Savers Value Village, Inc. Reports Third Quarter Financial Results

Business Wire11-08

Net sales increased 0.5%, or 1.2% in constant currency1 Opened nine new stores and remain on track for 29 new stores in 2024 Narrows full year 2024 outlook BELLEVUE, Wash., November 07, 2024--(...

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Reports Third Quarter Financial Results","media":"Business Wire","content":"<div>\n<p>Net sales increased 0.5%, or 1.2% in constant currency1\nOpened nine new stores and remain on track for 29 new stores in 2024\nNarrows full year 2024 outlook\nBELLEVUE, Wash., November 07, 2024--(...</p>\n\n<a href=\"https://finance.yahoo.com/news/savers-value-village-inc-reports-210500213.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Savers Value Village, Inc. Reports Third Quarter Financial Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSavers Value Village, Inc. Reports Third Quarter Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-08 05:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/savers-value-village-inc-reports-210500213.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Net sales increased 0.5%, or 1.2% in constant currency1\nOpened nine new stores and remain on track for 29 new stores in 2024\nNarrows full year 2024 outlook\nBELLEVUE, Wash., November 07, 2024--(...</p>\n\n<a href=\"https://finance.yahoo.com/news/savers-value-village-inc-reports-210500213.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SVV","symbol_name":"Savers Value Village, Inc.","start_time":0,"source_url":"https://finance.yahoo.com/news/savers-value-village-inc-reports-210500213.html","article_id":"2481918531","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481918531","pubTimestamp":1731013500,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Net sales increased 0.5%, or 1.2% in constant currency1. Opened nine new stores and remain on track for 29 new stores in 2024. BELLEVUE, Wash., November 07, 2024----Savers Value Village, Inc. ,  today announced financial results for the thirteen weeks ended September 28, 2024 .Highlights for the Third Quarter; Comparisons are to the Thirteen Weeks Ended September 30, 2023. Net sales increased 0.5% to $394.8 million, with the United States  up 6.2% and Canada down 7.1%. Constant currency net sales1 increased 1.2% to $397.3 million.Comparable store sales decreased 2.4%, with the U.S. increasing 1.6% and Canada decreasing 7.5%. A timing shift in the Canada Day holiday negatively impacted Canadian comparable store sales by approximately 100 basis points in the third quarter.1 Adjusted net income, Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin, as well as amounts presented on a constant currency basis, are not measures recognized under U.S. generally accep","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SVV":"Savers Value Village, Inc.","BK4114":"综合货品商店","BK4220":"综合零售","GRO":"Brazil Potash Corp."},"translate_title":"Savers Value Village，Inc.报告第三季度财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GRO":1,"SVV":1},"content_text":"Net sales increased 0.5%, or 1.2% in constant currency1\nOpened nine new stores and remain on track for 29 new stores in 2024\nNarrows full year 2024 outlook\nBELLEVUE, Wash., November 07, 2024--(BUSINESS WIRE)--Savers Value Village, Inc. (NYSE: SVV), (the \"Company\") today announced financial results for the thirteen weeks ended September 28, 2024 (the \"third quarter\").\nHighlights for the Third Quarter; Comparisons are to the Thirteen Weeks Ended September 30, 2023\n\nNet sales increased 0.5% to $394.8 million, with the United States (\"U.S.\") up 6.2% and Canada down 7.1%. Constant currency net sales1 increased 1.2% to $397.3 million.\nComparable store sales decreased 2.4%, with the U.S. increasing 1.6% and Canada decreasing 7.5%. A timing shift in the Canada Day holiday negatively impacted Canadian comparable store sales by approximately 100 basis points in the third quarter.\nThe Company opened nine new stores, ending the third quarter with 344 stores.\nNet income and Adjusted net income1 were $21.7 million and $25.1 million, respectively. Net income per diluted share and Adjusted net income per diluted share1 were $0.13 and $0.15, respectively. Net income margin was 5.5%.\nAdjusted earnings before interest, taxes, depreciation and amortization (\"Adjusted EBITDA\")1 was $82.0 million and Adjusted EBITDA margin1 was 20.8%. Changes in foreign currency rates negatively impacted Adjusted EBITDA1 by $0.8 million during the third quarter.\nTotal active members enrolled in our U.S. and Canadian loyalty programs increased 11.5% to 5.8 million.\n\nMark Walsh, Chief Executive Officer of Savers Value Village, Inc. stated, \"Our team’s disciplined focus on execution enabled us to deliver the quarter in line with our expectations, driven by steady performance in our U.S. business. As expected, our Canadian business remains pressured as a result of the challenging macro environment, but we remain focused on driving stronger performance. Despite external headwinds, our loyalty members remain engaged and committed to our brand, growing to account for nearly 72% of our total sales in the quarter.\"\nMr. Walsh continued, \"We are confident in our new store strategy, and are increasing our 2025 plans to include 25 to 30 new stores. This growth speaks to increasing consumer demand for thrift and the unique value proposition we bring to the market.