Pricesmart Inc 10-Q for FY2023 Q2

Pricesmart Inc (PSMT)

10-Q 2023-04-10 For: 2023-02-28

Added on April 09, 2026

About this 10-Q

Pricesmart Inc filed this 10-Q on April 10, 2023, covering the quarter ended February 28, 2023 (FY2023 Q2).

Headline figures

Quarter ended February 28, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.14B; up 10.0% from $1.04B a year earlier
Net income: $31.35M; down 0.4% from net income of $31.46M a year earlier
Diluted EPS: $1.02; down 1.0% from $1.03 a year earlier

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Delaware			33-0628530
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)


9740 Scranton Road, San Diego, CA			92121
(Address of principal executive offices)			(Zip Code)


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.0001 par value	PSMT	NASDAQ Global Select Market


Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o	Smaller Reporting Company	o
		Emerging growth company	o


		Page
PART I - FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS	1
	CONSOLIDATED BALANCE SHEETS AS OF FEBRUARY 28, 2023 (UNAUDITED) AND AUGUST 31, 2022	2
	CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2023 AND 2022 - UNAUDITED	4
	CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2023 AND 2022 - UNAUDITED	5
	CONSOLIDATED STATEMENTS OF EQUITY FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 2023 AND 2022 - UNAUDITED	6
	CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 AND 2022 - UNAUDITED	8
	NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED	10
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	32
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	57
ITEM 4.	CONTROLS AND PROCEDURES	58
PART II - OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	59
ITEM 1A.	RISK FACTORS	59
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	59
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	60
ITEM 4.	MINE SAFETY DISCLOSURES	60
ITEM 5.	OTHER INFORMATION	60
ITEM 6.	EXHIBITS	61


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	February 28, 2023 (Unaudited)		August 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents	$	260,927	$	237,710
Short-term restricted cash	9,110		3,013
Short-term investments	54,322		11,160
Receivables, net of allowance for doubtful accounts of $54 as of February 28, 2023 and $103 as of August 31, 2022, respectively	16,401		13,391
Merchandise inventories	449,101		464,411
Prepaid expenses and other current assets (includes $41 and $2,761 as of February 28, 2023 and August 31, 2022, respectively, for the fair value of derivative instruments)	46,910		43,894
Total current assets	836,771		773,579
Long-term restricted cash	10,515		10,650
Property and equipment, net	774,826		757,241
Operating lease right-of-use assets, net	106,043		111,810
Goodwill	43,185		43,303

Deferred tax assets	27,898		28,355
Other non-current assets (includes $15,994 and $11,884 as of February 28, 2023 and August 31, 2022, respectively, for the fair value of derivative instruments)	76,474		72,928
Investment in unconsolidated affiliates	10,460		10,534
Total Assets	$	1,886,172	$	1,808,400
LIABILITIES AND EQUITY
Current Liabilities:
Short-term borrowings	$	10,133	$	10,608
Accounts payable	406,581		408,407
Accrued salaries and benefits	35,340		44,097
Deferred income	32,665		29,228
Income taxes payable	9,587		7,243
Other accrued expenses and other current liabilities (includes $171 and $82 as of February 28, 2023 and August 31, 2022, respectively, for the fair value of derivative instruments)	43,256		38,667
Operating lease liabilities, current portion	7,144		7,491
Dividends payable	14,456		—
Long-term debt, current portion	27,421		33,715
Total current liabilities	586,583		579,456
Deferred tax liability	2,105		2,165
Long-term income taxes payable, net of current portion	4,729		5,215
Long-term operating lease liabilities	113,335		118,496
Long-term debt, net of current portion	126,383		103,556
Other long-term liabilities (includes $9,125 and $8,440 for post-employment plans as of February 28, 2023 and August 31, 2022, respectively)	9,125		8,439
Total Liabilities	842,260		817,327


