Shares of PriceSmart Inc. PSMT, -7.64% was indicated down more than 2% in premarket trading Friday, after the membership-based retailer reported March same-store sales fell 5.9% from a year ago.
The company noted that in March 2020, same-store sales had soared 15.7% as members stocked up amid uncertainties over the COVID-19 pandemic. Net sales for March 2021 rose 0.5% to $307.6 million. The one analyst that provided a net sales forecast to FactSet is expecting fiscal third-quarter sales of $819 million. The stock has slipped 2.9% over the past three months through Thursday, while the SPDR S&P Retail ETF XRT, 0.88% has soared 33.2% and the S&P 500 SPX, 0.33% has gained 7.1%.