PriceSmart (NASDAQ: PSMT), operator of 59 warehouse clubs across 12 countries and one U.S. territory, reported fiscal fourth-quarter comparable net merchandise sales growth of 12.2% — or 6.2% on a constant-currency basis — as favorable foreign exchange tailwinds added 6.0 percentage points to the reported figure. Total revenues for the quarter ended August 31, 2026 rose 13.9% to $1.52 billion from $1.33 billion in the year-ago period.
The Numbers
Quarterly net merchandise sales climbed 13.8% to $1.48 billion. Operating income reached $57.0 million versus $52.8 million a year earlier, and net income advanced 19.3% to $37.6 million, or $1.21 per diluted share, compared with $31.5 million, or $1.02 per diluted share, in Q4 fiscal 2025. Adjusted EBITDA for the quarter came in at $83.5 million against $75.5 million in the prior-year period. For the full fiscal year, net merchandise sales grew 11.7% to $5.75 billion, full-year comp sales rose 9.6% (6.4% constant currency), and adjusted EBITDA expanded to $360.5 million from $320.7 million. Annual net income of $166.6 million, or $5.40 per diluted share, was up 12.6% year over year. The membership-driven model continued to generate momentum: membership income for the fiscal year totaled $100.8 million versus $85.6 million in fiscal 2025.
Caribbean Expansion
PriceSmart opened its third warehouse club in Jamaica in October 2026, situating the roughly 42,000-square-foot sales floor on a five-acre site in Montego Bay — approximately 100 miles west of the Kingston flagship. The club incorporates solar panels, CO2-based cooling, and energy-efficient LED systems, consistent with a broader push toward sustainable store design across the chain's Caribbean and Latin American footprint. The company ended the fiscal year operating 58 clubs, up from 56 a year prior, with the Jamaica opening pushing that count to 59. Currency dynamics remain a defining variable for the San Diego-based operator: foreign exchange movements contributed a net positive $78.5 million, or 6.0%, to Q4 net merchandise sales alone. Operators tracking warehouse-club and membership retail formats should note that constant-currency comps of 6.2% still represent solid underlying volume growth independent of translation gains.
What's Next
Four additional clubs are on the development calendar: a second Kingston location in December 2026; Villa Nueva, Guatemala in late winter 2027; Heredia, Costa Rica in spring 2027; and a debut unit in Santiago, Chile — also spring 2027. Once those four open, the network reaches 63 units. The Chile entry marks a new country for PriceSmart and signals continued confidence in the Latin American unit-growth pipeline, even as multi-country currency exposure and local-currency liquidity constraints remain watchpoints for the balance sheet. Property and equipment, net, grew to $1.18 billion at fiscal year-end from $996.3 million a year earlier, reflecting pre-opening capital deployed against the expansion slate.
Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.
