PriceSmart reported a solid start to FY2025 (quarter ended Nov 30, 2024) with net merchandise sales of approximately $1.22 billion and total revenue of about $1.26 billion, reflecting a 7.8% YoY rise (8.2% in constant currency) driven by growth across Central America, the Caribbean and Colombia. Despite a revenue uptick, gross margin compressed slightly by 20 basis points to 15.9% from 16.1% a year earlier, as the company continued investing in technology and centralized overhead to support future growth. Operating income stood at $58.3 million, delivering an operating margin of 4.63%, while net income came in at $37.4 million ($1.21 per diluted share), down modestly YoY due to higher other expenses and currency-related effects. Adjusted EBITDA rose to $79.1 million (vs. $77.8 million prior year). Management underscored ongoing investments in omnichannel, technology (RELX and ELERA POS rollout), and supply chain enhancements, which are expected to yield improved in-stock positions, reduced spoilage, and higher efficiency over the medium term. Free cash flow was $10.3 million, with a robust liquidity position (cash and short-term investments around $237.8 million combined). The company also outlined growth catalysts including two new warehouse clubs (Costa Rica Cartago and Guatemala Quetzaltenango), expansions/remodeling of several clubs, and an acceleration of digital/channel sales (online orders up 21.1% YoY to $69.4 million, representing 5.7% of net merchandise sales). The management guidance contemplates an annualized tax rate in the 27%-29% range for FY2025 and a multi-year path toward enhanced distribution infrastructure and private-label penetration.