PRICESMART INC (PSMT) FY2025 10-K Annual Report
PRICESMART INC (PSMT) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Oct 30, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
PRICESMART INC FY2025 10-K Analysis
Business Overview
- • Core business: Operates 56 warehouse clubs serving 4 million cardholders in Latin America and the Caribbean, focused on membership-based wholesale retail
- • Expansion: New planned market entry into Chile with appointed country GM and site agreements; 3 new clubs planned in Dominican Republic and Jamaica for FY26 openings
- • Digital sales growth: Online channel revenue $306.7M, up 21.6% YoY, now 6.0% of net merchandise sales, with ongoing tech upgrades like RELEX and new POS system
- • Membership base: 17.9% Platinum Members, up from 12.3%, with private label sales increasing to 28.1% of merchandise sales, supporting member value strategy
- • Employees: Workforce grew to over 12,000, 96% outside US, with significant focus on local hiring, diversity, and nearly 12,000 volunteer hours in FY25
Management Discussion & Analysis
- • Foreign exchange exposure significant in Costa Rica ($87.9M), Nicaragua ($42.6M), Honduras ($1.1M) net asset positions as of Aug 31, 2025
- • Net liability positions in Guatemala ($60.2M), Trinidad ($16.0M), Dominican Republic ($10.2M) increase currency risk
- • Other comprehensive loss up to $21.7M on 5% currency decline; up to $138.5M on 20% decline across assets and liabilities
- • Cross-currency interest rate swaps net liability $5.4M at Aug 31, 2025, hedge value fluctuates +/- ~$5M with 10% currency moves
- • U.S. dollar illiquidity risks in Trinidad since FY 2017 and Honduras since FY 2023 impacting currency convertibility and funding operations
Risk Factors
- • Regulatory risk: U.S. One Big Beautiful Bill Act ("OBBBA") includes 1% excise tax on foreign remittances, effective fiscal year 2027
- • Geopolitical risk: Trinidad dollar illiquidity limits conversion to U.S. dollars; $59.7M in Trinidad dollars as of August 31, 2025, down $40.8M since 2020
- • Operational risk: $7.2M charge in FY2023 to settle Alternative Minimum Tax dispute in a low-margin market with limited successful appeal prospects
- • Financial risk: July 2025 financing to Trinidad subsidiary to mitigate U.S. dollar liquidity shortfall caused by local foreign exchange restrictions
PRICESMART INC FY2025 Key Financial MetricsXBRL
Revenue
$5.3B
▲ +7.2% YoY
Net Income
$148M
▲ +6.5% YoY
Operating Margin
4.4%
▼ -8bp YoY
Net Margin
2.8%
▼ -2bp YoY
ROE
11.9%
▼ -51bp YoY
Total Assets
$2.3B
▲ +12.2% YoY
EPS (Diluted)
$4.82
▲ +5.5% YoY
Operating Cash Flow
$261M
▲ +25.9% YoY
Source: XBRL data from PRICESMART INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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