PriceSmart Announces 22.9% Annual Dividend Increase |

SAN DIEGO, February 4, 2022 /PRNewswire/ — PriceSmart, Inc. (NASDAQ: PSMT), operator of 49 warehouse clubs in 12 countries and one U.S. territory, today announced a 22.9% increase in its annual dividend, the election of a new member to the Board of Directors and the results of the Company’s 2022 annual meeting of shareholders held on February 3, 2022.

Comments from Sherry S. BahrambeyguiChief executive officer:

“As the largest membership warehouse club operator in central Americathe Caribbean and ColombiaPriceSmart continues to generate strong operating cash flow to fund our plans to:

  • Stimulate the growth of new clubs
  • Increase services and benefits for our members, improving the value of membership; and
  • Generate additional sales with PriceSmart.com and our digital capabilities.

Our cash flow continues to allow us to accelerate investments to drive growth, improve our ability to serve our members during the most challenging times, and ensure our employees receive competitive salaries and excellent benefits. Our Board of Directors has now approved a 22.9% increase in the annual dividend to shareholders of our common shares.

We are pleased that the strength of our member-driven business model and our confidence in our ability to continue to generate strong cash flow allows us to ensure that we take good care of all our stakeholders while achieving the investments that we believe will generate growth.”

On February 3, 2022, the Company’s Board of Directors declared an annual cash dividend in the aggregate amount of $0.86 per share, including $0.43 per share payable on February 28, 2022 to shareholders of record on February 15, 2022. February 2022 and $0.43 per share payable on August 31, 2022 to shareholders of record on August 15, 2022.

PriceSmart anticipates the continued payment of semi-annual dividends in subsequent periods, although the actual declaration of future dividends, the amount of such dividends and the establishment of record and payment dates are subject to the final decision of the Board of Directors. administration at its discretion after its review of the Company’s financial performance and anticipated capital requirements, taking into account all relevant factors, including, but not limited to, the uncertainty surrounding the continued effects of the pandemic of COVID-19 on our results of operations and cash flow.

At the annual meeting of shareholders, ten nominees were elected to the Board of Directors of PriceSmart, Inc., including David Price. Each elected director will continue to hold office until the next annual meeting of shareholders of PriceSmart, or until the director resigns or a successor is elected or appointed. In addition to Mr. Price, the following directors were elected yesterday: Sherry S. Bahrambeygui, Jeffrey R. Fisher, Gordon H. Hanson, Beatriz V. Infante, Leon C. Janks, Patricia Márquez, Robert E. Price, David R Snyder and Edgar Zurcher.

David Price has served as vice president of omnichannel initiatives and social and environmental responsibility at PriceSmart since September 2020 and co-manages the company’s environmental and social responsibility strategy. Prior to his current role, Mr. Price was employed by the Company in various positions related to the development of the Company’s digital strategy and initiatives since July 2017most recently as e-commerce director of August 2018 up to August 2020. Mr. Price has also been a leader in e-commerce transformation and the company’s environmental and social responsibility initiatives. The Board of Directors has nominated him for election as a director because it believes that his inclusion on the Board will demonstrate to our stakeholders the importance of these issues.

Shareholders also approved, on an advisory basis, the Company’s executive compensation for fiscal year 2021 and ratified the selection of Ernst & Young, LLP as an independent registered public accounting firm of the Company for the fiscal year ending August 31, 2022. report on voting results will be filed with the United States Securities and Exchange Commission within four business days of the date of the annual meeting of shareholders.

About PriceSmart

PriceSmart, headquartered in San Diegoowns and operates American-style commercial warehouse clubs in Latin America and the Caribbean, selling high-quality merchandise and services at low prices to PriceSmart members. PriceSmart operates 49 warehouse clubs in 12 countries and one US territory (nine in Colombia; eight in Costa Rica; seven in Panama; five in the Dominican Republic and Guatemala; four in Trinity; three in Honduras; two each in El Salvador and Nicaragua; and one each in Aruba, Barbados, Jamaica and the United States Virgin Islands). In addition, the Company plans to open its 50and portmore club, Jamaica in April 2022.

This press release may contain forward-looking statements regarding the Company’s expected future revenues and earnings, future cash flow adequacy, omnichannel initiatives, proposed warehouse club openings, the Company’s performance relative to competitors. , the outcome of tax proceedings and related matters. These forward-looking statements include, but are not limited to, statements containing the words “expect”, “believe”, “will”, “may”, “should”, “project”, “plan”, “estimate “, “anticipated”, “intended”, “intentional” and similar expressions, as well as their denial. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including, but not limited to: adverse changes in economic conditions in the Company’s markets, natural disasters, compliance risks, exchange rate volatility and illiquidity of certain local currencies in our markets, competition, trading habits, consumer and small business spending, political instability, increased costs associated with integrating e-commerce into our traditional business, the company’s ability to successfully execute initiatives strategic, cybersecurity breaches that could disrupt our systems or compromise the security of member or business information, product and service provider cost increases, disruption of supply chains, drivers and challenges related to COVID-19, including, among other things, the duration of the pandemic, the unknown long-term economic impact, the impact of government policies and restrictions that have limited easy access for our members, and a shifting demand from discretionary or higher-priced products to lower-priced products, exposure to product liability claims and product recalls, the ability to recover amounts owed to PriceSmart by governments, and other important factors discussed in the Risk Factors section of the Company’s most recent Annual Report on Form 10-K, and other factors discussed from time to time. re in other documents filed with the SEC, which are available on the SEC’s website at www.sec.gov, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K . Forward-looking statements speak only as of the date they are made and the Company does not undertake to update them except as required by law.

For more information, please contact Michael L. McClearyEVP, Chief Financial Officer and Principal Accounting Officer (858) 404-8826 or email [email protected]

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SOURCEPriceSmart, Inc.

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