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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
May 31, 2019
May 31, 2018
May 31, 2019
May 31, 2018
Revenues:        
Net merchandise sales $ 755,009 $ 750,473 $ 2,322,742 $ 2,312,447
Export sales 8,281 9,967 23,314 27,252
Membership income 13,132 12,852 38,717 37,930
Other revenue and income 12,134 8,909 37,845 11,207
Total revenues 788,556 782,201 2,422,618 2,388,836
Cost of goods sold:        
Net merchandise sales 649,894 641,249 1,996,595 1,977,840
Export sales 7,872 9,466 22,136 25,900
Non-merchandise 4,121 1,979 13,194 1,979
Selling, general and administrative:        
Warehouse club and other operations 78,231 76,259 228,161 217,712
General and administrative 24,532 24,079 76,835 63,167
Pre-opening expenses 1,647 352 1,759 863
Asset impairment       1,929
Loss/(gain) on disposal of assets 262 388 735 587
Total operating expenses 766,559 753,772 2,339,415 2,289,977
Operating income 21,997 28,429 83,203 98,859
Other income (expense):        
Interest income 310 370 1,124 1,138
Interest expense (915) (1,362) (2,949) (3,609)
Other income (expense), net 159 (575) (2,032) (87)
Total other income (expense) (446) (1,567) (3,857) (2,558)
Income before provision for income taxes and income (loss) of unconsolidated affiliates 21,551 26,862 79,346 96,301
Provision for income taxes (7,478) (8,128) (26,721) (40,950)
Income (loss) of unconsolidated affiliates (4) (18) (48) 3
Net income 14,069 18,716 52,577 55,354
Less: net (income) loss attributable to noncontrolling interest 27 (22) (59) (22)
Net income attributable to PriceSmart, Inc. $ 14,096 [1] $ 18,694 $ 52,518 [1] $ 55,332
Net income attributable to PriceSmart Inc. per share available for distribution:        
Basic $ 0.46 $ 0.61 $ 1.73 $ 1.82
Diluted $ 0.46 $ 0.61 $ 1.73 $ 1.82
Shares used in per share computations:        
Basic 30,198 30,137 30,192 30,105
Diluted 30,205 30,137 30,202 30,105
Dividends per share     $ 0.70 $ 0.70
[1] In March 2018, the Company acquired technology, talent and cross-border logistics infrastructure that operated a marketplace and casillero business. Investments in the technology, talent and infrastructure to expand our omni-channel capabilities, together with the operating results from the marketplace and casillero business, negatively impacted Net income attributable to PriceSmart, Inc. by $2.9 million for the quarter and $11.0 million for the nine months ended May 31, 2019. Management considers this business to be part of its United States operations.