PriceSmart
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| Company type | Public |
|---|---|
| Nasdaq: PSMT | |
| Predecessor | Costco Wholesale Corporation |
| Founded | 1993 |
| Founder | Sol Price |
| Headquarters | , USA |
| Website | shop |
|
PriceSmart Inc. is an American warehouse chain and the largest operator of membership warehouse clubs in Central America and the Caribbean, with over 770,000 membership accounts and 1 million cardholders. PriceSmart is headquartered in San Diego, California, and it owns and operates 36 warehouse clubs in 12 countries and one U.S. territory. It also offers online shopping in all countries where PriceSmart operates.
The following table lists the warehouse clubs owned and operated by PriceSmart as of mid of 2014:
| Country | Nr. of Stores | Locations |
|---|---|---|
| Aruba | 1 |
|
| Barbados | 1 |
|
| Colombia | 6 |
|
| Costa Rica | 6 |
|
| Dominican Republic | 3 |
|
| El Salvador | 2 |
|
| Guatemala | 3 |
|
| Honduras | 3 |
|
| Jamaica | 1 |
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| Nicaragua | 2 |
|
| Panama | 5 |
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| Trinidad and Tobago | 4 |
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| U.S. Virgin Islands | 1 |
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In addition to the warehouse clubs owned and operated PriceSmart, there is one warehouse club in operation in Saipan, Micronesia that is licensed to and operated by local business people. The company earns a small royalty fee from this club.
Key dates
| Year | Events |
|---|---|
| 1976 | Price Club founded by Sol and Robert Price |
| 1993 | The Price Co. and Costco Wholesale Club merge, forming Price/Costco Inc (later renamed Costco Wholesale Corporation) |
| 1994 | Price Enterprises Inc spun off from Price/Costco
Robert Price named Chairman, President and CEO of Price Enterprises PriceSmart operates as a wholly owned subsidiary of Price Enterprises |
| 1995 | Licensees open 2 club stores (Micronesia and Guam) |
| 1996 | PriceSmart opens its first club store (Panama)
Licensees open 1 club store (Indonesia) |
| 1997 | PriceSmart opens its second club store (Panama)
Licensees open 2 club stores (China and Indonesia) Price Enterprises Inc separates itself from PriceSmart by spinning off all non-real estate assets to PriceSmart PriceSmart completes IPO and begins trading as PSMT on NASDAQ stock exchange Gilbert A. Partida appointed President and CEO |
| 1998 | Licensees open 2 club stores (China and Philippines)
Licensee stores in Guam and Philippines close Licensee arrangement with operator of Indonesian club stores terminated |
| 1999 | PriceSmart opens 7 club stores (Guatemala, Costa Rica, El Salvador, Honduras, Panama, two in Dominican Republic)
Licensees open 2 club stores (China) |
| 2000 | PriceSmart opens 8 club stores (Dominican Republic, El Salvador, Honduras, two in Costa Rica, Panama, Guatemala, Trinidad)
Licensees open 1 club store (China) PSMT Philippines created as a joint venture, with PriceSmart holding 60% ownership |
| 2001 | PriceSmart opens 7 club stores (Aruba, USVI, Guatemala, Barbados, Trinidad, two in Philippines)
Licensees open 3 club stores (China) |
| 2002 | PriceSmart opens 3 club stores (Guam, two in Philippines)
PriceSmart starts wholesale phone card sales program Licensees open 2 club stores (China) PSMT Mexico created as joint venture with Grupo Gigante, with PriceSmart holding 50% ownership PSMT Mexico opens 2 club stores in Mexico |
| 2003 | PriceSmart opens 2 club stores (Jamaica, Nicaragua)
PriceSmart closes 4 club stores (Dominican Republic, Guatemala, Guam, Philippines) PriceSmart terminates wholesale phone card sales program PSMT Mexico opens 1 club store Licensees open 2 club stores (China) Gilbert A. Partida resigns as President and CEO, Robert E. Price assumes role of Interim President and CEO PriceSmart announces it will restate financial results for 2002 and 2003. |
| 2004 | PriceSmart opens 1 club store (Philippines)
Licensees close 2 club stores (China) |
| 2005 | PriceSmart opens 1 club store (Costa Rica)
PSMT Mexico closes its 3 stores in Mexico Company sells its interest in PSMT Philippines to E-Class Corporation, one of PSMT Philippines' minority shareholders Licensee arrangement with operator of Chinese club stores terminated |
| 2006 | PriceSmart relocates San Pedro Sula, Honduras club store
PriceSmart added to Russell 2000 stock index |
| 2007 | PriceSmart opens 2 club stores (Guatemala, Trinidad)
PriceSmart sells its interest in PSMT Mexico to Grupo Gigante |
| 2009 | PriceSmart opens 1 club store (Costa Rica)
Ranked #55 on Fortune Magazine's list of 100 fastest growing companies |
| 2010 | PriceSmart opens 2 club stores (Trinidad, Dominican Republic)
PriceSmart relocates Panama City, Panama club store Jose Luis Laparte appointed President and CEO Ranked #94 on Fortune Magazine's list of 100 fastest growing companies |
| 2011 | PriceSmart opens 1 club store (Colombia -Barranquilla) |
| 2012 | PriceSmart opens 1 club store (Colombia) |
| 2013 | PriceSmart opens 2 club stores (Colombia and Costa Rica) |
| 2014 | PriceSmart opens 1 club store (Honduras) |
| 2014 | PriceSmart opens 1 club store (Colombia-Medellin) |
| 2014 | PriceSmart opens 1 club store (Colombia-Pereira) |
Controversies
On November 17, 2003, PriceSmart Inc was liable for inappropriately recorded transactions included in its 2002 to 2003 results,[1] and paid $2.35 million for settlement.
On Nov 10, 2005, PriceSmart restated interim fiscal 2005 financial statements to reflect a $20.6 million "deemed dividend" on Preferred Stock Conversion.[2]