PriceSmart Inc. (NASDAQ:PSMT) Q2 2019 Earnings Conference Call - Final Transcript

Apr 10, 2019 • 10:00 am ET


PriceSmart Inc. (NASDAQ:PSMT) Q2 2019 Earnings Conference Call - Final Transcript


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Good day, and welcome to PriceSmart Incorporated Earnings Release Conference Call for the Second Quarter of Fiscal Year 2019, the three- and six-month period ending on February 28th 2019. All participants are currently in a listen-only mode. After remarks from our Company representatives, Sherry Bahrambeygui, 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, Wednesday, April 10th 2019. A digital replay will be available through April 17th 2019 following 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 10129327.

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

Maarten O. Jager

Thank you, Anita, and thank you, welcome to our earnings call for the second 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, April 9th 2019. You can find both the press release and the 10-Q filing on our website

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 31st 2018, filed with the Securities and Exchange Commission on October 25th 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 Chief Executive Officer.

Sherry S. Bahrambeygui

Good morning, everyone, and thank you for joining us today. Since our last call, I've continued immersing myself in the business and have been able to start making some changes in areas of importance and where there has been good opportunity for improvement. As you might recall, in Q1 of this fiscal year, I visited our clubs in operations in most major markets throughout Central America, Panama and Colombia.

And since our last call, along with my Senior Management Team, we've traveled to our Caribbean markets and had pretty comprehensive visits of most of our clubs and related operations in the DR, Trinidad, Jamaica, and the USVI. We thoroughly explored all aspects of our clubs, our operations, and distribution centers and the competition in those markets.

I had the pleasure of spending time with many dynamic and entrepreneurial members of our local management team and associates. We also engaged directly with members on the sales force to get a better understanding of how we could bring better value to their lives and