiences have deepened my understanding of what makes PriceSmart different, our purpose, our people, and our model; and sharpen my view of where we can go from here. As I step into this role, my priorities are grounded in our core values: prioritizing the welfare of our employees, delivering exceptional value to our members, raising the bar on execution and innovation, and driving sustainable long-term results for our shareholders.

這些經驗加深了我對 PriceSmart 的獨特之處、我們的目標、我們的員工和我們的模式的理解；並讓我更清楚地了解我們未來的發展方向。當我擔任這個職務時，我的首要任務是立足於我們的核心價值：優先考慮員工的福利，為我們的成員提供卓越的價值，提高執行和創新的標準，並為我們的股東帶來可持續的長期業績。

As we shared in May, Gualberto Hernandez joined PriceSmart as CFO on June 1. He brings strong experience in strategic finance and operations, most recently at the Estée Lauder Companies. Michael McCleary will be retiring after more than 20 years in PriceSmart, including the last five as CFO. I want to thank Michael for his outstanding service and welcome Gualberto to the team.

正如我們在 5 月所分享的，Gualberto Hernandez 於 6 月 1 日加入 PriceSmart 擔任財務長。他在策略財務和營運方面擁有豐富的經驗，最近在雅詩蘭黛公司工作。Michael McCleary 在 PriceSmart 工作了 20 多年，其中最後五年擔任財務官，之後即將退休。我要感謝邁克爾的出色服務，並歡迎 Gualberto 加入團隊。

Now, moving on to the main factors and strategic priorities we are focused on to continue increasing sales and vendor value, starting with real estate. In April 2025, we opened a new warehouse club in Cartago, near the capital of San Jose in Costa Rica.

現在，我們來談談主要因素和策略重點，我們關注的是繼續增加銷售和供應商價值，首先是房地產。2025 年 4 月，我們在哥斯達黎加首都聖何塞附近的卡塔戈開設了一家新的倉儲俱樂部。

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 in the final phases of construction and is expected to open in August.

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。該俱樂部目前正處於建設的最後階段，預計將於八月開幕。

In the third quarter of fiscal year 2025, we purchased land and planned to open our sixth warehouse club in the Dominican Republic. Located in La Romana, approximately 73 miles east from the nearest club in the capital of Santo Domingo. The club will be built on a five-acre property and is anticipated to open in the spring of 2026.

2025財年第三季度，我們購買了土地，並計劃在多明尼加共和國開設第六家倉儲俱樂部。位於拉羅馬納，距離首都聖多明哥最近的俱樂部約 73 英里。該俱樂部將建在一塊佔地五英畝的土地上，預計將於 2026 年春季開放。

Once these two new clubs are opened, PriceSmart will operate 57 warehouse clubs.

這兩家新俱樂部開幕後，PriceSmart 將營運 57 家倉儲俱樂部。

We continue to pursue opportunities to expand in our existing markets and to assess opportunities in new markets. In particular, we are currently evaluating Chile as a potential new market for PriceSmart. We have hired local consultants to help us in this process and are actively looking for potential sites in Chile. Having recently visited Chile myself, together with other members of our leadership team, I am excited about the potential opportunities this market offers us. However, opening PriceSmart in Chile remains subject to our completing our market analysis, finding appropriate sites, and securing permits.

我們將繼續尋求在現有市場中擴張的機會並評估在新市場中的機會。特別是，我們目前正在評估智利作為 PriceSmart 的潛在新市場。我們聘請了當地顧問來幫助我們完成這一過程，並正在積極尋找智利的潛在地點。我最近和我們領導團隊的其他成員一起拜訪了智利，我對這個市場為我們提供的潛在機會感到非常興奮。然而，在智利開設 PriceSmart 仍取決於我們完成市場分析、找到合適的地點並獲得許可。

We continue to strengthen our distribution and logistics infrastructure to better serve our members. Today, we operate major distribution centers in Miami, Costa Rica, and Panama. In fiscal year 2026, we plan to upgrade our Panama DC to support coal products and to open new DCs in Guatemala, Trinidad, and the Dominican Republic. These local facilities are expected to improve product availability, reduced lead times, and lower landed costs.

我們不斷加強我們的分銷和物流基礎設施，以便更好地服務我們的會員。如今，我們在邁阿密、哥斯大黎加和巴拿馬設有主要配送中心。在 2026 財年，我們計劃升級巴拿馬配送中心以支持煤炭產品，並在瓜地馬拉、特立尼達和多明尼加共和國開設新的配送中心。這些本地設施可望提高產品供應量、縮短交貨時間並降低到岸成本。

Along with these new DCs, we are currently testing distribution consolidation in China to streamline shipments directly to our markets. We are exploring ways to enhance logistics in our multi-club markets by utilizing the combination of PriceSmart-managed and third-party operations. In certain countries, we have also introduced the use of our own fleet of trucks to transport merchandise directly to the clubs.

