SAN DIEGO, CA–(EMWNews – August 7, 2008) – PriceSmart, Inc. (NASDAQ: PSMT) today

announced that for the month of July 2008, net sales increased 25.4% to

$95.2 million from $75.9 million in July a year earlier. For the eleven

months ended July 31, 2008, net sales increased 25.8% to $998.5 million

from $793.6 million in the same period last year. There were 25 warehouse

clubs in operation at the end of July 2008 compared to 23 warehouse clubs

in operation in July 2007.

For the four weeks ended July 27, 2008, comparable warehouse sales for

warehouse clubs open at least 12 full months increased 19.1% compared to

the same four-week period last year. For the forty-seven week period ended

July 27, 2008, comparable warehouse sales increased 20.2% compared to the

comparable forty-seven week period a year ago.

About PriceSmart

PriceSmart, headquartered in San Diego, owns and operates U.S.-style

membership shopping warehouse clubs in Central America and the Caribbean,

selling high quality merchandise at low prices to PriceSmart members.

PriceSmart now operates 25 warehouse clubs in 11 countries and one U.S.

territory (four each in Panama and Costa Rica; three each in Guatemala and

Trinidad, two each in Dominican Republic, El Salvador and Honduras; and one

each in Aruba, Barbados, Jamaica, Nicaragua and the United States Virgin

Islands).

This press release may contain forward-looking statements concerning the

Company’s anticipated future revenues and earnings, adequacy of future cash

flow and related matters. These forward-looking statements include, but are

not limited to, statements containing the words “expect,” “believe,”

“will,” “may,” “should,” “project,” “estimate,” “scheduled,” and like

expressions, and the negative thereof. These statements are subject to

risks and uncertainties that could cause actual results to differ

materially, including the following risks: the Company’s financial

performance is dependent on international operations which exposes the

Company to various risks; any failure by the Company to manage its widely

dispersed operations could adversely affect the Company’s business; the

Company faces significant competition; the Company faces difficulties in

the shipment of and inherent risks in the importation of merchandise to its

warehouse clubs; the Company is exposed to weather and other risks

associated with international operations; declines in the economies of the

countries in which the Company operates its warehouse clubs would harm its

business; a few of the Company’s stockholders have control over the

Company’s voting stock, which will make it difficult to complete some

corporate transactions without their support and may prevent a change in

control; the loss of key personnel could harm the Company’s business; the

Company is subject to volatility in foreign currency exchange; the Company

faces the risk of exposure to product liability claims, a product recall

and adverse publicity; a determination that the Company’s long-lived or

intangible assets have been impaired could adversely affect the Company’s

future results of operations and financial position; and the Company faces

increased compliance risks associated with compliance with Section 404 of

the Sarbanes-Oxley Act of 2002; as well as the other risks detailed in the

Company’s SEC reports, including the Company’s Annual Report on Form 10-K

filed pursuant to the Securities Exchange Act of 1934 on November 29, 2007.

We assume no obligation and expressly disclaim any duty to update any

forward-looking statement to reflect events or circumstances after the date

of this presentation or to reflect the occurrence of unanticipated events.

For further information, please contact Robert E. Price Chief Executive Officer (858) 551-2336 John M. Heffner Executive Vice President and Chief Financial Officer (858) 404-8826