Pricesmart Inc., the American warehouse shopping club that has operated in Barbados since 2001, says it is trying to shield members from higher prices while grappling with higher costs associated with supply challenges and container shortages.
However, chief executive officer (CEO) Sherry Bahrambeygui said while the company was “in a position to be able to mitigate much of this”, the increased cost caused by transportation, freight and other supply chain issues ultimately has to be reflected in the pricing.
She communicated this during a recent earnings call with financial analysts, during which she said PriceSmart’s 13 Caribbean stores suffered a 1.8 per cent decline in net merchandise sales during the quarter ended August 31.
In addition to its lone store at Green Hill, St Michael, PriceSmart operates 47 warehouse clubs in 12 countries, including four in Trinidad and Tobago and one each in Aruba, Jamaica and the United States Virgin Islands. (SC)
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