除了這些新的配送中心外，我們目前正在中國測試分銷整合，以簡化直接向我們的市場發貨的流程。我們正在探索利用 PriceSmart 管理和第三方營運相結合的方式，增強多俱樂部市場的物流能力。在某些國家，我們也開始使用自己的卡車車隊將商品直接運送到俱樂部。

The last word on distribution and logistics: as international trade becomes more complex, our free trade zone operations in the US and Costa Rica give us a strategic advantage by allowing us to consolidate and export goods without duties or tariffs. We're actively pursuing strategies such as supply chain diversification, expanded offshore consolidation, and increased free trade zone utilization, all to improve efficiency and help offset rising costs for our members.

關於分銷和物流的最後一句話：隨著國際貿易變得越來越複雜，我們在美國和哥斯達黎加的自由貿易區運營使我們能夠整合和出口貨物而無需繳納關稅，從而為我們帶來了戰略優勢。我們正在積極推行供應鏈多樣化、擴大離岸整合和提高自由貿易區利用率等策略，以提高效率並幫助抵消會員不斷上升的成本。

Turning now to the other ways we are enhancing our membership beyond low prices, our private label, Member's Selection, remains a key part of our value proposition. These high-quality, competitively priced products offer meaningful savings without compromising on quality. For the first nine months of FY 2025, private label sales represented 27.7% of total merchandise sales, up 30 basis points from the same period last year.

現在談談我們除了低價之外提升會員品質的其他方式，我們的自有品牌「會員精選」仍然是我們價值主張的關鍵部分。這些高品質、價格具競爭力的產品在不影響品質的情況下，可以為您節省大量成本。2025財年前九個月，自有品牌銷售額佔商品總銷售額的27.7%，比去年同期成長30個基點。

In Central America, we've renewed and enhanced our co-branded consumer credit card with BAC, effective July 2025. The new agreement offers increased cashback rewards on purchases at PriceSmart, pricesmart.com, BAC's travel program, and other retailers and services, adding even more value for our members.

在中美洲，我們與 BAC 更新並增強了我們的聯名消費者信用卡，該卡將於 2025 年 7 月生效。新協議為在 PriceSmart、pricesmart.com、BAC 旅遊計劃以及其他零售商和服務上購物的會員提供更高的現金返還獎勵，為我們的會員增加更多價值。

We continue to invest in omnichannel capabilities to meet our members where they are. In Q3, digital channel sales reached $79 million, a 19.8% increase year over year, representing 6.1% of total net merchandise sales, our highest digital contribution to date.

我們將繼續投資全通路功能以滿足會員的需求。第三季度，數位通路銷售額達到 7,900 萬美元，年增 19.8%，佔商品淨銷售額的 6.1%，這是我們迄今為止最高的數位貢獻。

Orders placed directly through our website or app grew 16.7%, with average transaction value up 3.2%. As of May 31, 62% of our members had created an online profile and nearly one-third of those have made a purchase online.

透過我們的網站或應用程式直接下達的訂單成長了 16.7%，平均交易額增加了 3.2%。截至 5 月 31 日，我們 62% 的會員已經建立了線上檔案，其中近三分之一已經在網路上購買過商品。

We see continued opportunity in this space. We'll keep investing to enhance the digital experience we offer to our members.

我們看到這個領域仍然存在著機會。我們將繼續投資，以增強我們為會員提供的數位體驗。

We're also modernizing our processes and technology. Taking one example, our migration to the RELEX platform is well underway and expected to be substantially operational by year end. This upgrade enhances employee productivity and is designed to improve inventory management, reduce spoilage, and increased in-stock availability, driving both sales and efficiency.

我們也在使我們的流程和技術現代化。舉個例子，我們向 RELEX 平台的遷移正在順利進行，預計將於年底基本投入營運。此次升級提高了員工的工作效率，旨在改善庫存管理、減少損耗、增加庫存可用性，從而推動銷售和提高效率。

Lastly, we recently released our fiscal year 2024 sustainability report, highlighting our commitment to environmental and social responsibility. The full report is available at investors.pricesmart.com, under the ESG tab, and more information can be found at pricesmart.org.

最後，我們最近發布了2024財年永續發展報告，強調了我們對環境和社會責任的承諾。完整報告可在 investors.pricesmart.com 的 ESG 標籤下找到，更多資訊可在 pricesmart.org 上找到。

With that, I'll turn it over to Michael McCleary for the financial review.