Stockholders' Equity:
Common stock $0.0001 par value, 45,000,000 shares authorized; 31,869,393 and 31,697,590 shares issued and 31,001,117 and 30,904,826 shares outstanding (net of treasury shares) as of February 28, 2023 and August 31, 2022, respectively	3		3
Additional paid-in capital	492,099		481,406
Accumulated other comprehensive loss	(183,703)		(195,586)
Retained earnings	772,430		736,894
Less: treasury stock at cost, 868,276 shares as of February 28, 2023 and 792,764 shares as of August 31, 2022	(36,917)		(31,644)


Total Stockholders' Equity	1,043,912		991,073
Total Liabilities and Equity	$	1,886,172	$	1,808,400


	Three Months Ended				Six Months Ended
	February 28, 2023		February 28, 2022		February 28, 2023		February 28, 2022
Revenues:
Net merchandise sales	$	1,115,999	$	1,011,896	$	2,141,462	$	1,955,939
Export sales	6,882		8,674		17,340		19,208
Membership income	16,176		15,071		32,071		29,862
Other revenue and income	3,132		2,916		6,122		8,904
Total revenues	1,142,189		1,038,557		2,196,995		2,013,913
Operating expenses:
Cost of goods sold:
Net merchandise sales	937,462		853,633		1,796,530		1,646,826
Export sales	6,563		8,215		16,552		18,282
Non-merchandise	—		—		—		1,809
Selling, general and administrative:
Warehouse club and other operations	103,630		93,993		200,522		185,189
General and administrative	32,759		33,951		65,931		65,644
Separation costs associated with Chief Executive Officer departure	7,747		—		7,747		—
Pre-opening expenses	89		130		89		1,100
Loss on disposal of assets	139		313		297		724
Total operating expenses	1,088,389		990,235		2,087,668		1,919,574
Operating income	53,800		48,322		109,327		94,339
Other income (expense):
Interest income	1,942		549		3,099		1,067
Interest expense	(2,814)		(2,438)		(5,563)		(4,028)
Other income (expense), net	(5,344)		(819)		(9,910)		590
Total other expense	(6,216)		(2,708)		(12,374)		(2,371)
Income before provision for income taxes and loss of unconsolidated affiliates	47,584		45,614		96,953		91,968
Provision for income taxes	(16,202)		(14,139)		(32,628)		(29,953)
Loss of unconsolidated affiliates	(35)		(14)		(73)		(24)
Net income	31,347		31,461		64,252		61,991
Less: Net income attributable to noncontrolling interest	—		—		—		(19)
Net income attributable to PriceSmart, Inc.	$	31,347	$	31,461	$	64,252	$	61,972
Net income attributable to PriceSmart, Inc. per share available for distribution:
Basic	$	1.02	$	1.03	$	2.07	$	2.01
Diluted	$	1.02	$	1.03	$	2.07	$	2.01
Shares used in per share computations:
Basic	30,741		30,578		30,727		30,565
Diluted	30,760		30,582		30,740		30,593


	Three Months Ended
	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock			Total Equity
	Shares	Amount								Shares	Amount
Balance at November 30, 2021	31,598	$	3	$	469,170	$	(188,639)	$	689,430	736	$	(27,818)	$	942,146
Purchase of treasury stock	—	—		—		—		—		19	(1,351)		(1,351)
Issuance of restricted stock award	31	—		—		—		—		—	—		—
Forfeiture of restricted stock awards	(3)	—		—		—		—		—	—		—
Stock-based compensation	—	—		4,107		—		—		—	—		4,107
Dividend paid to stockholders	—	—		—		—		(13,275)		—	—		(13,275)
Dividend payable to stockholders	—	—		—		—		(13,430)		—	—		(13,430)
Net income	—	—		—		—		31,461		—	—		31,461
Other comprehensive income	—	—		—		4,226		—		—	—		4,226
Balance at February 28, 2022	31,626	$	3	$	473,277	$	(184,413)	$	694,186	755	$	(29,169)	$	953,884

