Strong Net Merchandise Sales Growth
Net merchandise sales reached almost $1.3 billion in Q3, with an 8% increase, or 9.5% in constant currency. For the first 9 months, net merchandise sales increased by 7.2% or 8.2% in constant currency.
Expansion Plans
Opened a new warehouse in Cartago, Costa Rica, and plans to open additional clubs in Guatemala and the Dominican Republic, expanding to 57 warehouse clubs.
Digital Channel Growth
Digital channel sales reached $79 million, a 19.8% increase year-over-year, representing 6.1% of total net merchandise sales.
Membership Growth
Membership accounts grew 5.1% to almost 2 million, with a 12-month renewal rate of 88%. Platinum membership increased to 16.1% of the total membership base.
Improved Margins
Total gross margin increased 20 basis points to 15.8%, and total revenue margins increased 30 basis points to 17.4% of total revenue.