有了這些，我將把財務審查交給邁克爾·麥克萊裡 (Michael McCleary)。

Thank you, David.

謝謝你，大衛。

We had a strong third quarter as net merchandise sales reached almost $1.3 billion and total revenue was over $1.3 billion. During the first nine months of our fiscal year, net merchandise sales reached over $3.8 billion and total revenue was over $3.9 billion. During the third quarter, net merchandise sales increased by 8% or 9.5% in constant currency and comparable net merchandise sales increased by 7% or 8.5% in constant currency. For the first nine months of the fiscal year, net merchandise sales increased by 7.2% or 8.2% in constant currency and comparable net merchandise sales increased by 6.5% or 7.6% in constant currency.

我們第三季表現強勁，淨商品銷售額達到近 13 億美元，總營收超過 13 億美元。在本財政年度的前九個月，商品淨銷售額超過 38 億美元，總收入超過 39 億美元。第三季度，淨商品銷售額成長 8%（以固定匯率計算成長 9.5%），可比淨商品銷售額成長 7%（以固定匯率計算成長 8.5%）。本財年前九個月，淨商品銷售額成長 7.2%（以固定匯率計算成長 8.2%），可比淨商品銷售額成長 6.5%（以固定匯率計算成長 7.6%）。

By segment, in Central America, where we had 31 clubs at quarter end, net merchandise sales increased 7.5% or 7.6% in constant currency, with a 5.7% increase in comparable net merchandise sales or 5.9% in constant currency. All of our markets in Central America had positive comparable net merchandise sales growth. Our Central America segment contributed approximately 350 basis points of positive impact to the growth in total consolidated comparable net merchandise sales for the third quarter.

以細分市場劃分，在中美洲，截至本季度末我們擁有 31 傢俱樂部，商品淨銷售額增長 7.5%（按固定匯率計算增長 7.6%），可比商品淨銷售額增長 5.7%（按固定匯率計算增長 5.9%）。我們在中美洲的所有市場都實現了可比淨商品銷售額的正成長。我們的中美洲分部對第三季合併可比淨商品銷售總額的成長貢獻了約 350 個基點的正面影響。

In the Caribbean, where we had 14 clubs at quarter end, net merchandise sales increased 8.2% or 9.7% in constant currency and comparable net merchandise sales increased 8.6% or 10.1% in constant currency. Our Caribbean region contributed approximately 240 basis points of positive impact to the growth in total consolidated comparable net merchandise sales for the third 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 8.2%（以固定匯率計算為 9.7%），可比淨商品銷售額成長 8.6%（以固定匯率計算為 10.1%）。我們的加勒比海地區對第三季合併可比淨商品銷售總額的成長貢獻了約 240 個基點的正面影響。

In Colombia, where we had 10 clubs open at the end of our third quarter, net merchandise sales increased 10.1% or 19.3% in constant currency and comparable net merchandise sales increased 9.9% or 19.1% in constant currency. Colombia contributed approximately 110 basis points of positive impact to the growth in total consolidated comparable net merchandise sales for the quarter.

在哥倫比亞，我們第三季末開設了 10 傢俱樂部，淨商品銷售額成長 10.1%（以固定匯率計算為 19.3%），可比淨商品銷售額成長 9.9%（以固定匯率計算為 19.1%）。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 110 個基點的正面影響。

In terms of merchandise categories, when comparing our third-quarter sales to the same period in the prior year, our Foods category grew approximately 7.8%; our Non-Food category increased approximately 9%; our Food Services and Bakery categories increased approximately 6.7%; and our Health Services -- including optical, audiology and pharmacy -- increased approximately 13.9%.

就商品類別而言，與去年同期相比，我們的第三季度銷售額增長了約 7.8%；非食品類別增長了約 9%；食品服務和烘焙類別增長了約 6.7%；我們的健康服務（包括眼科、聽力學和藥房）增長了約 13.9%。

Membership accounts grew 5.1% versus the prior year to almost 2 million accounts, with a 12-month renewal rate of 88% as of May 31, 2025. A key driver of our membership strategy is the Platinum membership, which is designed to offer even more value to our most-engaged members. Platinum members enjoy exclusive benefits, including an annual cashback reward on eligible purchases, which directly translates to saving that reward loyalty and increased purchasing power.

會員帳戶較上年增加 5.1%，達到近 200 萬個帳戶，截至 2025 年 5 月 31 日的 12 個月續約率為 88%。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。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增加的購買力。

Platinum accounts as of May 31, 2025, represented 16.1% of our total membership base, an increase from 11% in the prior year third quarter and 12.3% as of August 31, 2024. This increase is due to additional focus on growing this important segment of our membership, which included Platinum promotional campaigns during fiscal years 2024 and '25.

