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PriceSmart may lose $54m to $67m in sales due to forex woes

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PriceSmart may lose $54m to $67m in sales due to forex woes

Postby Duane 3NE 2NR » January 6th, 2017, 12:03 am

PriceSmart cuts US shipments to T&T by 20%*
...estimates losses from forex woes between $54m and $67m

Published on Jan 4, 2017, 6:11 am AST
By By Aleem Khan


Image

WAREHOUSE shopping giant PriceSmart projected to lose between $54 and $67 million in sales in Trinidad in its second fiscal quarter due to ongoing foreign exchange (forex) woes, the company said in a filing with the United States’ Securities and Exchange Commission (SEC). PriceSmart’s current fiscal year ends August 31, 2017.
Explaining to shareholders its plan to cope with T&T’s forex situation, PriceSmart said that “until such time that the uncertain state of tradeable currency is resolved, we plan to take steps to limit our exposure. We plan to reduce new shipments of merchandise to Trinidad from our distribution centre in Miami to levels that generally align with our Trinidad subsidiary’s ability to pay for the merchandise in US dollars. Although the situation is dynamic, based on recent levels of tradeable currency available, we anticipate reducing US shipments to Trinidad by approximately 20 per cent over the next three months.
http://www.trinidadexpress.com/20170104/business/pricesmart-cuts-us-shipments-to-tt-by-20

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby Premchand1976 » January 6th, 2017, 12:45 am

Guess who's gonna have to pay for those losses ? Prices already went up twice in the past 8 months........boycott should do the trick........if only

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby A172 » January 6th, 2017, 3:41 am

so altho forex is a real issue with real effects is ah issue if they see it fit to raise their prices? boy hy8-4mc eh

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby bushwakka » January 6th, 2017, 7:03 am

good....they could do with some losses

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby SR » January 6th, 2017, 8:06 am

Shop around quite a few items are cheaper at other groceries

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby Skanky » January 6th, 2017, 8:16 am

It is interesting that you don't hear the owners of the PNM voicing any opinions about the 'lack of forex'.

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby pete » January 6th, 2017, 8:57 am

They have their own banks so get directly from the CB.

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby shake d livin wake d dead » January 6th, 2017, 9:52 am

Bigger issues affecting this country at the moment...fork pricesmart

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Re: RE: Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby cherrypopper » January 6th, 2017, 10:19 am

SR wrote:Shop around quite a few items are cheaper at other groceries

X20

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Re: RE: Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby Rovin » January 7th, 2017, 11:28 am

cherrypopper wrote:
SR wrote:Shop around quite a few items are cheaper at other groceries

X20


THIS , from early on i realized this , sometimes they making u buy bigger than what u need & it cost same sometimes more too

its just like in hilo u does see ppl buying unnecessary over priced items

i only buy certain things like dog chow , meat , laundry & dish detergent , bleach & occasionally cake ....

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby Numb3r4 » January 7th, 2017, 11:40 am

I still don't understand PriceMart.

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby Numb3r4 » January 7th, 2017, 11:42 am

Family had a card but still failed to really see how it improved life. Goods were not as cheap when compared to other stores and what is cheap is usually in such quantities that render it quite impractical or just ridiculous.

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby Numb3r4 » January 7th, 2017, 11:45 am

Ever realize that when you do go to PriceMart the only thing people are buying is toilet paper and disposable plates and napkins. It's as if that is all Trinidadians do eat and sheit.

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby bluesclues » January 7th, 2017, 11:50 am

Tell dem send some usd from the american headquarters lol

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby toyolink » January 7th, 2017, 3:21 pm

At the end of the day its going to be about choices consumers make.
The PriceSmart grocery model is similar to the Sam's Club and Cosco model and it makes a quite interesting case study about was is starting to unfold and the consequences to follow.

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby GixxerMan » January 7th, 2017, 3:29 pm

SR wrote:Shop around quite a few items are cheaper at other groceries


i shopped pricesmart once in 2016 for about 5 items.....

i started to shop around in 2015 so i guess this year they not getting my money...

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby Gladiator » January 7th, 2017, 5:39 pm

I think this is on the Govt's agenda to get rid of Pricemart. Their financiers are the competition.

On the contrary, if you shop around you would get a lot of items for much less at Pricemart. For example just for christmas I purchased an Oster mini Chopper for $150 at Pricemart, Massy has the same for $240

Kellogs and Cherios in the double packs are almost twice the price outside Pricemart
Cheese is very economical at Pricemart
Butter cost $5 less than any grocery, you have to buy 2
Canned foods are also cheaper; corn, tuna and sardines
They have the large Folgers coffee for the price the small one sells on the outside
And many more items...

Don't take this pricemart thing for granted. If they pull out a lot of small shops also closing down because they buy from them and sell over too. Same with some small restaurants also...

