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COMPANY OVERVIEW AND BASIS OF PRESENTATION
3 Months Ended
Nov. 30, 2021
COMPANY OVERVIEW AND BASIS OF PRESENTATION [Abstract]  
COMPANY OVERVIEW AND BASIS OF PRESENTATION NOTE 1 – COMPANY OVERVIEW AND BASIS OF PRESENTATION PriceSmart, Inc.’s (“PriceSmart,” the “Company,” or "we") business consists primarily of international membership shopping warehouse clubs similar to, but typically smaller in size than, warehouse clubs in the United States. As of November 30, 2021, the Company had 49 warehouse clubs in operation in 12 countries and one U.S. territory (nine in Colombia; eight in Costa Rica; seven in Panama; five in the Dominican Republic and Guatemala, four in Trinidad; three in Honduras; two each in El Salvador and Nicaragua; and one each in Aruba, Barbados, Jamaica and the United States Virgin Islands), of which the Company owns 100% of the corresponding legal entities (see Note 2 - Summary of Significant Accounting Policies). In addition, the Company plans to open its 50th club in Portmore, Jamaica in April 2022. Our operating segments are the United States, Central America, the Caribbean and Colombia. PriceSmart continues to invest in technology and related talent for two main purposes:To drive growth by:oIncreasing membership benefits and creating greater value and connectivity with our Members, by optimizing use of our membership data; oInforming and guiding our plans for physical and geographic expansion; and oDriving incremental sales through PriceSmart.com. To increase our efficiencies and provide valuable tools that will support better decision-making. Basis of Presentation – The interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q for interim financial reporting pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2021 (the “2021 Form 10-K”). The interim consolidated financial statements include the accounts of PriceSmart, Inc., a Delaware corporation, and its subsidiaries. Intercompany transactions between the Company and its subsidiaries have been eliminated in consolidation.