截至 2025 年 5 月 31 日，白金帳戶占我們總會員數的 16.1%，高於去年第三季的 11% 和截至 2024 年 8 月 31 日的 12.3%。這一增長是由於我們更加專注於擴大會員中這一重要部分，其中包括 2024 和 2025 財年的白金促銷活動。

Total gross margin for the quarter as a percentage of net merchandise sales increased 20 basis points to 15.8% and $17.5 million or approximately 9.4% versus the same prior year period. Total revenue margins increased 30 basis points to 17.4% of total revenue when compared to the same period last year.

本季總毛利率佔淨商品銷售額的百分比與去年同期相比增加了 20 個基點，達到 15.8% 和 1,750 萬美元，約 9.4%。與去年同期相比，總營收利潤率增加了 30 個基點，達到總營收的 17.4%。

During the third quarter, our average sales ticket grew by 1.9% and transactions grew 6% versus the same prior year period. The average price per item remained relatively flat year over year, while average items per basket increased approximately 1.8% compared to the same period of the prior year.

第三季度，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 6%。每件商品的平均價格與去年同期相比保持相對平穩，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 13.2% of total revenues for the third quarter of fiscal year 2025 compared to 13% for the third quarter of fiscal year 2024 and increased 12.8% versus 12.6% for the nine-month period ended in May. The 20 basis points increase of SG&A as a percentage of revenue primarily related to planned technology investments to support the future growth of our business.

2025 財年第三季度，銷售、一般及行政管理總​​費用佔總收入的比例從 2024 財年第三季度的 13% 增至 13.2%，且較截至 5 月的九個月期間的 12.6% 增長 12.8%。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 third quarter of fiscal year 2025 increased 12.7% from the same period last year to $56.2 million. Operating income for the first nine months of fiscal year 2025 increased 4.7% from the same period last year to $179.8 million.

2025財年第三季營業收入較上年同期成長12.7%至5,620萬美元。2025財年前九個月的營業收入比去年同期成長4.7%，達到1.798億美元。

In the third quarter of fiscal year 2025, we recorded a $7.2 million net loss in total other expense compared to a $2.9 million net loss and total other expense in the same period last year. This increase is primarily driven by an increase in unrealized losses in value of US dollar-(inaudible) monetary assets and liabilities in several of our markets. This increase was also driven by an increase in our cost of premiums to convert local currency into US dollars from $3.8 million in the prior year to $4.8 million in the current year.

在 2025 財年第三季度，我們記錄了 720 萬美元的其他費用總額淨虧損，而去年同期的淨虧損和其他費用總額為 290 萬美元。這一增長主要是由於我們幾個市場中美元（聽不清楚）貨幣資產和負債的未實現損失價值增加所致。這一增長也因為我們將當地貨幣兌換成美元的保費成本從去年的 380 萬美元增加到今年的 480 萬美元。

Our effective tax rate for the third quarter of fiscal year 2025 came in at 28.4% versus 30.8% a year ago. Our effective tax rate for the first nine months of fiscal year 2025 was 27.3% compared to 31.3% 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 year 2024. On a go-forward basis, we estimate our annualized effective tax rate will be approximately 27% to 29%.

我們 2025 財年第三季的有效稅率為 28.4%，去年同期為 30.8%。我們 2025 財年前九個月的有效稅率為 27.3%，去年同期為 31.3%。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 third quarter of fiscal year 2025 was $35.2 million or $1.14 per diluted share compared to $32.5 million or $1.08 per diluted share in the third quarter of fiscal year 2024. Adjusted EBITDA for the third quarter of fiscal year 2025 was $79 million, compared to $71 million in the same period last year.

2025 財年第三季淨收入為 3,520 萬美元，即每股攤薄收益 1.14 美元，而 2024 財年第三季淨收入為 3,250 萬美元，即每股攤薄收益 1.08 美元。2025財年第三季調整後EBITDA為7,900萬美元，去年同期為7,100萬美元。

Net income for the first nine months of fiscal year 2025 was $116.3 million or $3.80 per diluted share compared to $109.8 million or $3.62 per diluted share in the comparable prior year period. Adjusted EBITDA for the first nine months of fiscal year 2025 was $245.1 million, compared to $232.9 million in the same period last year.