\"\nAlso, during the third quarter, the Company repurchased approximately 1.8 million shares of its common stock at a weighted average price of $9.86 per share. As of the end of the third quarter, the Company had approximately $29.1 million remaining on its share repurchase authorization.\n\n\n\n1 Adjusted net income, Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin, as well as amounts presented on a constant currency basis, are not measures recognized under U.S. generally accepted accounting principles (\"GAAP\"). For additional information on our use of non-GAAP financial measures, see \"Non-GAAP Financial Measures\", \"Constant Currency\" and the accompanying financial tables which reconcile GAAP financial measures to these non-GAAP measures.\n\n\n\nFiscal 2024 Outlook\nThe Company’s updated outlook for the fifty-two weeks ending December 28, 2024 (\"fiscal 2024\") is as follows:\n\nTotal of 29 new stores, consisting of 22 organic new store openings (unchanged) and 7 stores from our 2 Peaches acquisition (unchanged);\nTotal net sales of approximately $1.53 billion to $1.54 billion (from $1.53 billion to $1.56 billion previously);\nComparable store sales of approximately -1% to 0% (from -1% to 1% previously);\nNet income of approximately $44 million to $49 million (from $42 million to $56 million previously);\nAdjusted net income1 of approximately $81 million to $86 million (from $82 million to $96 million previously);\nAdjusted EBITDA2 of approximately $290 million to $300 million (from $290 million to $310 million previously);\nCapital expenditures of approximately $105 million to $115 million (unchanged); and\nDiluted weighted average common shares outstanding of approximately 167 million (from 168 million previously).\n\n\n\n\n1 Adjusted net income is not a measure recognized under GAAP. For additional information on our use of non-GAAP financial measures, see \"Non-GAAP Financial Measures\" and the accompanying financial tables which reconcile GAAP financial measures to non-GAAP measures.\n\n\n \n\n\n2 Adjusted EBITDA is not a measure recognized under GAAP. We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because we cannot determine the probable significance of the various reconciling items, as certain items are outside of our control and cannot be reasonably predicted due to the fact that these items could vary significantly period to period. Accordingly, reconciliations to the corresponding GAAP financial measure are not available without unreasonable effort.\n\n\n\n\n\n\nConference Call Information\nA conference call to discuss the third quarter financial results is scheduled for today, November 7, 2024, at 4:30 p.m. ET.\nInvestors and analysts who wish to participate in the call are invited to dial +1 800 549 8228 (international callers, please dial +1 289 819 1520) approximately 10 minutes prior to the start of the call. Please reference Conference ID 92214 when prompted. A live webcast of the conference call will be available over the Internet, which you may access by logging on to the Investor Relations section on the Company’s website at https://ir.savers.com/events-and-presentations/default.aspx.\nA recorded replay of the call will be available shortly after the conclusion of the call and remain available until November 21, 2024. To access the telephone replay, dial +1 888 660 6264 (international callers, please dial +1 289 819 1325). The access code for the replay is 92214#. A replay of the webcast will also be available within two hours of the conclusion of the call and will remain available on the website for one year.\nAbout the Savers® Value Village® family of thrift stores\nAs the largest for-profit thrift operator in the U.S. and Canada for value priced pre-owned clothing, accessories and household goods, our mission is to champion reuse and inspire a future where secondhand is second nature. Learn more about the Savers Value Village family of thrift stores, our impact, and the #ThriftProud movement at savers.com.\nForward-Looking Statements\nThis press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and are made in reliance on the safe harbor protections provided thereunder. Forward looking statements can be identified by words such as \"could,\" \"may,\" \"might,\" \"will,\" \"likely,\" \"anticipates,\" \"intends,\" \"plans,\" \"seeks,\" \"believes,\" \"estimates,\" \"expects,\" \"continues,\" \"projects\" and similar references to future periods, or by the inclusion of forecasts or projections, the outlook for the Company’s future business, prospects, financial performance, including its fiscal 2024 outlook or financial guidance, and industry outlook. Forward-looking statements are based on the Company’s current expectations and assumptions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to: the impact on both the supply and demand for the Company’s products caused by general economic conditions, such as the macroeconomic pressures in Canada and/or the U.S., and changes in consumer confidence and spending; the Company’s ability to anticipate consumer demand and to source and process a sufficient quantity of quality secondhand items at attractive prices on a recurring basis; risks related to attracting new, and retaining existing customers, including by increasing acceptance of secondhand items among new and growing customer demographics; risks associated with its status as a \"brick and mortar\" only retailer and its lack of operations in the growing online retail marketplace; its failure to open new profitable stores, or successfully enter new markets