March Sales Also Announced

SAN DIEGO, CA -- (Marketwire) -- 04/08/09 -- PriceSmart, Inc. (NASDAQ: PSMT) (www.pricesmart.com) today announced its results of operations for the second quarter of fiscal year 2009 which ended on February 28, 2009.

For the second quarter of fiscal year 2009, net warehouse sales increased 13.9% to $328.2 million from $288.2 million in the second quarter of fiscal year 2008. Total revenue for the second quarter was $334.8 million compared to $293.8 million in the prior year. The Company had 25 clubs in operation as of February 2009 and 2008.

The Company recorded operating income in the quarter of $17.5 million, compared to operating income of $10.7 million in the prior year. Net income was $12.7 million, or $0.43 per diluted share, in the second quarter of fiscal 2009 compared to $9.5 million, or $0.33 per diluted share, in the second quarter of fiscal 2008.

For the first six months of fiscal year 2009, net warehouse club sales increased 17.5% to $626.8 million from $533.4 million in the first six months of fiscal year 2008. Total revenues for the first half of the fiscal year increased 17.6% to $640.0 million from $544.3 million in the same period of the prior year. For the first six months of fiscal year 2009, the Company recorded operating income of $32.4 million and net income of $23.4 million, or $0.80 per diluted share. During the same six month period in fiscal year 2008, the Company recorded operating income of $20.9 million and net income of $16.2 million, or $0.56 per share.

Included in the results for the second quarter and first six months of fiscal year 2008 were pre-tax charges and income tax benefits related to the Company's settlement of disputes with PSC, S.A. and related entities which had the effect of reducing reported operating income in both the second quarter and first six months of fiscal 2008 by $3.4 million, and net income by $1.7 million, or $0.06 per diluted share.

The Company also announced that for the month of March 2009, net sales increased 7.0% to $100.7 million from $94.1 million in March a year earlier. For the seven months ended March 31, 2009, net sales increased 15.9% to $727.5 million from $627.5 million for the seven months ended March 31, 2008. There were 25 warehouse clubs in operation at the end of March 2009 and 2008.

For the four weeks ended March 29, 2009, comparable warehouse sales for the warehouse clubs open at least 12 full months increased 8.5% compared to the same four-week period last year. For the thirty-week period ended March 29, 2009, comparable warehouse sales increased 13.6% compared to the comparable thirty-week period a year ago.

About PriceSmart

PriceSmart, headquartered in San Diego, owns and operates U.S.-style membership shopping warehouse clubs in Central America and the Caribbean, selling high quality merchandise at low prices to PriceSmart members. PriceSmart now operates 25 warehouse clubs in 11 countries and one U.S. territory (four each in Panama and Costa Rica; three each in Guatemala and Trinidad, two each in Dominican Republic, El Salvador and Honduras; and one each in Aruba, Barbados, Jamaica, Nicaragua and the United States Virgin Islands).

This press release may contain forward-looking statements concerning the Company's anticipated future revenues and earnings, adequacy of future cash flow and related matters. These forward-looking statements include, but are not limited to, statements containing the words "expect," "believe," "will," "may," "should," "project," "estimate," "scheduled," and like expressions, and the negative thereof. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including the following risks: the Company's financial performance is dependent on international operations which exposes the Company to various risks; any failure by the Company to manage its widely dispersed operations could adversely affect the Company's business; the Company faces significant competition; the Company faces difficulties in the shipment of and inherent risks in the importation of merchandise to its warehouse clubs; the Company is exposed to weather and other risks associated with international operations; declines in the economies of the countries in which the Company operates its warehouse clubs would harm its business; a few of the Company's stockholders own nearly one-half of the Company's voting stock, which may make it difficult to complete some corporate transactions without their support and may impede a change in control; the loss of key personnel could harm the Company's business; the Company is subject to volatility in foreign currency exchange; the Company faces the risk of exposure to product liability claims, a product recall and adverse publicity; a determination that the Company's long-lived or intangible assets have been impaired could adversely affect the Company's future results of operations and financial position; and the Company faces increased compliance risks associated with compliance with Section 404 of the Sarbanes-Oxley Act of 2002; as well as the other risks detailed in the Company's SEC reports, including the Company's Annual Report on Form 10-K filed pursuant to the Securities Exchange Act of 1934 on November 12, 2008. We assume no obligation and expressly disclaim any duty to update any forward-looking statement to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events.

                             PRICESMART, INC.
                    CONSOLIDATED STATEMENTS OF INCOME
         (UNAUDITED--AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)