2025 財年前九個月的淨收入為 1.163 億美元，即每股攤薄收益 3.80 美元，而去年同期的淨收入為 1.098 億美元，即每股攤薄收益 3.62 美元。2025財年前九個月的調整後EBITDA為2.451億美元，去年同期為2.329億美元。

Moving on to our strong balance sheet, we ended the quarter with cash, cash equivalents, and restricted cash totaling $183.1 million, plus approximately $94 million of short-term investments. When reviewing our cash balances, it is important to note that as of May 31, 2025, we had $75.9 million of cash, cash equivalents, and short-term investments denominated in local currency and interest which we could not readily convert into US dollars. This is a decrease from the $77.3 million at the end of the second quarter of fiscal year 2025, driven by our ability to reduce our position in [Honduras] (inaudible) during the third quarter.

繼續看我們強勁的資產負債表，本季末我們擁有現金、現金等價物和受限現金總額為 1.831 億美元，外加約 9,400 萬美元的短期投資。在審查我們的現金餘額時，值得注意的是，截至 2025 年 5 月 31 日，我們擁有 7,590 萬美元的現金、現金等價物和短期投資，以當地貨幣和利息計價，我們無法輕易兌換成美元。這比 2025 財年第二季末的 7,730 萬美元有所下降，原因是我們在第三季減少了在 [宏都拉斯]（聽不清楚）的持股。

While we have seen improvement in availability in Honduras for the US dollars during fiscal year 2025, we continue to monitor the situation actively as the underlying limitations on availability of US dollars persist.

雖然我們看到 2025 財年洪都拉斯的美元供應情況有所改善，但我們仍將繼續積極監測局勢，因為美元供應方面的潛在限制仍然存在。

From a cash flow perspective, net cash provided by operating activities increased $13.4 million for the first nine months of fiscal year 2025, largely due to improved operating results. Net cash used in investing activities decreased by $53.6 million for the first nine months of fiscal year 2025 compared to the prior year, primarily due to a $40.3 million decrease in property and equipment expenditures and a $14 million increase in proceeds from settlements and purchases of short-term investments compared to the same nine-month period a year ago.

從現金流角度來看，2025財年前九個月經營活動提供的淨現金增加了1,340萬美元，主要歸功於營運績效的改善。2025 財年前九個月，投資活動所用淨現金與上年相比減少了 5,360 萬美元，主要原因是與去年同期相比，財產和設備支出減少了 4,030 萬美元，而結算和購買短期投資的收益增加了 1,400 萬美元。

Net cash used in financing activities during the first nine months of fiscal year 2025 decreased by $82.4 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 compared to the same period a year ago.

2025 財年前九個月融資活動所用淨現金減少了 8,240 萬美元，主要原因是與去年同期相比，我們普通股的回購減少，但部分被償還金額的增加和長期銀行借款收益的減少所抵消。

Looking forward a little into our current fourth quarter, our comparable net merchandise sales for the four weeks ended June 29, 2025, were up 7.7% in both US dollars and constant currency.

展望目前第四季度，截至 2025 年 6 月 29 日的四周，我們的可比淨商品銷售額以美元和固定匯率計算均成長了 7.7%。

In closing, we are excited to be able to share these pivotal investments that we have made in our continued commitment to operational efficiency and excellence. We believe these changes will continue to enhance the member experience, creating a mutually beneficial relationship built on trust, value, and innovation.

最後，我們很高興能夠分享我們為持續致力於營運效率和卓越所做的這些關鍵投資。我們相信這些變化將持續提升會員體驗，建立在信任、價值和創新基礎上的互惠互利關係。

Thank you for joining our call today. Before turning the call over for questions, we would like to request that due to the CEO and CFO transition process and that due to travel schedules, we were not able to all be on the same location today, you direct your questions on today's call to Robert or myself.

感謝您今天參加我們的電話會議。在轉入提問環節之前，我們想請求大家，由於首席執行官和首席財務官的過渡過程以及旅行計劃，我們今天無法全部聚集在同一地點，請您在今天的電話會議上將問題直接發給羅伯特或我本人。

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

我現在將把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 City Capital.

喬恩‧布拉茨 (Jon Braatz)，堪薩斯市首府。

Michael, a question on your Trinidad funding plans that you discussed in the 10-Q, how does that help solve your convertibility issue in Trinidad? How do you see the impact on the P&L and maybe your liquidity premium that you're charging?

邁克爾，關於您在 10-Q 中討論的特立尼達融資計劃，有什麼問題可以幫助解決特立尼達的兌換問題？您如何看待對損益表以及您收取的流動性溢價的影響？

And then, lastly, does -- because -- your (inaudible) is a Trinidad-Jamaica type of transaction, does that generate an additional currency issue when you have the conversion between Trinidad and Jamaica?

最後，因為－您的（聽不清楚）是特立尼達-牙買加類型的交易，當您在特立尼達和牙買加之間進行轉換時，是否會產生額外的貨幣問題？

Hi, Jon. Great question. Thanks.