Balance at November 30, 2022	31,858	$	3	$	485,096	$	(196,137)	$	769,799	807	$	(32,398)	$	1,026,363
Purchase of treasury stock	—	—		—		—		—		61	(4,519)		(4,519)
Issuance of restricted stock award	63	—		—		—		—		—	—		—
Forfeiture of restricted stock awards	(52)	—		—		—		—		—	—		—
Stock-based compensation	—	—		7,003		—		—		—	—		7,003
Dividend paid to stockholders	—	—		—		—		(14,260)		—	—		(14,260)
Dividend payable to stockholders	—	—		—		—		(14,456)		—	—		(14,456)
Net income	—	—		—		—		31,347		—	—		31,347
Other comprehensive income	—	—		—		12,434		—		—	—		12,434
Balance at February 28, 2023	31,869	$	3	$	492,099	$	(183,703)	$	772,430	868	$	(36,917)	$	1,043,912


	Contract Liabilities
	February 28, 2023		August 31, 2022
Deferred membership income	$	31,128	$	28,000
Other contract performance liabilities	$	20,140	$	10,473


	Attributable to PriceSmart		Noncontrolling Interests		Total
Beginning balance, September 1, 2022	$	(195,586)	$	—	$	(195,586)
Foreign currency translation adjustments	11,314		—		11,314
Defined benefit pension plans (1)	15		—		15
Derivative instruments (2)	554		—		554

Ending balance, February 28, 2023	$	(183,703)	$	—	$	(183,703)


	February 28, 2023		August 31, 2022
Retained earnings not available for distribution	$	8,971	$	8,648


Entity	% Ownership		Initial Investment		Additional Investments		Net Income (Loss) Inception to Date		Company’s Variable Interest in Entity		Commitment to Future Additional Investments(1)		Company's Maximum Exposure to Loss in Entity(2)
GolfPark Plaza, S.A.	50	%	$	4,616	$	2,402	$	(96)	$	6,922	$	99	$	7,021
Price Plaza Alajuela PPA, S.A.	50	%	2,193		1,236		109		3,538		785		4,323
Total			$	6,809	$	3,638	$	13	$	10,460	$	884	$	11,344


Yes x			No o


Yes x			No o


Yes o			No			x


	Six Months Ended
	February 28, 2023		February 28, 2022
Operating Activities:
Net Income	$	64,252	$	61,991
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	35,443		32,701
Allowance for doubtful accounts	(49)		12
Loss on sale of property and equipment	297		724
Deferred income taxes	(737)		(2,124)
Equity in losses of unconsolidated affiliates	73		24
Stock-based compensation	11,239		8,674
Change in operating assets and liabilities:
Receivables, prepaid expenses and other current assets, non-current assets, accrued salaries and benefits, deferred membership income and other accruals	(6,513)		(19,503)
Merchandise inventories	15,310		(80,608)
Accounts payable	(2,634)		(9,811)
Net cash provided by (used in) operating activities	116,681		(7,920)
Investing Activities:
Proceeds from the disposal of Aeropost, net of divested cash	—		4,959
Additions to property and equipment	(53,016)		(60,468)
Purchases of short-term investments	(47,500)		(17,658)
Proceeds from settlements of short-term investments	4,301		41,075

Proceeds from settlements of long-term investments	—		1,484
Proceeds from disposal of property and equipment	137		77
Net cash used in investing activities	(96,078)		(30,531)
Financing Activities:
Proceeds from long-term bank borrowings	33,712		30,180
Repayment of long-term bank borrowings	(16,994)		(10,969)
Proceeds from short-term bank borrowings	301		20,179
Repayment of short-term bank borrowings	—		(4,488)
Cash dividend payments	(14,260)		(13,275)
Purchase of treasury stock	(5,819)		(3,784)

Net cash provided by (used in) financing activities	(3,060)		17,843
Effect of exchange rate changes on cash and cash equivalents and restricted cash	11,636		42
Net increase (decrease) in cash, cash equivalents	29,179		(20,566)
Cash, cash equivalents and restricted cash at beginning of period	251,373		215,479
Cash, cash equivalents and restricted cash at end of period	$	280,552	$	194,913


			Facilities Used
	Total Amount of Facilities		Short-term Borrowings		Letters of Credit		Facilities Available		Weighted average interest rate
February 28, 2023 - Committed	$	75,000	$	—	$	151	$	74,849	—	%
February 28, 2023 - Uncommitted	91,000		10,133		—		80,867		12.7
February 28, 2023 - Total	$	166,000	$	10,133	$	151	$	155,716	12.7	%