on a timely basis or at all; risks associated with doing business with international manufacturers and suppliers including, but not limited to, transportation and shipping challenges, regulatory risks in foreign jurisdictions (particularly in Canada, where the Company maintains extensive operations) and exchange rate risks, which the Company may not choose to fully hedge; the loss of, or disruption or interruption in the operations of, its centralized distribution centers; risks associated with litigation, the expense of defense, and the potential for adverse outcomes; its failure to properly hire and to retain key personnel and other qualified personnel or to manage labor costs; risks associated with the timely and effective deployment, protection, and defense of computer networks and other electronic systems, including e-mail; changes in government regulations, procedures and requirements; its ability to maintain an effective system of internal controls and produce timely and accurate financial statements or comply with applicable regulations; risks associated with heightened geopolitical instability due to the conflicts in the Middle East and Eastern Europe; the outbreak of viruses or widespread illness, such as the COVID-19 pandemic, natural disasters or other highly disruptive events and regulatory responses thereto; together with each of the other factors set forth under the heading \"Risk Factors\" in its filings with the United States Securities and Exchange Commission (\"SEC\"). Any forward-looking statement made by us in this press release speaks only as of the date on which it is made, and while we believe that information forms a reasonable basis for such statements, that information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. Moreover, factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company is not under any obligation (and specifically disclaims any such obligation) to update or alter these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.\nNon-GAAP Financial Measures\nThe Company reports its financial results in accordance with GAAP. Non-GAAP financial measures used by the Company include Adjusted net income, Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin. The Company has included these non-GAAP financial measures in this press release as they are key measures used by its management and its board of directors to evaluate its operating performance and the effectiveness of its business strategies, make budgeting decisions, and evaluate compensation decisions. Adjusted net income, Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools and you should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. There are limitations to using non-GAAP financial measures, including those amounts presented in accordance with the Company’s definitions of Adjusted net income, Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin, as they may not be comparable to similar measures disclosed by its competitors, because not all companies and analysts calculate Adjusted net income, Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin in the same manner. Because of these limitations, you should consider Adjusted net income, Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin alongside other financial performance measures, including, as applicable, net income (loss) and the Company’s other GAAP results. The Company presents Adjusted net income, Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin because we consider these meaningful measures to share with investors because they best allow comparison of the performance of one period with that of another period. In addition, by presenting Adjusted net income, Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin, we provide investors with management’s perspective of the Company’s operating performance.\nAdjusted net income is defined as net income (loss) excluding the impact of loss on extinguishment of debt, IPO-related stock-based compensation expense, transaction costs, dividend-related bonus, (gain) loss on foreign currency, net, executive transition costs, certain other adjustments, the tax effect on the above adjustments, and the excess tax shortfall (benefit) from stock-based compensation. The Company defines Adjusted net income per diluted share as Adjusted net income divided by diluted weighted average common shares outstanding.\nThe Company defines Adjusted EBITDA as net income (loss) excluding the impact of interest expense, net, income tax expense, depreciation and amortization, loss on extinguishment of debt, stock-based compensation expense, non-cash occupancy-related costs, lease intangible asset expense, pre-opening expenses, store closing expenses, executive transition costs, transaction costs, dividend-related bonus, (gain) loss on foreign currency, net and certain other adjustments. The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by net sales, expressed as a percentage.\nConstant Currency\nThe Company reports certain operating results on a constant-currency basis in order to facilitate period-to-period comparisons of its results without regard to the impact of fluctuating foreign currency exchange rates. The term foreign currency exchange rates refers to the exchange rates used to translate the Company's operating results for all countries where the functional currency is not the U.S. Dollar into U.S. Dollars. Because the Company is a global company, foreign currency exchange rates used for translation may have a significant effect on its reported results. In general, given the Company's significant operations in Canada, the Company's financial results are affected positively by a weakening of the U.S. Dollar against the Canadian Dollar and are affected negatively by a strengthening of the U.S. Dollar against the Canadian Dollar. References to operating results on a constant-currency basis mean operating results without the impact of foreign currency exchange rate fluctuations.