你好，喬恩。好問題。謝謝。

Basically, there are several different components of these transactions, right? There's a total of up to $65 million. The cleanest and simplest, if you will, is the US dollar loan for $15 million in which we repay in Trinidad dollars. So that obviously gives us a direct connection to work on our turnout payables.

基本上，這些交易有幾個不同的組成部分，對嗎？總額高達6500萬美元。如果你願意的話，最乾淨、最簡單的就是 1500 萬美元的美元貸款，我們用特立尼達元償還。因此，這顯然為我們處理投票率應付付款提供了直接的連結。

The other $50 million, as you brought up, there's a piece that's in Jamaican dollars but it's indexed to US dollars so there won't be any additional exposure from the Jamaican currency. It's just a matter of where the investors were that were subscribing to pieces of that transaction.

正如您所說，另外 5000 萬美元中有一部分是牙買加元，但它與美元掛鉤，因此不會受到牙買加貨幣的任何額外影響。問題只是認購該交易部分的投資者在哪裡。

So the maximum FX exposure to this transaction would be between the Trinidad and the US dollar for the $50 million, not for the $15 million that we pay back in Trinidad dollars and no additional Jamaican exposure.

因此，這筆交易的最大外匯敞口將是特立尼達和美元之間的 5000 萬美元，而不是我們以特立尼達和美元償還的 1500 萬美元，並且沒有額外的牙買加敞口。

As far as the purpose, it's just another tool for our toolbox here. Obviously, just like most of the rest of the countries where in Trinidad, about half of our merchandise is imported so those vendors (technical difficulty) --

就其目的而言，它只是我們工具箱中的另一個工具。顯然，就像特立尼達的大多數其他國家一樣，我們大約一半的商品是進口的，所以那些供應商（技術難度）——

Jon, are you still there?

喬恩，你還在嗎？

Hello? Anybody there?

你好？有人在嗎？

Can you hear me?

你聽得到我嗎？

Yeah.

是的。

Okay. Great. It looks like you were just cut off there at the end of your question.

好的。偉大的。看起來你的問題在結束時就被打斷了。

I can't hear anybody.

我聽不到任何人的聲音。

Okay. Let me just see what's going on here in a moment. Sorry.

好的。讓我馬上看看這裡發生了什麼事。對不起。

(technical difficulty)

（技術難度）

Looks like we got disconnected with Jon.

看起來我們與喬恩斷絕了聯繫。

Héctor Maya, Scotiabank.

加拿大豐業銀行的 Héctor Maya。

Robert, Michael, I just wanted to know if you could please share with us the thinking process that went into your strategic decision to consider Chile for future openings over other markets; and also to understand how you are thinking in terms of the potential for that market -- to understand what was so appealing about this opportunity; and also, how open you could be to considering other opportunities in the region?

羅伯特、邁克爾，我只是想知道，你們能否與我們分享一下你們做出未來在智利而不是其他市場開設門店的戰略決策時的思考過程；同時也想了解你們是如何看待這個市場的潛力的——了解這個機會的吸引力是什麼；而且，你們願意考慮在該地區開設其他門店嗎？

(technical difficulty)

（技術難度）

Hello? Operator, are we live?

你好？接線員，我們現在在線上嗎？

Please go ahead.

請繼續。

Operator, are we live now?

接線員，現在可以上網嗎？

Yes. You are live.

是的。您仍在直播。

Okay. Did my answer to Jon's question get fully answered before we cut off there?

好的。在我們結束之前，我對喬恩的問題的回答是否已經得到充分回答？

No. It looks like Jon got disconnected near the end of his question.

不。看起來 Jon 的問題快要結束時就斷線了。

Okay. So you did not hear my answer to Jon's question?

好的。所以你沒有聽到我對喬恩問題的回答？

No. We did not.

不。我們沒有。

Okay. We were getting some static. So let me try to -- is Jon still on the line?

好的。我們聽到了一些靜電。那麼讓我試試——喬恩還在線上嗎？

Okay. I'm checking now.

好的。我正在檢查。

Let's -- can you have -- do you want Héctor to ask his question again or --?

你想讓赫克托再問一次他的問題嗎？--？

I know what his question is.

我知道他的問題是什麼。

So we're now going to go ahead and answer Héctor's question. And then, I'll go back to Robert's question.

所以我們現在要繼續回答赫克託的問題。然後，我再回到羅伯特的問題。

I'm sorry, everybody, about the technical difficulties, I'm not sure (multiple speakers) --

各位，很抱歉，關於技術問題，我不確定（多位發言者）——

That's fine.

