PriceSmart limits stock due to US currency shortage
Created : 4 January 2017
International warehouse shopping company PriceSmart is warning shoppers of limited stock due to a shortage of US foreign exchange, which has limited the company’s capacity to import goods.
A notice was posted to all local branches stating the following:
“Due to the shortage of available foreign currency in Trinidad our ability to import merchandise has been limited and subsequently we are not able to offer our full selection of imported products, however we are committed to stocking the range of imported products most frequently purchased by our members. We are working hard to find solutions until the foreign currency market improves.”
The company said it expects a 20 percent reduction in shipments over the next three months.
The company reported a projected loss of between $54 and $67 million in T&T sales in its second fiscal quarter (ending August 2017) in a report to the United States’ Securities and Exchange Commission (SEC).
The company said it will take steps to limit exposure and will reduce shipments of merchandise from its Miami distribution centre to acceptable levels to allow the Trinidad branch to pay for the merchandise.
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