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby pugboy » January 7th, 2017, 5:56 pm

pricesmart is very big and varied, comparing them to a regular supermarket is not accurate as most people seem to think
their products are a much wider range than just consumer food items

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby supercharged turbo » January 7th, 2017, 6:37 pm

No bag no care

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby eurotuner » January 7th, 2017, 6:56 pm

Gladiator wrote:I think this is on the Govt's agenda to get rid of Pricemart. Their financiers are the competition.

On the contrary, if you shop around you would get a lot of items for much less at Pricemart. For example just for christmas I purchased an Oster mini Chopper for $150 at Pricemart, Massy has the same for $240

Kellogs and Cherios in the double packs are almost twice the price outside Pricemart
Cheese is very economical at Pricemart
Butter cost $5 less than any grocery, you have to buy 2
Canned foods are also cheaper; corn, tuna and sardines
They have the large Folgers coffee for the price the small one sells on the outside
And many more items...

Don't take this pricemart thing for granted. If they pull out a lot of small shops also closing down because they buy from them and sell over too. Same with some small restaurants also...



Yup! For christmas i bought a MagicBullet @ PS, at Massy it was 900 :shock: :shock:

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby Joshie23 » January 7th, 2017, 9:37 pm

Gladiator wrote:I think this is on the Govt's agenda to get rid of Pricemart. Their financiers are the competition.

On the contrary, if you shop around you would get a lot of items for much less at Pricemart. For example just for christmas I purchased an Oster mini Chopper for $150 at Pricemart, Massy has the same for $240

Kellogs and Cherios in the double packs are almost twice the price outside Pricemart
Cheese is very economical at Pricemart
Butter cost $5 less than any grocery, you have to buy 2
Canned foods are also cheaper; corn, tuna and sardines
They have the large Folgers coffee for the price the small one sells on the outside
And many more items...

Don't take this pricemart thing for granted. If they pull out a lot of small shops also closing down because they buy from them and sell over too. Same with some small restaurants also...


This right here. Pricesmart definitely has its advantages over Massy and other supermarket chains. Three things that'd give Pricesmart a greater edge;

1) Implement a few self checkout kiosks for like when we just dip in to buy a bale of toilet paper like someone said earlier, 1-5 items only;

2) We already pay for membership cards, reward 'loyalty' with some sort of points, like Massy does..

3) Buy some damn bags nah..sometimes you feel like rolling up in PM with a roll of garbage bags in your back pocket to make a scene, but they moved the boxes outside so I guess the powers that be don't have shame..

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby Slartibartfast » January 9th, 2017, 3:40 pm

Massy way too overpriced. One of the worst IMO. Wifey got some curtains at a good price there one but that was it.

PM also has good deals on some electronics (TVs especially) and other random items. There was a steel shelf on sale for $600 a while back made of old iron and plywood. Solid as a rock (6ft x 5ft x 18"). For the same price all the furniture stores were selling a cheap chipboard shelf unit about 1/3 the size that you could break apart if you rocked it with one hand too hard.

The bags thing real annoying. I remember when they stopped giving out bags a few years ago as an aim to "go green" (or so they said). Clearly they just did it to save money and not going to re-implement it anytime soon.

Lately as I started to shop around I find myself going there less and less though. I really find they starting to get expensive. You could blow through $1000 and not eve cover the bottom of your cart.

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby silent_riot » January 9th, 2017, 4:40 pm

One just has to shop wisely...
Cheese, cereals, canned foods, detergents, power tools are cheaper in pricemark than elsewhere.

I've never bought clothes, electronics from there as it seemed cheaper to buy online.

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby cherrypopper » January 9th, 2017, 4:55 pm

Pricemart selfies haffi take. . How it go look

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby RASC » January 9th, 2017, 6:22 pm

Just a side comment with regards to the bags statement a lot of you guys keep making.

Get over it, we consume and discard too much plastic I applaud ANY supermarket or grocery that charges extra for these plastic bags. I also applaud Pricesmart for stopping that disposable plastic bag bag bag culture in this 2x4 country. Tough

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby wagonrunner » January 9th, 2017, 10:38 pm

duane. should thread title read "T&T saves $54-67m in forex expenditure"?

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby desifemlove » January 10th, 2017, 1:40 am

can't say i'm sorry to see this. mundane, standard rubbish.

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby Daran » January 10th, 2017, 3:49 am

Massy is already one of the worst big chain groceries in Trinidad.

Lack of variety, shitty cuts of meat that run out very quickly, so many regularly purchased items go out of stock of days, more expensive with most items are 20% more at massy and crappy car parks in a number of their groceries.

Pricemart and Extra Foods killing it.

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby eliteauto » January 10th, 2017, 6:51 am

wagonrunner wrote:duane. should thread title read "T&T saves $54-67m in forex expenditure"?


point

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Re: PriceSmart may lose $54m to $67m in sales due to forex woes

Postby forgeniebob » January 10th, 2017, 7:04 am

What about the $200 US we can't get. Pricesmart still making money

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