PriceSmart, Inc. (NASDAQ: PSMT), operator of warehouse clubs in 12 countries and the US Virgin Islands last week announced that it is increasing its annual dividend by 22.9% to $0.86 USD per share. The company also announced the election of an additional board member.
Shareholders of record on February 15 will receive $0.43 per share on February 28, 2022, and $0.43 per share on August 31 to shareholders of record on August 15. CEO Sherry S. Bahrambeygui said that the retailer is earning strong cash flow, and can drive new club growth, increase service and benefits to members, and generate incremental sales through the website and digital capabilities, all while delivering strong shareholder returns.
“Our cash flow continues to enable us to accelerate investments to drive growth, improve our ability to serve our members during the most challenging of times, and ensure that our employees receive competitive wages and excellent benefits. Our Board has now approved an increase of 22.9% to the annual dividend to shareholders of our common stock,” said Bahrambeygui.
“We are pleased that the strength of our membership-driven business model and our confidence in our ability to continue to generate strong cash flow allows us to ensure that we are taking good care of all of our stakeholders while making the investments that we believe will drive growth.”
Directors elected at the annual meeting on February third include 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, along with new director David Price.
David Price has served as PriceSmart’s Vice President of Omnichannel Initiatives & Social and Environmental Responsibility since September 2020 and co-manages the company’s Environmental and Social Responsibility strategy. Prior to his current role, Mr. Price was employed in various positions in the company related to the development of the PriceSmart’s digital strategy and initiatives since July 2017, most recently as Director of Ecommerce from August 2018 until August 2020. Price also has been a leader in the company’s e-commerce transformation and environmental and social responsibility initiatives. David Price is the son of Robert Price, and grandson of Sol Price. Sol and his son Robert founded the company after Sol sold the chain of domestic US warehouse clubs to Costco in 1993.
Stockholders also approved, on an advisory basis, the compensation of PriceSmart’s executive officers for fiscal year 2021 and ratified the selection of Ernst & Young as the company’s independent registered public accounting firm for the fiscal year ending August 31, 2022.