PriceSmart Inc. (NASDAQ:PSMT) Q1 2019 Earnings Conference Call Transcript

Jan 10, 2019 • 12:00 pm ET

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PriceSmart Inc. (NASDAQ:PSMT) Q1 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, everyone and welcome to the PriceSmart, Inc. Earnings Release Conference Call for the First Quarter of Fiscal Year 2019, ending on November 30, 2018. All participants are currently in a listen-only mode. (Operator Instructions)

After remarks from our Company representatives, Sherry Bahrambeygui, Interim Chief Executive Officer and Maarten Jager, Executive Vice President and Chief Financial Officer, you will be given an opportunity to ask questions as time permits. (Operator Instructions)

And as a reminder, this conference is being recorded today, Thursday, January 10, 2019. A digital replay will be available through January 17, 2019, following the conclusion of the call by dialing 1-877-344-7529 for domestic callers, or 1-412-317-0088 for international callers and entering replay access code 10126894.

And I'd now like to turn the conference over to Maarten Jager. Please go ahead, sir.

Executive
Maarten Jager

Thank you, and welcome to our earnings call for the first quarter of fiscal year 2019. We will be discussing the information that we provided in our earnings press release and our 10-Q, both of which we released yesterday, January 9, 2019. You can find both the press release and the 10-Q filing on our website, www.pricesmart.com.

Please note that statements made during this call may contain forward-looking statements concerning the Company's anticipated future plans, revenues and related matters. These forward-looking statements include, but are not limited to, statements containing the words expect, believe, will, may, should, estimate and similar expressions. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including the risks detailed in the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 2018, filed with the Securities and Exchange Commission on October 25, 2018.

We assume no obligation and expressly disclaim any duty to update any forward-looking statements to reflect the occurrence of events or circumstances which may arise after the date of this call.

Now I will turn it over to Sherry Bahrambeygui, PriceSmart's Interim Chief Executive Officer.

Executive
Sherry Bahrambeygui

Good morning, everyone, and thank you for joining us today. This is my first official earnings call since I accepted the responsibility of Interim CEO on November 16. First, I'd like to share with you some of my activities over the last seven weeks along with some high level observations and then turn to the Q1 results.

During these last seven weeks, I've immersed myself in a broad range of the company's operations. My priorities have been first to broaden my knowledge base of all aspects of the business as quickly as I can. Second, to evaluate talent and identify potential gaps and opportunities to fortify our talent. Third, to determine the best way to execute on the right growth strategy supported by that talent. And fourth, to properly assess risk both in terms of avoidance and positive opportunities to expedite our growth.

Since November, I visited our corporate offices in Miami to meet with the rest of our executive team and our offices in Bogota, Panama and Guatemala to meet with many