PriceSmart, Inc. (NASDAQ:PSMT) Q1 2023 Earnings Call Transcript

Jon Braatz: Michael, you did a pretty good job on the expense line, the operating expenses. And one of the things you’ve said in the past is you’re going to continue to invest in technology and so on. And did that spending moderate at all in the quarter relative to some prior quarters?

Michael McCleary: No, I wouldn’t say it moderated. I mean, obviously, when we’ve talked about this before, when sales are going up and as a percentage of sales, it doesn’t distort things as much as when sales are growing a little bit slower. But no, I wouldn’t definitely not say that we’ve moderated.

Jon Braatz: Okay. So to the extent that revenues grow, let’s say, mid-single digit, you think those expenses — that expense — technology expense might grow at a lower rate?

Michael McCleary: I’d say, TBD, Jon. I mean, we’ve got a lot, Robert alluded to it earlier. We’ve got a lot to do in the digital area and we’ve got commitments to continue along that path and that’s the constant thing the revaluation within management and within the Board to the track and the pace. So lot of things to do and so we’re just doing our best to balance that out, but sometimes you can imbalances as far as the sales growth versus our stated goal will continue down that path.

Jon Braatz: Okay. All right. All right. Thanks so much.

Michael McCleary: Thanks Jon.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Michael McCleary for any closing remarks.

Michael McCleary: Okay. Thank you all for joining us today and we look forward to talking to you next quarter. Take care. Bye-bye.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.