\nThe Company believes disclosure of constant-currency net sales is helpful to investors because it facilitates period-to-period comparisons of its results by increasing the transparency of its underlying performance by excluding the impact of fluctuating foreign currency exchange rates. However, constant-currency results are non-GAAP financial measures and are not meant to be considered as an alternative or substitute for comparable measures prepared in accordance with GAAP. Constant-currency results have no standardized meaning prescribed by GAAP, are not prepared under any comprehensive set of accounting rules or principles and should be read in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP. Constant-currency results have limitations in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.\nConstant currency information compares results between periods as if exchange rates had remained constant period-over-period. During the thirteen weeks ended September 28, 2024, as compared to the thirteen weeks ended September 30, 2023, the U.S. Dollar was stronger relative to the Canadian Dollar but weaker relative to the Australian Dollar, which overall resulted in an unfavorable impact on our operating results. During the thirty-nine weeks ended September 28, 2024, as compared to the thirty-nine weeks ended September 30, 2023, the U.S. Dollar was stronger relative to both the Canadian Dollar and the Australian Dollar, which resulted in an unfavorable foreign currency impact on our operating results. The Company calculates constant-currency net sales by translating current period net sales using the average exchange rates from the comparative prior period rather than the actual average exchange rates in effect.\n\n\n\nSAVERS VALUE VILLAGE, INC.Condensed Consolidated Statements of Net Income (Loss)(All amounts in thousands, except per share amounts, unaudited)\n\n\n\n\n\n \n\n\n\nThirteen Weeks Ended\n\nThirty-Nine Weeks Ended\n\n\n\nSeptember 28, 2024\n\nSeptember 30, 2023\n\nSeptember 28, 2024\n\nSeptember 30, 2023\n\n\n\nAmount\n\n% of Sales\n\nAmount\n\n% of Sales\n\nAmount\n\n% of Sales\n\nAmount\n\n% of Sales\n\n\nNet sales\n$\n394,797\n\n\n100.0\n%\n\n$\n392,698\n\n\n100.0\n%\n\n$\n1,135,632\n\n\n100.0\n%\n\n$\n1,117,484\n\n\n100.0\n%\n\n\nOperating expenses:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCost of merchandise sold, exclusive of depreciation and amortization\n\n170,776\n\n\n43.3\n\n\n\n158,252\n\n\n40.3\n\n\n\n491,566\n\n\n43.3\n\n\n\n458,950\n\n\n41.1\n\n\n\nSalaries, wages and benefits\n\n74,189\n\n\n18.8\n\n\n\n116,114\n\n\n29.6\n\n\n\n248,841\n\n\n21.9\n\n\n\n276,088\n\n\n24.7\n\n\n\nSelling, general and administrative\n\n83,897\n\n\n21.3\n\n\n\n82,076\n\n\n20.8\n\n\n\n245,126\n\n\n21.6\n\n\n\n232,380\n\n\n20.8\n\n\n\nDepreciation and amortization\n\n17,297\n\n\n4.3\n\n\n\n15,911\n\n\n4.1\n\n\n\n52,978\n\n\n4.6\n\n\n\n45,088\n\n\n4.0\n\n\n\nTotal operating expenses\n\n346,159\n\n\n87.7\n\n\n\n372,353\n\n\n94.8\n\n\n\n1,038,511\n\n\n91.4\n\n\n\n1,012,506\n\n\n90.6\n\n\n\nOperating income\n\n48,638\n\n\n12.3\n\n\n\n20,345\n\n\n5.2\n\n\n\n97,121\n\n\n8.6\n\n\n\n104,978\n\n\n9.4\n\n\n\nOther (expense) income:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterest expense, net\n\n(15,466\n)\n\n(3.9\n)\n\n\n(18,708\n)\n\n(4.8\n)\n\n\n(47,309\n)\n\n(4.2\n)\n\n\n(70,912\n)\n\n(6.3\n)\n\n\nGain (loss) on foreign currency, net\n\n2,443\n\n\n0.6\n\n\n\n(195\n)\n\n—\n\n\n\n547\n\n\n—\n\n\n\n5,587\n\n\n0.5\n\n\n\nOther (expense) income, net\n\n(168\n)\n\n—\n\n\n\n(45\n)\n\n—\n\n\n\n222\n\n\n—\n\n\n\n173\n\n\n—\n\n\n\nLoss on extinguishment of debt\n\n—\n\n\n—\n\n\n\n(10,615\n)\n\n(2.7\n)\n\n\n(4,088\n)\n\n(0.3\n)\n\n\n(16,626\n)\n\n(1.5\n)\n\n\nOther expense, net\n\n(13,191\n)\n\n(3.3\n)\n\n\n(29,563\n)\n\n(7.5\n)\n\n\n(50,628\n)\n\n(4.5\n)\n\n\n(81,778\n)\n\n(7.3\n)\n\n\nIncome (loss) before income taxes\n\n35,447\n\n\n9.0\n\n\n\n(9,218\n)\n\n(2.3\n)\n\n\n46,493\n\n\n4.1\n\n\n\n23,200\n\n\n2.1\n\n\n\nIncome tax expense\n\n13,766\n\n\n3.5\n\n\n\n6,394\n\n\n1.7\n\n\n\n15,567\n\n\n1.4\n\n\n\n13,957\n\n\n1.3\n\n\n\nNet income (loss)\n$\n21,681\n\n\n5.5\n%\n\n$\n(15,612\n)\n\n(4.0\n)%\n\n$\n30,926\n\n\n2.7\n%\n\n$\n9,243\n\n\n0.8\n%\n\n\nNet income (loss) per share, basic\n$\n0.13\n\n\n\n\n$\n(0.10\n)\n\n\n\n$\n0.19\n\n\n\n\n$\n0.06\n\n\n\n\n\nNet income (loss) per share, diluted\n$\n0.13\n\n\n\n\n$\n(0.10\n)\n\n\n\n$\n0.18\n\n\n\n\n$\n0.06\n\n\n\n\n\nBasic weighted average shares outstanding\n\n160,856\n\n\n\n\n\n160,247\n\n\n\n\n\n161,301\n\n\n\n\n\n147,885\n\n\n\n\n\nDiluted weighted average shares outstanding\n\n165,671\n\n\n\n\n\n160,247\n\n\n\n\n\n167,241\n\n\n\n\n\n153,134\n\n\n\n\n\n\n\n\n\nSAVERS VALUE VILLAGE, INC.Condensed Consolidated Balance Sheets(All amounts in thousands, unaudited)\n\n\n\n\n\n \n\n\n\nSeptember 28, 2024\n\nDecember 30, 2023\n\n\nCurrent assets:\n\n\n\n\n\nCash and cash equivalents\n$\n137,719\n\n\n$\n179,955\n\n\n\nTrade receivables, net\n\n15,688\n\n\n\n11,767\n\n\n\nInventories\n\n39,644\n\n\n\n32,820\n\n\n\nPrepaid