August 31, 2022 - Committed	$	75,000	—		73		$	74,927	—	%
August 31, 2022 - Uncommitted	91,000		10,608		—		80,392		5.3
August 31, 2022 - Total	$	166,000	$	10,608	$	73	$	155,319	5.3	%


(Amounts in thousands)	Current portion of long-term debt		Long-term debt (net of current portion)		Total
Balances as of August 31, 2022	$	33,715	$	103,556	$	137,271	(1)
Proceeds from long-term debt incurred during the period:
Guatemala subsidiary	—		12,454		12,454
Barbados subsidiary	—		7,460		7,460
Honduras subsidiary	1,002		12,796		13,798
Total proceeds from long-term debt incurred during the period	1,002		32,710		33,712
Repayments of long-term debt:	(8,175)		(8,819)		(16,994)
Reclassifications of long-term debt due in the next 12 months	868		(868)		—
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar(2)	11		(196)		(185)
Balances as of February 28, 2023	$	27,421	$	126,383	$	153,804	(3)


Twelve Months Ended February 28,	Amount
2024	$	27,421
2025	37,926
2026	15,534
2027	13,288
2028	43,483
Thereafter	16,152
Total	$	153,804


Income Statement Classification	Interest expense on borrowings(1)		Cost of swaps(2)		Total
Interest expense for the three months ended February 28, 2023	$	1,327	$	190	$	1,517
Interest expense for the three months ended February 28, 2022	$	544	$	908	$	1,452
Interest expense for the six months ended, February 28, 2023	$	2,430	$	537	$	2,967
Interest expense for the six months ended February 28, 2022	$	1,101	$	1,757	$	2,858


	Notional Amount as of
Floating Rate Payer (Swap Counterparty)	February 28, 2023		August 31, 2022
Union Bank	$	30,706	$	31,344
Citibank N.A.	57,263		66,353
Scotiabank	7,875		8,625
Total	$	95,844	$	106,322


		February 28, 2023						August 31, 2022
Derivatives designated as cash flow hedging instruments	Balance Sheet Classification	Fair Value		Net Tax Effect		Net OCI		Fair Value		Net Tax Effect		Net OCI
Cross-currency interest rate swaps	Other current assets	$	41	$	(11)	$	30	$	2,736	$	(348)	$	2,388
Cross-currency interest rate swaps	Other non-current assets	13,550		(4,742)		8,808		10,289		(4,559)		5,730
Cross-currency interest rate swaps	Other current liabilities	—		—		—		(82)		25		(57)
Interest rate swaps	Other non-current assets	2,444		(540)		1,904		1,596		(6)		1,590

Net fair value of derivatives designated as hedging instruments		$	16,035	$	(5,293)	$	10,742	$	14,539	$	(4,888)	$	9,651


	United States Operations		Central American Operations		Caribbean Operations(1)		Colombia Operations		Reconciling Items(2)		Total
Three Months Ended February 28, 2023
Revenue from external customers	$	6,882	$	694,210	$	332,306	$	108,791	$	—	$	1,142,189
Intersegment revenues	365,177		6,801		1,137		1,175		(374,290)		—
Depreciation, Property and equipment	1,478		8,925		4,792		2,299		—		17,494
Amortization, Intangibles	381		—		—		—		—		381
Operating income (loss)	6,964		56,633		25,474		4,662		(39,933)		53,800
Net income (loss) attributable to PriceSmart, Inc.	1,279		46,442		20,424		3,135		(39,933)		31,347