沒關係。

Héctor, I'll respond here. You really have two questions, I think. One is the considerations that went into our decision or, at least, almost-decision -- we haven't finalized everything to enter the market in Chile; and then, other markets that we might be considering. I think those were your questions. Is that right?

赫克托，我會在這裡回應。我認為你確實有兩個問題。一是我們在做出決定或至少是幾乎做出決定時所考慮的因素——我們還沒有最終確定進入智利市場的所有事宜；二是我們可能正在考慮的其他市場。我想這些都是你的問題。是嗎？

I don't know where he is now. Héctor?

我不知道他現在在哪裡。赫克托？

Is Héctor's line still open, operator?

接線員，赫克託的路線還通嗎？

(technical difficulty)

（技術難度）

Okay. Operator, can you confirm that you heard Robert's answer?

好的。接線員，您能確認您聽到羅伯特的回答了嗎？

Yes. I heard that. I'm looking for Héctor, right now, just to double check.

是的。我聽到了。我現在正在尋找赫克托，只是為了再確認。

We'll just go ahead and proceed at this point, unless we (multiple speakers) --

我們現在就繼續進行，除非我們（多位發言者）——

Héctor is not here.

赫克託不在這裡。

He's not there? Okay. So why don't we have Robert go ahead?

他不在嗎？好的。那我們為什麼不讓羅伯特繼續下去呢？

Okay. Well, regarding the considerations that went into our -- at least, pretty possible decision to open into [it], we haven't really final-finaled everything. It's the fact that Chile has a strong middle class, the economics are good, has a good trade relation and tax relationship between the United States and Chile, and very stable government.

好的。好吧，關於我們考慮的因素——至少，很有可能決定開放它，我們還沒有最終確定一切。事實上，智利擁有強大的中產階級，經濟狀況良好，美國和智利之間有著良好的貿易關係和稅收關係，政府也非常穩定。

I think in a lot of our countries, we are challenged in terms of some of the political and economic issues that we face in our countries.

我認為，在我們許多國家，我們都面臨著一些政治和經濟問題的挑戰。

Chile, we believe it would be a much more stable and more developed country. So we think it would be a positive market. And also, the market in Chile, we think we could do well because of the strong middle class.

我們相信智利將會成為一個更穩定、更發達的國家。因此我們認為這將是一個積極的市場。此外，我們認為，由於智利中產階級實力強大，我們可以在智利市場取得良好業績。

As far as other markets Latin America, at the moment, we aren't doing any serious study of any other markets but we would continue to assess opportunities that might come up but nothing to report, really, on that.

至於拉丁美洲的其他市場，目前，我們還沒有對任何其他市場進行認真的研究，但我們會繼續評估可能出現的機會，但實際上沒有什麼可報告的。

Well, once again, I do want to apologize for those technical difficulties. Last few calls have been very smooth. Sorry about that.

好吧，我再次對這些技術問題表示歉意。最近幾次通話都很順利。很抱歉。

I want to go back to Jon's question here. I don't think we have him on the line anymore but let me just try to recreate that and see if I cover a part of the pieces of Jon's question. Jon was asking about the Trinidad financing arrangements and how that affects our liquidity situation in Trinidad.

我想回到喬恩的問題。我認為他已經不再在線了，但讓我嘗試重新創建該過程，看看是否能解答喬恩問題的部分內容。喬恩詢問了特立尼達的融資安排以及這對我們在特立尼達的流動性狀況有何影響。

To the extent you haven't already heard this answer, I don't think it went through: of the up to $65 million financing that we have arranged that we expect to fund in Q4, $15 million of that is -- we will receive proceeds in US dollars and we will be paying Trinidad dollars. So that gives us a clear path towards converting our Trinidad dollars into US dollars.

如果您還沒有聽到這個答案，我認為它沒有得到通過：我們已安排的高達 6500 萬美元的融資預計將在第四季度提供資金，其中 1500 萬美元 - 我們將以美元獲得收益，並將支付特立尼達元。因此，這為我們把特立尼達元兌換成美元提供了一條清晰的途徑。

The other $50 million is going to be primarily in US dollars. Some of it is actually tied to Jamaican dollars. But from our perspective, the liabilities in US dollars is indexed to US dollars so we're not introducing any third currency, as far as volatility to the US dollar-Jamaican dollar exchange rate. It will just be US dollar-Trinidad for that $50 million entirely. That was just a convenience factor for certain of the investors that are part of that deal.