expenses and other current assets\n\n32,756\n\n\n\n25,691\n\n\n\nDerivative assets – current\n\n—\n\n\n\n7,691\n\n\n\nTotal current assets\n\n225,807\n\n\n\n257,924\n\n\n\nProperty and equipment, net\n\n264,778\n\n\n\n229,405\n\n\n\nRight-of-use lease assets\n\n549,756\n\n\n\n499,375\n\n\n\nGoodwill\n\n682,072\n\n\n\n687,368\n\n\n\nIntangible assets, net\n\n163,439\n\n\n\n166,681\n\n\n\nOther assets\n\n3,819\n\n\n\n3,133\n\n\n\nDerivative assets – non-current\n\n—\n\n\n\n23,519\n\n\n\nTotal assets\n$\n1,889,671\n\n\n$\n1,867,405\n\n\n\nCurrent liabilities:\n\n\n\n\n\nAccounts payable and accrued liabilities\n$\n80,790\n\n\n$\n92,550\n\n\n\nAccrued payroll and related taxes\n\n45,860\n\n\n\n65,096\n\n\n\nLease liabilities – current\n\n83,554\n\n\n\n79,306\n\n\n\nCurrent portion of long-term debt\n\n6,000\n\n\n\n4,500\n\n\n\nTotal current liabilities\n\n216,204\n\n\n\n241,452\n\n\n\nLong-term debt, net\n\n735,349\n\n\n\n784,593\n\n\n\nLease liabilities – non-current\n\n469,545\n\n\n\n419,407\n\n\n\nDeferred tax liabilities, net\n\n13,299\n\n\n\n27,909\n\n\n\nOther liabilities\n\n22,391\n\n\n\n17,989\n\n\n\nTotal liabilities\n\n1,456,788\n\n\n\n1,491,350\n\n\n\nStockholders’ equity:\n\n\n\n\n\nPreferred stock\n\n—\n\n\n\n—\n\n\n\nCommon stock\n\n—\n\n\n\n—\n\n\n\nAdditional paid-in capital\n\n647,106\n\n\n\n593,109\n\n\n\nAccumulated deficit\n\n(237,549\n)\n\n\n(247,541\n)\n\n\nAccumulated other comprehensive income\n\n23,326\n\n\n\n30,487\n\n\n\nTotal stockholders’ equity\n\n432,883\n\n\n\n376,055\n\n\n\nTotal liabilities and stockholders’ equity\n$\n1,889,671\n\n\n$\n1,867,405\n\n\n\n\n\n\n\nSAVERS VALUE VILLAGE, INC.Condensed Consolidated Statements of Cash Flows(All amounts in thousands, unaudited)\n\n\n\n \n\n\n\nThirty-Nine Weeks Ended\n\n\n\nSeptember 28, 2024\n\nSeptember 30, 2023\n\n\nCash flows from operating activities:\n\n\n\n\n\nNet income\n$\n30,926\n\n\n$\n9,243\n\n\n\nAdjustments to reconcile net income to net cash provided by operating activities:\n\n\n\n\n\nStock-based compensation expense\n\n51,107\n\n\n\n50,970\n\n\n\nAmortization of debt issuance costs and debt discount\n\n4,169\n\n\n\n4,631\n\n\n\nDepreciation and amortization\n\n52,978\n\n\n\n45,088\n\n\n\nOperating lease expense\n\n97,209\n\n\n\n89,204\n\n\n\nDeferred income taxes, net\n\n(14,511\n)\n\n\n(3,725\n)\n\n\nLoss on extinguishment of debt\n\n4,088\n\n\n\n16,626\n\n\n\nOther items\n\n(10,243\n)\n\n\n(12,714\n)\n\n\nChanges in operating assets and liabilities, net of acquisitions:\n\n\n\n\n\nTrade receivables\n\n(4,029\n)\n\n\n341\n\n\n\nInventories\n\n(6,224\n)\n\n\n(14,227\n)\n\n\nPrepaid expenses and other current assets\n\n(6,831\n)\n\n\n3,675\n\n\n\nAccounts payable and accrued liabilities\n\n(12,951\n)\n\n\n2,456\n\n\n\nAccrued payroll and related taxes\n\n(18,797\n)\n\n\n(5,519\n)\n\n\nOperating lease liabilities\n\n(91,318\n)\n\n\n(84,081\n)\n\n\nOther liabilities\n\n2,870\n\n\n\n2,434\n\n\n\nNet cash provided by operating activities\n\n78,443\n\n\n\n104,402\n\n\n\nCash flows from investing activities:\n\n\n\n\n\nPurchases of property and equipment\n\n(80,146\n)\n\n\n(74,579\n)\n\n\nPurchase of trade name\n\n—\n\n\n\n(650\n)\n\n\nBusiness acquisition, net of cash acquired\n\n(3,189\n)\n\n\n—\n\n\n\nSettlement of derivative instruments, net\n\n28,194\n\n\n\n(199\n)\n\n\nNet cash used in investing activities\n\n(55,141\n)\n\n\n(75,428\n)\n\n\nCash flows from financing activities:\n\n\n\n\n\nProceeds from issuance of long-term debt, net\n\n—\n\n\n\n529,247\n\n\n\nPrincipal payments on long-term debt\n\n(54,000\n)\n\n\n(546,431\n)\n\n\nPayment of debt issuance costs\n\n(1,004\n)\n\n\n(4,359\n)\n\n\nPrepayment premium on extinguishment of debt\n\n(1,485\n)\n\n\n(1,650\n)\n\n\nAdvances on revolving line of credit\n\n—\n\n\n\n42,000\n\n\n\nRepayments of revolving line of credit\n\n—\n\n\n\n(84,000\n)\n\n\nProceeds from stock option exercises\n\n3,443\n\n\n\n—\n\n\n\nDividends paid\n\n—\n\n\n\n(262,235\n)\n\n\nProceeds from initial public offering, net\n\n—\n\n\n\n314,719\n\n\n\nPayment of offering costs\n\n—\n\n\n\n(8,766\n)\n\n\nRepurchase of common stock under share repurchase program\n\n(20,934\n)\n\n\n—\n\n\n\nRepurchase of shares and shares withheld for taxes\n\n(553\n)\n\n\n(849\n)\n\n\nSettlement of derivative instrument, net\n\n11,925\n\n\n\n6,213\n\n\n\nPrincipal payments on finance lease liabilities\n\n(1,099\n)\n\n\n—\n\n\n\nOther\n\n(438\n)\n\n\n—\n\n\n\nNet cash used in financing activities\n\n(64,145\n)\n\n\n(16,111\n)\n\n\nEffect of exchange rate changes on cash and cash equivalents\n\n(1,393\n)\n\n\n312\n\n\n\nNet change in cash and cash equivalents\n\n(42,236\n)\n\n\n13,175\n\n\n\nCash and cash equivalents at beginning of period\n\n179,955\n\n\n\n112,132\n\n\n\nCash and cash equivalents at end of period\n$\n137,719\n\n\n$\n125,307\n\n\n\n\nSAVERS VALUE VILLAGE, INC.Supplemental Detail on Net Income (Loss) Per Share Calculation(Unaudited)\nThe following unaudited table sets forth the computation of net income (loss) per basic and diluted share as shown on the face of the accompanying condensed consolidated statements of net income (loss):\n\n\n\n\nThirteen Weeks Ended\n\nThirty-Nine Weeks Ended\n\n\n(in thousands, except per share data)\nSeptember 28, 2024\n\nSeptember 30, 2023\n\nSeptember 28, 2024\n\nSeptember 30, 2023\n\n\nNumerator\n\n\n\n\n\n\n\n\n\nNet income (loss)\n$\n21,681\n\n$\n(15,612\n)\n\n$\n30,926\n\n$\n9,243\n\n\nDenominator\n\n\n\n\n\n\n\n\n\nBasic weighted average common shares outstanding\n\n160,856\n\n\n160,247\n\n\n\n161,301\n\n\n147,885\n\n\nDilutive effect of employee stock options and awards\n\n4,815\n\n\n—\n\n\n\n5,940\n\n\n5,249\n\n\nDiluted weighted average common shares outstanding\n\n165,671\n\n\n160,247\n\n\n...