STOCKHOLDERS' EQUITY

3 Months Ended

Nov. 30, 2024

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Dividends

No dividends were declared by the Company’s Board of Directors during the first three months of fiscal year 2025. The following table summarizes the dividends declared and paid during fiscal year 2024 (amounts are per share):

			First Payment				Second Payment
Declared	Amount		Record Date	Date Paid	Amount		Record Date	Date Paid	Amount
2/1/2024	$	1.16	2/15/2024	2/29/2024	$	0.58	8/15/2024	8/30/2024	$	0.58
4/3/2024	$	1.00	4/19/2024	4/30/2024	$	1.00	N/A	N/A	N/A

On February 1, 2024 the Company’s Board of Directors declared an annual cash dividend in the total amount of $1.16 per share, with $0.58 per share paid on February 29, 2024 to stockholders of record as of February 15, 2024 and $0.58 per share paid on August 30, 2024 to stockholders of record as of August 15, 2024. Additionally, on April 3, 2024, the Company's Board of Directors declared a one-time $1.00 per share special dividend paid on April 30, 2024 to stockholders of record on April 19, 2024 to distribute excess cash to stockholders. The declaration of future dividends (ongoing or otherwise), if any, the amount of such dividends, and the establishment of record and payment dates is subject to final determination by the Board of Directors at its discretion after its review of the Company’s financial performance and anticipated capital requirements, taking into account the uncertain macroeconomic conditions on our results of operations and cash flows.

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss

The following tables disclose the effects on accumulated other comprehensive loss of each component of other comprehensive income (loss), net of tax (in thousands):

	Amount
Beginning balance, September 1, 2024	$	(164,590)
Foreign currency translation adjustments	(2,853)
Defined benefit pension plans (1)	71
Derivative instruments (2)	(234)
Ending balance, November 30, 2024	$	(167,606)

	Amount
Beginning balance, September 1, 2023	$	(163,992)
Foreign currency translation adjustments	3,537
Defined benefit pension plans (1)	121
Derivative instruments (2)	(78)
Ending balance, November 30, 2023	$	(160,412)

	Amount
Beginning balance, September 1, 2023	$	(163,992)
Foreign currency translation adjustments	693
Defined benefit pension plans (1)	501
Derivative instruments (2)	(2,189)
Amounts reclassified from accumulated other comprehensive loss	397
Ending balance, August 31, 2024	$	(164,590)

(1)Amounts reclassified from accumulated other comprehensive loss related to the minimum pension liability are included in warehouse club and other operations in the Company's consolidated statements of income.

(2)Refer to "Note 8 - Derivative Instruments and Hedging Activities."

Retained Earnings Not Available for Distribution

The following table summarizes retained earnings designated as legal reserves of various subsidiaries which cannot be distributed as dividends to PriceSmart, Inc. according to applicable statutory regulations (in thousands):

	November 30, 2024		August 31, 2024
Retained earnings not available for distribution	$	9,689	$	9,615

Share Repurchase Program

In July 2023 we announced a program authorized by our Board of Directors to repurchase up to $75 million of our common stock. We began repurchases in the fourth quarter of fiscal year 2023 and successfully completed the program in the first quarter of fiscal year 2024. We purchased a total of approximately 1,007,000 shares of our common stock under the program. The repurchases were made on the open market pursuant to a trading plan established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which permitted us to repurchase common stock at times when we might otherwise have been precluded from doing so under insider trading laws or self-imposed trading restrictions. We have no plans to continue repurchases or adopt a new repurchase plan at this time. However, the Board of Directors could choose to commence another program in the future at its discretion after its review of the Company’s financial performance and anticipated capital requirements.

Share repurchase activity under the Company’s repurchase programs for the periods indicated was as follows (total cost in thousands):

	Three Months Ended
	November 30, 2024		November 30, 2023
Number of common shares acquired	—		935,663
Average price per common share acquired	$	—	$	74.13
Total cost of common shares acquired	$	—	$	69,362