其餘 5000 萬美元將主要以美元支付。其中一些實際上與牙買加元掛鉤。但從我們的角度來看，美元負債與美元掛鉤，因此就美元兌牙買加元匯率的波動而言，我們不會引入任何第三種貨幣。這 5000 萬美元將全部以美元兌特立尼達美元計算。對於參與交易的某些投資者來說，這只是一個便利因素。

And then, overall, the $50 million is just another tool in our toolbox. Just like the rest of our countries, about 50% of our products that are sold in Trinidad is imported, which means we have US-dollar vendors, primarily through PriceSmart, Inc., that need to be paid. And so this will allow PriceSmart Trinidad to pay money up to PriceSmart, Inc., who can then pay on to their vendors; and then, give us a path to spread that conversion over several years.

總的來說，5000 萬美元只是我們工具箱中的另一個工具。與我們其他國家一樣，在特立尼達銷售的產品中約有 50% 是進口的，這意味著我們需要向美元供應商（主要透過 PriceSmart, Inc.）付款。因此，這將允許 PriceSmart Trinidad 向 PriceSmart, Inc. 支付款項，然後後者可以向其供應商付款；然後，為我們提供一種途徑，在幾年內推廣這種轉換。

Last piece of the question from Jon was regarding the FX accrual and how we're including a premium for our members. That's something that we constantly evaluate to see how much that will impact our pricing. We do consider that and we are figuring that into our calculations for next year. We're going to do our best to make sure that that does not impact member pricing. But that's a work in process.

喬恩提出的最後一個問題是關於外匯累積以及我們如何為會員提供保費。我們會不斷評估這一點，看看它對我們的定價有多大影響。我們確實考慮到了這一點，並將其納入明年的計算中。我們將盡最大努力確保這不會影響會員價格。但這是一個正在進行的工作。

Thank you. Sorry for that technical difficulty there. I'm not sure what happened.

謝謝。抱歉，出現了技術問題。我不確定發生了什麼事。

(Operator Instructions)

（操作員指示）

Héctor, Scotiabank.

赫克托，加拿大豐業銀行。

Robert, Michael, I was basically asking if you could please share the thinking process that went into the strategic decision to consider Chile for future openings over other markets; and also, to understand how you're thinking in terms of the potential in that market?

羅伯特、邁克爾，我主要想問的是，你們能否分享一下在智利而不是其他市場做出未來開店戰略決策時的思考過程；同時，能否了解你們是如何看待智利市場的潛力的？

Would it be also fair to assume that now PriceSmart would be open to considering other opportunities in the region, how this could change the growth algorithm in terms of store openings in the future?

是否也可以公平地假設，PriceSmart 現在願意考慮該地區的其他機會，這將如何改變未來開店的成長演算法？

Héctor, I answered most of that already. I don't know if you heard it or not. But I did answer, a few minutes ago, most of your questions regarding -- I think the one thing in Chile that you mentioned now about the potential for that market, I think it's -- the gross domestic product in Chile is about the same as it is in Colombia, about $350 billion. And the population is much smaller so it's a much stronger middle class.

赫克托，我已經回答了大部分問題。我不知道你有沒有聽到。但幾分鐘前我確實回答了您的大部分問題——我認為您現在提到的智利市場潛力是這樣的——智利的國內生產總值與哥倫比亞差不多，約為 3500 億美元。而且人口少很多，因此中產階級實力更強。

And so we think although a big portion of the population is located in Santiago, we feel that we could have quite a number of PriceSmart locations in the capital and also in some of the secondary cities.

因此我們認為，儘管很大一部分人口居住在聖地牙哥，但我們認為我們可以在首都和一些二線城市設立相當多的 PriceSmart 門市。

The market potential, it's really hard to say but we think it could be pretty good for us. So it's still a work in progress as we continue to assess the markets.

市場潛力確實很難說，但我們認為這對我們來說相當不錯。因此，隨著我們繼續評估市場，這項工作仍在進行中。

I understand. I'm sorry about that. I was also having issues to connect initially to the call. So maybe I missed that color.

我明白。我很抱歉。我最初接聽電話時也遇到了問題。所以也許我錯過了那個顏色。

There'll be a transcript coming out shortly. So hopefully, you can catch that.

很快就會有一份記錄出來。所以希望你能抓住這一點。

Thank you. There are no further questions at this time.

謝謝。目前沒有其他問題。

I will now turn the call over to Michael McCleary for closing remarks. Please continue.

現在我將把電話交給邁克爾·麥克萊裡 (Michael McCleary) 做結束語。請繼續。

Okay. Once again, everybody, sorry about the technical difficulties. Hopefully, everybody was able to do hear answers clearly. I think we answered both Jon and Héctor's questions.

好的。再次向各位表示歉意，因為技術上出現了問題。希望每個人都能清楚聽到答案。我想我們回答了喬恩和赫克託的問題。

Thank you for your participation today. Take care. Goodbye.

感謝您今天的參與。小心。再見。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。