PriceSmart Inc. (NASDAQ:PSMT) Q2 2020 Earnings Conference Call - Final Transcript

Apr 09, 2020 • 12:00 pm ET


PriceSmart Inc. (NASDAQ:PSMT) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, or afternoon, everyone and welcome to the Pricesmart Incorporated Earning Release Conference Call for the Second Quarter of Fiscal Year 2020, which ended on February 29, 2020. As a remarks from our company representatives Sherry S. Bahrambeygui, Chief Executive Officer; and Michael McCleary, Chief Financial Officer. You will be given an opportunity to ask questions as time permits. However, the company has requested that questions will be limited two per person.

As a reminder, the conference call is being recorded today, Thursday, April 9, 2020. A digital replay will be available following the conclusion of today's call through April 16, 2020 by dialing 1-877-344-7529, for domestic callers or 1-412-317-0088, for international callers, and entering replay access code 10139915.

For opening remarks, I would now like to turn the call over to PriceSmart's Chief Financial Officer, Michael McCleary. Please proceed, sir.

Michael McCleary

Thank you, and welcome to the PriceSmart earnings call for the second quarter of fiscal year 2020. We will be discussing the information that we provided in our earnings press release and our 10-Q, which were both released yesterday afternoon April 8, 2020. You can find both documents on our Investor Relations website at where you can also sign up for e-mail 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. Forward-looking statements include but are not limited to, statements containing the words expect, believe, will, may, should, estimate, and similar expressions. All forward-looking statements are based on current expectations and assumptions as of today, April 9, 2020.

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 and the company's quarterly report on Form 10-Q for the quarter ended February 29, 2020 as filed with the Securities and Exchange Commission on April 8, 2020. The company undertakes no obligation to update 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

Good morning, everyone and thank you Michael. In the spirit of not taking anything for granted I want to thank everyone involved with this call who has made it possible to connect with our investors and our analysts so that we can inform you about our company's results for Q2, as well as tell you about our current activities. Although, we're conducting this call from remote locations, I want to welcome Michael McCleary, as our official ongoing Chief Financial Officer. Michael has done an excellent job as our Interim CFO since December 10, 2019. He has been with the company for 16 years and he has extensive experience with our business and our leadership team. You know, they say you really get to know a person's true