PriceSmart Inc. (NASDAQ:PSMT) Q1 2020 Earnings Conference Call - Final Transcript

Jan 10, 2020 • 12:00 pm ET


PriceSmart Inc. (NASDAQ:PSMT) Q1 2020 Earnings Conference Call - Final Transcript


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Good day, and welcome to the First Quarter FY '20 Financial Results Conference Call. [Operator Instructions]

I'd now like to turn the conference over to Mr. Michael McCleary, Senior Vice President and Interim Chief Financial Officer. Please go ahead.

Michael McCleary

Thank you, and welcome to the PriceSmart earnings call for the first quarter of fiscal year 2020.

We will be discussing the information that we provided in our earnings press release and our 10-Q, both of which we released yesterday afternoon, January 9, 2020. You can find both documents on our new Investor Relations website at where you can also sign up for email alerts.

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 future plans, revenues and related matters. All forward-looking statements are based on current expectations and assumptions as of today, January 10, 2020. 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, 2019, as filed with the Securities and Exchange Commission on October 29, 2019. The Company undertakes no obligation to update the forward-looking statements made during this call.

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

Sherry S. Bahrambeygui

Thanks, Michael. Good day, everyone, and happy New Year. Thank you for joining today's call.

Before reviewing our results for Q1 fiscal year 2020, I'd like to formally introduce you to Michael McCleary, our Interim Chief Financial Officer who you just heard from. I'm very appreciative of Michael's willingness to step up during this period, and I'm enjoying working with him in this capacity. I'm confident in Michael's ability to lead the finance team during this stage.

As previously shared, Michael joined the Company as Vice President and Corporate Controller in 2003 and was later promoted to Senior Vice President and Corporate Controller. He has a strong knowledge of PriceSmart's business, processes and all aspects of PriceSmart's financial reporting and corporate governance, and he is quite familiar to our finance team and Board members. We're all looking forward to working with Michael in this interim role.

On my first call we spoke about our renewed focus on The Six Rights. Our mission continues to focus our efforts on The Six Rights of Merchandising and to drive our business forward by providing our members with an outstanding shopping experience and quality services at the lowest prices. This, along with our high standards and our commitment to our employees and the communities in which we operate, continue to define who we are and set us apart. I'm proud of the team for their efforts over the past year, and our results are starting to show momentum. Based on our solid finish to 2019 and Q1 results,