\n   167,241\n\n\n153,134\n\n\nNet income (loss) per share (1)\n\n\n\n\n\n\n\n\n\nBasic\n$\n0.13\n\n$\n(0.10\n)\n\n$\n0.19\n\n$\n0.06\n\n\nDiluted\n$\n0.13\n\n$\n(0.10\n)\n\n$\n0.18\n\n$\n0.06\n\n\n\n\n\n\n(1)\n\nDue to the differences between quarterly and year-to-date weighted average share counts and the effect of quarterly rounding to the nearest cent per share, the year-to-date calculation of net income (loss) per share may not equal the sum of the quarters.\n\n\n\nSAVERS VALUE VILLAGE, INC.Supplemental Detail on Segment Results(Unaudited)\nThe following unaudited tables present net sales and profit by segment for the periods presented:\n\n\n\n\nThirteen Weeks Ended\n\n\n\n\n\n\n(in thousands)\nSeptember 28, 2024\n\nSeptember 30, 2023\n\n$ Change\n\n% Change\n\n\nNet sales:\n\n\n\n\n\n\n\n\n\nU.S. Retail\n$\n212,470\n\n$\n200,127\n\n$\n12,343\n\n\n6.2\n%\n\n\nCanada Retail\n\n151,886\n\n\n163,518\n\n\n(11,632\n)\n\n(7.1\n)%\n\n\nOther\n\n30,441\n\n\n29,053\n\n\n1,388\n\n\n4.8\n% \n\n\nTotal net sales\n$\n394,797\n\n$\n392,698\n\n$\n2,099\n\n\n0.5\n%\n\n\nSegment profit:\n\n\n\n\n\n\n\n\n\nU.S. Retail\n$\n43,754\n\n$\n52,262\n\n$\n(8,508\n)\n\n(16.3\n)%\n\n\nCanada Retail\n$\n45,354\n\n$\n56,404\n\n$\n(11,050\n)\n\n(19.6\n)%\n\n\nOther\n$\n11,895\n\n$\n10,061\n\n$\n1,834\n\n\n18.2\n%\n\n\n\n\n\n\n\nThirty-Nine Weeks Ended\n\n\n\n\n\n\n(in thousands)\nSeptember 28, 2024\n\nSeptember 30, 2023\n\n$ Change\n\n% Change\n\n\nNet sales:\n\n\n\n\n\n\n\n\n\nU.S. Retail\n$\n612,118\n\n$\n580,648\n\n$\n31,470\n\n\n5.4\n%\n\n\nCanada Retail\n\n435,841\n\n\n450,280\n\n\n(14,439\n)\n\n(3.2\n)%\n\n\nOther\n\n87,673\n\n\n86,556\n\n\n1,117\n\n\n1.3\n% \n\n\nTotal net sales\n$\n1,135,632\n\n$\n1,117,484\n\n$\n18,148\n\n\n1.6\n%\n\n\nSegment profit:\n\n\n\n\n\n\n\n\n\nU.S. Retail\n$\n137,400\n\n$\n147,062\n\n$\n(9,662\n)\n\n(6.6\n)%\n\n\nCanada Retail\n$\n124,852\n\n$\n140,888\n\n$\n(16,036\n)\n\n(11.4\n)%\n\n\nOther\n$\n27,234\n\n$\n29,913\n\n$\n(2,679\n)\n\n(9.0\n)%\n\n\n\nSAVERS VALUE VILLAGE, INC.Supplemental InformationReconciliation of GAAP to Non-GAAP Financial Measures(Unaudited)\nThe following information relates to non-GAAP financial measures and should be read in conjunction with the investor call held on November 7, 2024, discussing the Company’s financial condition and results of operations for the third quarter.\nThe following unaudited table presents a reconciliation of net income (loss) and net income (loss) per diluted share on a GAAP basis to Adjusted net income and Adjusted net income per diluted share for the periods presented:\n\n\n\n\nThirteen Weeks Ended\n\nThirty-Nine Weeks Ended\n\n\n(in thousands, except per share data)\nSeptember 28, 2024\n\nSeptember 30, 2023\n\nSeptember 28, 2024\n\nSeptember 30, 2023\n\n\nNet income (loss):\n\n\n\n\n\n\n\n\n\nNet income (loss)\n$\n21,681\n\n\n$\n(15,612\n)\n\n$\n30,926\n\n\n$\n9,243\n\n\n\nLoss on extinguishment of debt(1)(2)\n\n—\n\n\n\n10,615\n\n\n\n4,088\n\n\n\n16,626\n\n\n\nIPO-related stock-based compensation expense(1)(3)\n\n8,506\n\n\n\n48,298\n\n\n\n46,231\n\n\n\n48,324\n\n\n\nTransaction costs(1)(4)\n\n14\n\n\n\n613\n\n\n\n2,621\n\n\n\n2,333\n\n\n\nDividend-related bonus(1)(5)\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n24,097\n\n\n\n(Gain) loss on foreign currency, net(1)\n\n(2,443\n)\n\n\n195\n\n\n\n(547\n)\n\n\n(5,587\n)\n\n\nExecutive transition costs(1)(6)\n\n79\n\n\n\n—\n\n\n\n689\n\n\n\n—\n\n\n\nOther adjustments(1)(7)\n\n(1,506\n)\n\n\n(381\n)\n\n\n(2,217\n)\n\n\n(845\n)\n\n\nTax effect on adjustments(8)\n\n(1,594\n)\n\n\n(17,209\n)\n\n\n(17,442\n)\n\n\n(24,635\n)\n\n\nExcess tax shortfall (benefit) from stock-based compensation\n\n351\n\n\n\n—\n\n\n\n(2,415\n)\n\n\n—\n\n\n\nAdjusted net income\n$\n25,088\n\n\n$\n26,519\n\n\n$\n61,934\n\n\n$\n69,556\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet income per share - diluted(9):\n\n\n\n\n\n\n\n\n\nNet income (loss) per diluted share\n$\n0.13\n\n\n$\n(0.10\n)\n\n$\n0.18\n\n\n$\n0.06\n\n\n\nLoss on extinguishment of debt(1)(2)\n\n—\n\n\n\n0.06\n\n\n\n0.02\n\n\n\n0.11\n\n\n\nIPO-related stock-based compensation expense(1)(3)\n\n0.05\n\n\n\n0.29\n\n\n\n0.28\n\n\n\n0.32\n\n\n\nTransaction costs(1)(4)\n\n—\n\n\n\n—\n\n\n\n0.02\n\n\n\n0.02\n\n\n\nDividend-related bonus(1)(5)\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n0.16\n\n\n\n(Gain) loss on foreign currency, net(1)\n\n(0.01\n)\n\n\n—\n\n\n\n—\n\n\n\n(0.04\n)\n\n\nExecutive transition costs(1)(6)\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\nOther adjustments(1)(7)\n\n(0.01\n)\n\n\n—\n\n\n\n(0.01\n)\n\n\n(0.01\n)\n\n\nTax effect on adjustments(8)\n\n(0.01\n)\n\n\n(0.10\n)\n\n\n(0.10\n)\n\n\n(0.16\n)\n\n\nExcess tax shortfall (benefit) from stock-based compensation\n\n—\n\n\n\n—\n\n\n\n(0.01\n)\n\n\n—\n\n\n\nAdjusted net income per diluted share*\n$\n0.15\n\n\n$\n0.16\n\n\n$\n0.37\n\n\n$\n0.45\n\n\n\n\n*May not foot due to rounding\n\n\n\n(1)\n\nPresented pre-tax.\n\n\n(2)\n\nRemoves the effects of the loss on extinguishment of debt in relation to the repricing of outstanding borrowings under the Term Loan Facility on January 30, 2024, the partial redemption of our Senior Secured Notes on July 3, 2023 and March 4, 2024, and the partial repayment of outstanding borrowings under the Term Loan Facility on February 6, 2023 and July 5, 2023.