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PriceSmart's 2024 Sustainability Report: Insights and Achievements

PriceSmart, Inc., a prominent name in membership-based shopping, recently released its 2024 Sustainability Report, emphasizing the company's dedication to responsible business practices across its extensive network of warehouse clubs. With operations in the United States, twelve countries, and one U.S. territory, PriceSmart aims to minimize its environmental footprint and enhance community engagement.

The report is constructed around four pivotal pillars that outline PriceSmart's sustainability strategy:
1. Responsibility Toward People and Culture
2. Social and Community Engagement
3. Environmental Impact
4. Responsibly Sourced Food, Products, and Services

These key areas represent a thoughtful approach to balancing business operations with community and environmental responsibilities.

Key Highlights

The 2024 report showcases several important achievements:

• - Increased Renewable Energy Adoption: PriceSmart has made significant strides in renewable energy, with 45 out of 54 clubs now utilizing rooftop solar panels. This initiative has successfully generated 31,952 MWh of clean power, marking a 15.8% increase from the previous fiscal year, 2023.

• - Expansion of the Food Rescue Giving Program: PriceSmart has broadened the scope of its Food Rescue Giving Program, which redistributes food to those in need. This year, the program has extended its reach to the Caribbean, with Trinidad and Tobago becoming the ninth country to be served.

• - Community Engagement through the Foundation: The PriceSmart Foundation continues to strengthen community ties by supporting nonprofit organizations and community initiatives in countries like Honduras, Guatemala, Colombia, and Jamaica. This outreach reflects PriceSmart's commitment to investing in the well-being of the communities it operates in.

Commitment to Continued Growth

PriceSmart’s dedication to sustainability reflects a proactive approach to business that considers the social, environmental, and economic influences of its operations. As the company progresses in 2024, it maintains a clear focus on addressing the most pressing needs and concerns of its stakeholders, including employees, customers, and the communities it serves.

Furthermore, the company plans to open a new warehouse club in Quetzaltenango, Guatemala, in the summer of 2025, bringing its total to 56 clubs across its network. This expansion is part of a broader strategy to enhance its offerings while adhering to responsible sourcing practices.

Accessing the Full Report

For those interested in delving deeper into PriceSmart's commitment to sustainability, the complete report can be accessed through the company's investor relations website under the ESG tab. This resource highlights ongoing initiatives and future goals, offering a comprehensive view of PriceSmart's operational ethos focused on sustainability.

About PriceSmart

Headquartered in San Diego, California, PriceSmart operates membership shopping warehouse clubs modeled after similar U.S. concepts. The company prides itself in providing high-quality products at competitive prices across Latin America and the Caribbean, and continues to succeed in fostering a strong sense of community engagement while advancing its sustainability goals. As PriceSmart moves forward, its strategic focus on environmental, social, and governance principles illustrates a robust framework for future operations and growth.

Conclusion

In conclusion, PriceSmart's 2024 Sustainability Report paints a positive picture of the company's initiatives and accomplishments in fostering sustainable practices. With a growing commitment to ESG principles, PriceSmart sets a standard for corporate responsibility that not only benefits the company but also its stakeholders and the broader community.