                        Three Months Ended           Six Months Ended
                    --------------------------  --------------------------
                    February 28,  February 29,  February 28,  February 29,
                        2009          2008          2009          2008
                    ------------  ------------  ------------  ------------
Revenues:
  Sales:
    Net warehouse
     club           $    328,240  $    288,216  $    626,758  $    533,405
    Export                   905           340         1,742           707
  Membership income        4,425         3,975         8,749         7,717
  Other income             1,223         1,313         2,753         2,426
                    ------------  ------------  ------------  ------------
       Total
        revenues         334,793       293,844       640,002       544,255
                    ------------  ------------  ------------  ------------
Operating expenses:
  Cost of goods
   sold:
    Net warehouse
     club                279,993       245,333       534,419       453,844
    Export                   861           320         1,661           669
  Selling, general
   and administrative:
    Warehouse club
     operations           28,544        26,024        55,829        49,251
    General and
     administrative        7,812         7,870        15,352        15,186
  Preopening
   expenses                   99           215            99           987
  Asset impairment
   and closure costs          16            14           264            33
  Provision for
   settlement of
   litigation,
   including
   changes in
   fair market
   value of put
   agreement                  --         3,386            --         3,386
                    ------------  ------------  ------------  ------------
       Total
        operating
        expenses         317,325       283,162       607,624       523,356
                    ------------  ------------  ------------  ------------
Operating income          17,468        10,682        32,378        20,899
Other income
 (expense):
  Interest income            115           364           241           774
  Interest expense          (609)         (470)       (1,190)         (529)
  Other income
   (expense), net            (42)          (37)          (62)          (84)
                    ------------  ------------  ------------  ------------
       Total other
        income
        (expense)           (536)         (143)       (1,011)          161
                    ------------  ------------  ------------  ------------
Income from
 continuing
 operations before
 provision for
 income taxes, loss
 of unconsolidated
 affiliate and
 minority interest        16,932        10,539        31,367        21,060
Provision for
 income taxes             (4,090)         (890)       (7,737)       (4,605)
Loss of
 unconsolidated
 affiliate                    (7)           --           (12)           --
Minority interest            (85)         (160)         (150)         (290)
                    ------------  ------------  ------------  ------------
Income from
 continuing
 operations               12,750         9,489        23,468        16,165
Income (loss) from
 discontinued
 operations, net of
 tax                         (63)           27           (81)           45
                    ------------  ------------  ------------  ------------
Net income          $     12,687  $      9,516  $     23,387  $     16,210
                    ============  ============  ============  ============
Basic income per
 share:
   Continuing
    operations      $       0.44  $       0.33  $       0.81  $       0.56
   Discontinued
    operations,
    net of tax      $         --  $         --  $         --  $         --
                    ------------  ------------  ------------  ------------
  Net income        $       0.44  $       0.33  $       0.81  $       0.56
                    ============  ============  ============  ============
Diluted income per
 share:
   Continuing
    operations      $       0.43  $       0.33  $       0.80  $       0.56
   Discontinued
    operations,
    net of tax      $         --  $         --  $         --  $         --
                    ------------  ------------  ------------  ------------
  Net income        $       0.43  $       0.33  $       0.80  $       0.56
                    ============  ============  ============  ============
Shares used in per
 share computations:
   Basic                  28,916        28,848        28,888        28,815
                    ============  ============  ============  ============
   Diluted                29,179        29,233        29,145        29,207
                    ============  ============  ============  ============
Dividends per share $       0.50  $       0.32  $       0.50  $       0.32
                    ============  ============  ============  ============

                             PRICESMART, INC.
                        CONSOLIDATED BALANCE SHEETS
           (UNAUDITED--AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)

                                                February 28,   August 31,
                                                    2009          2008
                                                ------------  ------------
ASSETS
Current Assets:
Cash and cash equivalents                       $     29,888  $     48,121
Short-term restricted cash                             9,500           536
Receivables, net of allowance for doubtful
 accounts of $6 and $11 in February 2009 and
 August 2008, respectively                             3,765         2,455
Merchandise inventories                              120,753       113,894
Deferred tax asset - current                           2,083         2,179
Prepaid expenses and other current assets             18,931        16,669
Notes receivable - short term                          2,006         2,104
Assets of discontinued operations                        882         1,247
                                                ------------  ------------
Total current assets                                 187,808       187,205
Long-term restricted cash                                583           673
Property and equipment, net                          217,934       199,576
Goodwill                                              37,902        39,248
Deferred tax assets - long term                       19,984        21,198
Other assets                                           3,805         3,512
Investment in unconsolidated affiliates                7,610            --
                                                ------------  ------------
Total Assets                                    $    475,626  $    451,412
                                                ============  ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Short-term borrowings                                  3,659         3,473
Accounts payable                                     102,430        96,120
Accrued salaries and benefits                          7,466         8,271
Deferred membership income                             8,707         7,764
Income taxes payable                                   6,055         3,695
Common stock subject to put agreement                     --           161
Other accrued expenses                                13,626        11,877
Dividend payable                                       7,392         4,744
Long-term debt, current portion                        3,616         2,737
Liabilities of discontinued operations                   249           277
Deferred tax liability - current                         114           486
                                                ------------  ------------
Total current liabilities                            153,314       139,605
Deferred tax liability - long term                     1,339         2,339
Long-term portion of deferred rent                     2,695         2,412
Accrued closure costs                                  3,611         3,489
Long-term income taxes payable, net of current
 portion                                               3,471         5,553
Long-term debt, net of current portion                30,101        23,028
                                                ------------  ------------
Total liabilities                                    194,531       176,426
Minority interest                                        636           480
Stockholders' Equity:
Common stock, 0.0001 par value, 45,000,000
 shares authorized; 30,244,086 and 30,195,788
 shares issued, respectively, and 29,591,125
 and 29,615,226 shares outstanding (net of
 treasury shares), respectively                            3             3
Additional paid-in capital                           375,120       373,192
Tax benefit from stock-based compensation              4,420         4,563
Accumulated other comprehensive loss                 (16,096)      (12,897)
Accumulated deficit                                  (68,907)      (77,510)
Less: treasury stock at cost; 652,961 shares as
 of February 28, 2009 and 580,562 shares as of
 August 31, 2008                                     (14,081)      (12,845)
                                                ------------  ------------
Total stockholders' equity                           280,459       274,506
                                                ------------  ------------
Total Liabilities and Stockholders' Equity      $    475,626  $    451,412
                                                ============  ============