Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
MCGRORY JACK
   2. Issuer Name and Ticker or Trading Symbol
PRICESMART INC [PSMT] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
7979 IVANHOE AVENUE, SUITE 520		 3. Date of Earliest Transaction (Month/Day/Year)
10/25/2004
(Street)

LA JOLLA, CA 92037		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 10/25/2004   G V 654,382 D $ 0 0 I As director of the Price Family Charitable Fund (1)
Common Stock               165,577 I As co-manager of The Price Group LLC (2)
Common Stock               619,046 I As director of San Diego Revitalization Corp. (1)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
8% Series A Cumulative Convertible Redeemable Pref. Stock $ 37.5 10/25/2004   G V   550   (3)   (3) Common Stock 14,666 (10) 0 I As director of the Price Family Charitable Fund (1)
8% Series A Cumulative Convertible Redeemable Pref. Stock $ 37.5               (3)   (3) Common Stock 14,666   550 I As director of San Diego Revitalization Corp. (1)
8% Series B Cumulative Convertible Redeemable Pref. Stock $ 20 10/25/2004   G V   5,000   (4)   (4) Common Stock 250,000 (10) 0 I As director of the Price Family Charitable Fund (1)
8% Series B Cumulative Convertible Redeemable Pref. Stock $ 20               (4)   (4) Common Stock 250,000   5,000 I As co-manager of The Price Group LLC (2)
Common Stock Option $ 35.63               (5) 11/07/2010 Common Stock 3,000   3,000 D  
Common Stock Option $ 32.13               (6) 01/24/2011 Common Stock 1,000   1,000 D  
Common Stock Option $ 35               (7) 01/17/2008 Common Stock 1,000   1,000 D  
Common Stock Option $ 18.29               (8) 01/22/2009 Common Stock 1,000   1,000 D  
Common Stock Option $ 6.24               (9) 01/08/2010 Common Stock 1,000   1,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MCGRORY JACK
7979 IVANHOE AVENUE
SUITE 520
LA JOLLA, CA 92037		   X      

Signatures

 /s/ Jack McGrory   10/26/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The reporting person disclaims beneficial ownership of these securities.
(2) The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest (if any) therein.
(3) The 8% Series A Cumulative Convertible Redeemable Preferred Stock automatically converts to Common Stock on January 17, 2012 and may be redeemed by PriceSmart for cash at any time on or after January 17, 2007.
(4) The 8% Series B Cumulative Convertible Redeemable Preferred Stock automatically converts to Common Stock on July 9, 2013 and may be redeemed by PriceSmart for cash at any time on or after July 9, 2008.
(5) These options vest 25% annually beginning on the first anniversary (11/07/2001) of the date of grant (11/07/2000).
(6) These options vest 25% annually beginning on the first anniversary (01/24/2002) of the date of grant (01/24/2001).
(7) These options vest 25% annually beginning on the first anniversary (01/17/2003) of the date of grant (01/17/2002).
(8) These options vest 25% annually beginning on the first anniversary (01/22/2004) of the date of grant (01/22/2003).
(9) These options vest 20% annually beginning on the first anniversary (01/08/2005) of the date of grant (01/08/2004).
(10) Not applicable.
 
Remarks:
On October 25, 2004, the Price Family Charitable Fund ("PFCF") donated all of the capital stock of PriceSmart Inc. ("PriceSmart") held by PFCF to a

charitable organization.

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