\n\n\n(3)\n\nReflects stock-based compensation expense for performance-based options triggered by the completion of our IPO and expense related to restricted stock units issued in connection with the Company’s IPO.\n\n\n(4)\n\nTransaction costs are comprised of non-capitalizable expenses related to offering costs, debt transactions and acquisitions.\n\n\n(5)\n\nRepresents dividend-related bonus and related payroll taxes paid in conjunction with our February 2023 dividend.\n\n\n(6)\n\nRepresents severance costs associated with executive leadership changes and retention costs associated with the 2 Peaches acquisition.\n\n\n(7)\n\nThe thirteen and thirty-nine weeks ended September 28, 2024 include a change in the fair value of acquisition-related contingent consideration of $1.5 million and $1.4 million, respectively. The thirty-nine weeks ended September 28, 2024 further includes insurance proceeds of $0.7 million. The thirteen and thirty-nine weeks ended September 30, 2023 include legal and insurance settlement proceeds of $0.4 million and $0.9 million, respectively.\n\n\n(8)\n\nTax effect on adjustments is calculated based on the forecasted effective tax rate for the fiscal year.\n\n\n(9)\n\nFor the thirteen weeks ended September 30, 2023, Adjusted net income per diluted share includes 6.6 million potential shares of common stock relating to awards of stock options and restricted stock units that were excluded from the calculation of GAAP diluted net loss per share as their inclusion would have had an antidilutive effect.\n\n\n\nA reconciliation of the Company’s fiscal 2024 outlook for net income on a GAAP basis to Adjusted net income is presented in the table below:\n\n\n\n\nFifty-Two Weeks Ended\n\n\n(in millions)\nDecember 28, 2024\n\n\n\nLow End\n\nHigh End\n\n\nNet income:\n\n\n\n\n\nNet income\n$\n44\n\n\n$\n49\n\n\n\nLoss on extinguishment of debt(1)(2)\n\n4\n\n\n\n4\n\n\n\nIPO-related stock-based compensation expense(1)(3)\n\n55\n\n\n\n55\n\n\n\nTransaction costs(1)(4)\n\n3\n\n\n\n3\n\n\n\nGain on foreign currency, net(1)\n\n(1\n)\n\n\n(1\n)\n\n\nExecutive transition costs(1)(5)\n\n1\n\n\n\n1\n\n\n\nOther adjustments(1)(6)\n\n(2\n)\n\n\n(2\n)\n\n\nTax effect on adjustments\n\n(21\n)\n\n\n(21\n)\n\n\nExcess tax benefit from stock-based compensation\n\n(2\n)\n\n\n(2\n)\n\n\nAdjusted net income\n$\n81\n\n\n$\n86\n\n\n\n\n\n\n\n(1)\n\nPresented pre-tax.\n\n\n(2)\n\nRemoves the effects of the loss on extinguishment of debt in relation to the repricing of outstanding borrowings under the Term Loan Facility on January 30, 2024 and the partial redemption of our Senior Secured Notes on March 4, 2024.\n\n\n(3)\n\nReflects stock-based compensation expense for performance-based options triggered by the completion of our IPO and expense related to restricted stock units issued in connection with the Company’s IPO.\n\n\n(4)\n\nTransaction costs are comprised of non-capitalizable expenses related to offering costs, debt transactions and acquisitions.\n\n\n(5)\n\nRepresents severance costs associated with executive leadership changes and retention costs associated with the 2 Peaches acquisition.\n\n\n(6)\n\nIncludes a change in the fair value of acquisition-related contingent consideration and insurance proceeds.\n\n\n\nThe following unaudited table presents a reconciliation of GAAP net income (loss) to Adjusted EBITDA for the periods presented:\n\n\n\n\nThirteen Weeks Ended\n\nThirty-Nine Weeks Ended\n\n\n\nSeptember 28, 2024\n\nSeptember 30, 2023\n\nSeptember 28, 2024\n\nSeptember 30, 2023\n\n\n(dollars in thousands)\n\n\n\n\n\n\n\n\n\nNet income (loss)\n$\n21,681\n\n\n$\n(15,612\n)\n\n$\n30,926\n\n\n$\n9,243\n\n\n\nInterest expense, net\n\n15,466\n\n\n\n18,708\n\n\n\n47,309\n\n\n\n70,912\n\n\n\nIncome tax expense\n\n13,766\n\n\n\n6,394\n\n\n\n15,567\n\n\n\n13,957\n\n\n\nDepreciation and amortization\n\n17,297\n\n\n\n15,911\n\n\n\n52,978\n\n\n\n45,088\n\n\n\nLoss on extinguishment of debt(1)\n\n—\n\n\n\n10,615\n\n\n\n4,088\n\n\n\n16,626\n\n\n\nStock-based compensation expense(2)\n\n10,328\n\n\n\n49,113\n\n\n\n51,107\n\n\n\n50,970\n\n\n\nNon-cash occupancy-related costs(3)\n\n1,929\n\n\n\n1,654\n\n\n\n5,663\n\n\n\n3,065\n\n\n\nLease intangible asset expense(4)\n\n882\n\n\n\n1,001\n\n\n\n2,663\n\n\n\n3,154\n\n\n\nPre-opening expenses(5)\n\n4,149\n\n\n\n2,635\n\n\n\n10,906\n\n\n\n5,227\n\n\n\nStore closing expenses(6)\n\n356\n\n\n\n164\n\n\n\n563\n\n\n\n1,031\n\n\n\nExecutive transition costs(7)\n\n79\n\n\n\n—\n\n\n\n689\n\n\n\n—\n\n\n\nTransaction costs(8)\n\n14\n\n\n\n613\n\n\n\n2,621\n\n\n\n2,333\n\n\n\nDividend-related bonus(9)\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n24,097\n\n\n\n(Gain) loss on foreign currency, net\n\n(2,443\n)\n\n\n195\n\n\n\n(547\n)\n\n\n(5,587\n)\n\n\nOther adjustments(10)\n\n(1,506\n)\n\n\n(381\n)\n\n\n(2,217\n)\n\n\n(845\n)\n\n\nAdjusted EBITDA\n$\n81,998\n\n\n$\n91,010\n\n\n$\n222,316\n\n\n$\n239,271\n\n\n\nNet income (loss) margin\n\n5.5\n%\n\n\n(4.0\n)%\n\n\n2.7\n%\n\n\n0.8\n%\n\n\nAdjusted EBITDA margin\n\n20.8\n%\n\n\n23.2\n%\n\n\n19.6\n%\n\n\n21.4\n%\n\n\n\n\n\n\n(1)\n\nRemoves the effects of the loss on extinguishment of debt in relation to the repricing of outstanding borrowings under the Term Loan Facility on January 30, 2024, the partial redemption of our Senior Secured Notes on July 3, 2023 and March 4, 2024, and the partial repayment of outstanding borrowings under the Term Loan Facility on February 6, 2023 and July 5, 2023.