PriceSmart Inc. (NASDAQ:PSMT) Q4 2020 Earnings Conference Call - Final Transcript

Good morning, or afternoon, everyone and welcome to PriceSmart Incorporated's Earnings Release Conference Call for the Fourth Quarter of Fiscal Year 2020, which ended on August 31, 2020. After remarks from our Company's representatives, Sherry Bahrambeygui, Chief Executive Officer and Michael McCleary, Chief Financial Officer, you will be given an opportunity to ask questions as time permits.

As a reminder, this conference call is limited to one hour and is being recorded today, Friday, October 30th, 2020. A digital replay will be available following the conclusion of today's call through November 6th, 2020 by dialing 1-(877)-344-7529 for domestic callers or 1-(412)-317-0088 for international callers by entering replay access code 10147692.

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

Thank you and welcome to the PriceSmart earnings call for the fourth quarter of fiscal year 2020. We will be elaborating on the information that we provided in our fourth quarter earnings press release, which we released yesterday afternoon on October 29th, 2020. You can find this document on our Investor Relations website at investors.pricesmart.com 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 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, October 30th, 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 most recent annual report on Form 10-K. These risks may be updated from time to time in other filings with the SEC, which are accessible on the SEC's website at www.sec.gov. 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.

Thank you, Michael. Good day, everyone and thank you for joining us. I hope that you and your families are all safe and healthy. Many people and businesses worldwide are struggling as this pandemic continues to take its toll and our thoughts are with all those impacted by COVID-19 and as a Company, we're committed to working through these challenges to do our part to improve the circumstances.

Turning to our results, we were off to a strong start at the beginning of fiscal year 2020 as we began to see the impact of many new practices, modifications and improvements that we had set into motion during the prior year. These actions were largely driven by our recommitment to vigilantly executing on the Six Rights of Merchandising.

As our fiscal year continued, like everyone else, we were faced with the impact of the pandemic and without delay, we pivoted to anticipate and implement the changes and interventions required to protect