Capital expenditures, net	3,338		16,067		3,968		5,031		—		28,404

Six Months Ended February 28, 2023
Revenue from external customers	$	17,340	$	1,323,289	$	639,831	$	216,535	$	—	$	2,196,995
Intersegment revenues	772,817		13,383		2,651		1,880		(790,731)		—
Depreciation, Property and equipment	2,856		17,724		9,423		4,675		—		34,678
Amortization, Intangibles	765		—		—		—		—		765
Operating income (loss)	20,556		106,763		49,977		9,530		(77,499)		109,327
Net income (loss) attributable to PriceSmart, Inc.	7,104		88,448		39,708		6,491		(77,499)		64,252
Long-lived assets (other than deferred tax assets)	74,226		524,474		209,684		169,934		—		978,318
Goodwill	8,981		24,149		10,055		—		—		43,185
Total assets	221,076		959,064		474,637		231,395		—		1,886,172
Capital expenditures, net	8,829		28,311		7,369		9,314		—		53,823

Three Months Ended February 28, 2022
Revenue from external customers	$	8,722	$	614,381	$	293,680	$	121,774	$	—	$	1,038,557
Intersegment revenues	372,536		5,030		1,333		779		(379,678)		—
Depreciation, Property and equipment	1,541		8,598		4,023		2,556		—		16,718
Amortization, Intangibles	380		—		—		—		—		380
Operating income (loss)	8,299		46,052		21,755		6,124		(33,908)		48,322
Net income (loss) attributable to PriceSmart, Inc.	3,176		38,750		17,624		5,819		(33,908)		31,461
Capital expenditures, net	1,298		13,361		14,974		3,702		—		33,335

Six Months Ended February 28, 2022
Revenue from external customers	$	22,706	$	1,185,885	$	566,168	$	239,154	$	—	$	2,013,913
Intersegment revenues	786,879		10,028		2,777		1,601		(801,285)		—
Depreciation, Property and equipment	2,006		16,898		8,041		4,920		—		31,865
Amortization, Intangibles	836		—		—		—		—		836
Operating income (loss)	14,556		89,431		41,633		12,502		(63,783)		94,339
Net income (loss) attributable to PriceSmart, Inc.	6,548		74,650		34,074		10,502		(63,802)		61,972
Long-lived assets (other than deferred tax assets)	75,543		497,585		212,418		176,911		—		962,457
Goodwill	8,982		24,309		10,043		—		—		43,334
Total assets	191,677		860,718		463,236		257,699		—		1,773,330
Capital expenditures, net	3,207		26,051		22,047		16,085		—		67,390

As of August 31, 2022
Long-lived assets (other than deferred tax assets)	$	71,743	$	498,204	$	218,021	$	175,194	$	—	$	963,162
Goodwill	8,981		24,250		10,072		—		—		43,303
Investment in unconsolidated affiliates	—		10,534		—		—		—		10,534
Total assets	230,411		867,898		474,411		235,680		—		1,808,400


Country/Territory	Number of Warehouse Clubs in Operation as of February 28, 2022	Number of Warehouse Clubs in Operation as of February 28, 2023	Anticipated Warehouse Club Openings in Calendar Year 2023	Anticipated Warehouse Club Openings in Calendar Year 2024
Colombia	9	9	1	—
Costa Rica	8	8	—	—
Panama	7	7	—	—
Dominican Republic	5	5	—	—
Guatemala	5	5	1	—
Trinidad	4	4	—	—
Honduras	3	3	—	—
El Salvador	2	2	1	1
Nicaragua	2	2	—	—
Jamaica	1	2	—	—
Aruba	1	1	—	—
Barbados	1	1	—	—
U.S. Virgin Islands	1	1	—	—
Totals	49	50	3	1


	Three Months Ended
	February 28, 2023								February 28, 2022
	Amount		% of net sales		Increase/ (Decrease) from prior year		Change		Amount		% of net sales
Central America	$	681,667	61.1	%	$	78,630	13.0	%	$	603,037	59.6	%
Caribbean	327,754		29.4		38,323		13.2		289,431		28.6
Colombia	106,578		9.5		(12,850)		(10.8)		119,428		11.8
Net merchandise sales	$	1,115,999	100.0	%	$	104,103	10.3	%	$	1,011,896	100.0	%


	Currency Exchange Rate Fluctuations for the Three months Ended February 28, 2023
	Amount		% change
Central America	$	16,245	2.6	%
Caribbean	2,952		1.0
Colombia	(21,513)		(18.1)
Net merchandise sales	$	(2,316)	(0.2)	%