\n\n\n(2)\n\nRepresents non-cash stock-based compensation expense related to stock options and restricted stock units granted to certain of our employees and directors.\n\n\n(3)\n\nRepresents the difference between cash and straight-line lease expense.\n\n\n(4)\n\nRepresents lease expense associated with acquired lease intangibles. Prior to the adoption of Topic 842, this expense was included within depreciation and amortization.\n\n\n(5)\n\nPre-opening expenses include expenses incurred in the preparation and opening of new stores and processing locations, such as payroll, training, travel, occupancy and supplies.\n\n\n(6)\n\nCosts associated with the closing of certain retail locations, including lease termination costs, amounts paid to third parties for rent reduction negotiations, and fees paid to landlords for store closings.\n\n\n(7)\n\nRepresents severance costs associated with executive leadership changes and retention costs associated with the 2 Peaches acquisition.\n\n\n(8)\n\nTransaction costs are comprised of non-capitalizable expenses related to offering costs, debt transactions and acquisitions.\n\n\n(9)\n\nRepresents dividend-related bonus and related taxes paid in conjunction with our February 2023 dividend.\n\n\n(10)\n\nThe thirteen and thirty-nine weeks ended September 28, 2024 include a change in the fair value of acquisition-related contingent consideration of $1.5 million and $1.4 million, respectively. The thirty-nine weeks ended September 28, 2024 further includes insurance proceeds of $0.7 million. The thirteen and thirty-nine weeks ended September 30, 2023 include legal and insurance settlement proceeds of $0.4 million and $0.9 million, respectively.\n\n\n\nConstant-currency\nThe Company calculates constant-currency net sales by translating current-period net sales using the average exchange rates from the comparative prior period rather than the actual average exchange rates in effect. The Company’s constant-currency net sales is not a financial measure prepared in accordance with GAAP.\nThe following unaudited table presents a reconciliation of GAAP net sales to constant-currency net sales for the periods presented:\n\n\n\n\nThirteen Weeks Ended\n\n\n\n\n\n\n(dollars in thousands)\nSeptember 28, 2024\n\nSeptember 30, 2023\n\n$ Change\n\n% Change\n\n\nNet sales\n$\n394,797\n\n$\n392,698\n\n$\n2,099\n\n0.5%\n\n\nImpact of foreign currency\n\n2,518\n\n\nn/a\n\n\n2,518\n\nn/m\n\n\nConstant-currency net sales\n$\n397,315\n\n$\n392,698\n\n$\n4,617\n\n1.2%\n\n\n\n\n\n\n\nThirty-Nine Weeks Ended\n\n\n\n\n\n\n(dollars in thousands)\nSeptember 28, 2024\n\nSeptember 30, 2023\n\n$ Change\n\n% Change\n\n\nNet sales\n$\n1,135,632\n\n$\n1,117,484\n\n$\n18,148\n\n1.6%\n\n\nImpact of foreign currency\n\n5,445\n\n\nn/a\n\n\n5,445\n\nn/m\n\n\nConstant-currency net sales\n$\n1,141,077\n\n$\n1,117,484\n\n$\n23,593\n\n2.1%\n\n\n\n\n\n\nn/a - not applicablen/m - not meaningful\n\n\n\nSupplemental Metrics\nWe use the supplemental metrics below to evaluate the performance of our business, identify trends, formulate financial projections and make strategic decisions. The Company believes that these metrics provide useful information to investors and others in understanding and evaluating its results of operations in the same manner as its management team.\nThe following unaudited table summarizes certain supplemental metrics for the periods presented:\n\n\n\n\nThirteen Weeks Ended\n\nThirty-Nine Weeks Ended\n\n\n\nSeptember 28, 2024\n\nSeptember 30, 2023\n\nSeptember 28, 2024\n\nSeptember 30, 2023\n\n\nComparable Store Sales(1)\n\n\n\n\n\n\n\n\n\nUnited States\n\n1.6\n%\n\n\n3.3\n%\n\n\n2.0\n%\n\n\n4.8\n%\n\n\nCanada\n\n(7.5\n)%\n\n\n4.3\n%\n\n\n(4.5\n)%\n\n\n6.1\n%\n\n\nTotal(2)\n\n(2.4\n)%\n\n\n3.7\n%\n\n\n(0.7\n)%\n\n\n5.4\n%\n\n\nNumber of Stores\n\n\n\n\n\n\n\n\n\nUnited States\n\n167\n\n\n\n152\n\n\n\n167\n\n\n\n152\n\n\n\nCanada\n\n164\n\n\n\n157\n\n\n\n164\n\n\n\n157\n\n\n\nTotal(2)\n\n344\n\n\n\n321\n\n\n\n344\n\n\n\n321\n\n\n\nPounds Processed (lbs mm)\n\n261\n\n\n\n249\n\n\n\n753\n\n\n\n734\n\n\n\nSales Yield (3)\n$\n1.45\n\n\n$\n1.50\n\n\n$\n1.44\n\n\n$\n1.46\n\n\n\n\n\n\n\n(1)\n\nComparable store sales is the percentage change in comparable store sales over the comparable period in the prior fiscal year. We define comparable store sales to be sales by stores that have been in operation for all or a portion of two consecutive fiscal years, or, in other words, stores that are starting their third fiscal year of operation. In fiscal year 2024, comparable store sales excludes stores acquired in the 2 Peaches acquisition. In fiscal year 2023, comparable store sales excludes stores acquired in the 2nd Ave. acquisition because those stores were not yet fully integrated during the prior year comparative period. Comparable store sales is measured in local currency for Canada, while total comparable store sales is measured on a constant currency basis.\n\n\n(2)\n\nTotal comparable store sales and total number of stores include our Australia retail locations, in addition to retail stores in the U.S. and Canada.\n\n\n(3)\n\nWe define sales yield as retail sales generated per pound processed on a currency neutral and comparable store basis.\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241107398600/en/\nContacts\nInvestor Contact: Ed Yrumaeyruma@savers.com Media Contact: Edelman Smithfield | 713.299.4115 | Savers@edelman.com Savers | 206.228.2261 | sgaugl@savers.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481918531"}