PriceSmart Declares Holidays Bonus-Free

SAN DIEGO-PriceSmart Inc. announced today it’s not issuing bonuses to its executives for the 2001 fiscal year because the warehouse club chain failed to exceed financial goals.

The San Diego-based retailer’s bonus program is designed to reward executives for their roles in attaining corporate financial goals, according to a filing with the Securities and Exchange Commission. PriceSmart said in the filing “bonuses were not granted for the past fiscal year” because the company failed to meet the criteria.

Under the program, Chief Executive Officer Gilbert Partida received a $190,000 bonus in 2000 and $100,000 the year before that. Partida’s 2001 salary was $274,992, unchanged from the year before, but salaries for some executive vice presidents were increased by about $20,000 each in order to attract and retain ”quality individuals.”

PriceSmart announced last week that sales in November at warehouse outlets open at least a year rose 1% from a year earlier and is on track to meet its fiscal 2002 revenue goal of $650 million. The San Diego-based company said net warehouse sales in November rose 36% to $50.1 million from $36.7 million a year earlier.