	Thirteen Weeks Ended
	March 5, 2023		February 27, 2022
	% Increase/(Decrease) in comparable net merchandise sales		% Increase in comparable net merchandise sales
Central America	13.1	%	10.6	%
Caribbean	6.9		13.1
Colombia	(10.6)		1.7
Consolidated comparable net merchandise sales	8.5	%	10.3	%


	Twenty-Six Weeks Ended
	March 5, 2023		February 27, 2022
	% Increase/(Decrease) in comparable net merchandise sales		% Increase/(Decrease) in comparable net merchandise sales
Central America	10.6	%	12.3	%
Caribbean	6.8		9.1
Colombia	(11.9)		(0.5)
Consolidated comparable net merchandise sales	6.8	%	9.9	%


	Three Months Ended
Results of Operations Consolidated	February 28, 2023		February 28, 2022		Increase/ (Decrease)
(Amounts in thousands, except percentages and number of warehouse clubs)
Net merchandise sales
Net merchandise sales	$	1,115,999	$	1,011,896	$	104,103
Total gross margin	$	178,537	$	158,263	$	20,274
Total gross margin percentage	16.0%		15.6%		0.4%

Revenues
Total revenues	$	1,142,189	$	1,038,557	$	103,632
Percentage change from prior period					10.0%

Comparable net merchandise sales
Total comparable net merchandise sales increase/(decrease)	8.5%		10.3%		(1.8)%

Total revenue margin
Total revenue margin	$	198,164	$	176,709	$	21,455
Total revenue margin percentage	17.3%		17.0%		0.3%

Selling, general and administrative
Selling, general and administrative	$	144,364	$	128,387	$	15,977
Selling, general and administrative percentage of total revenues	12.6%		12.4%		0.2		%


	Three Months Ended
	February 28, 2023		% of Total Revenue		February 28, 2022		% of Total Revenue
Warehouse club and other operations	$	103,630	9.1	%	$	93,993	9.1	%
General and administrative	32,759		2.8		33,951		3.3
Separation costs associated with Chief Executive Officer departure	7,747		0.7		—		—
Pre-opening expenses	89		—		130		—
Loss on disposal of assets	139		—		313		—
Total Selling, general and administrative	$	144,364	12.6	%	$	128,387	12.4	%


	February 28, 2023		August 31, 2022
Amounts held by foreign subsidiaries	$	241,013	$	203,952
Amounts held domestically	39,539		47,421
Total cash and cash equivalents, including restricted cash	$	280,552	$	251,373


Period	(a) Total Number of Shares Purchased	(b) Average Price Paid Per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
December 1, 2022 - December 31, 2022	—	$	—	—	N/A
January 1, 2023 - January 31, 2023	20,329	71.42		—	N/A
February 1, 2023 - February 28, 2023	40,895	75.00		—	N/A
Total	61,224	73.81		—	—


3.1(1)			Amended and Restated Certificate of Incorporation of the Company.
3.2(2)			Certificate of Amendment of Amended and Restated Certificate of Incorporation of the Company.
3.3(3)			Certificate of Amendment of Amended and Restated Certificate of Incorporation of the Company.
3.4(4)			Second Amended and Restated Bylaws of the Company.
3.5(5)			Amendment to Second Amended and Restated Bylaws of PriceSmart, Inc.
10.1*			Employment Agreement dated January 26, 2023 between David Price and the Company
10.2			Citibank Credit Agreement dated February 9, 2023
31.1			Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2			Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**			Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**			Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS			Inline XBRL Instance Document
101.SCH			Inline XBRL Taxonomy Extension Schema Document
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document
104			Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)


		PRICESMART, INC.

Date:	April 10, 2023	By:	/s/ ROBERT E. PRICE
			Robert E. Price
			Interim Chief Executive Officer
			(Principal Executive Officer)

Date:	April 10, 2023	By:	/s/ MICHAEL L. MCCLEARY
			Michael L. McCleary
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer and Principal Accounting Officer)


Dated:	April 10, 2023	/s/ ROBERT E. PRICE
		Robert E. Price Interim Chief Executive Officer (Principal Executive Officer)