Savers Value Village, Inc.
For the period ended Jun 28, 2025. Filed Jul 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 28, 2025 · Filed Jul 31, 2025
SVV$9.84+8.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-29; filed 2025-05-02.
0001883313-25-000026
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-28; filed 2025-07-31.
0001883313-25-000066
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 158 previous paragraphs and 203 current paragraphs.
87 unchanged; 54 reworded; 46 added; 14 removed; 3 previous and 16 current paragraphs rearranged.
Tables are not compared: 17 previous and 28 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (46)
Current report
•Opened 4 new stores, ending the second quarter with 354 stores.
Current report
•Net income was $18.9 million, or $0.12 per diluted share, and net income margin was 4.5%.
Current report
•Adjusted net income was $22.8 million, or $0.14 per diluted share.
Current report
Secondary offering
Current report
On May 16, 2025, certain funds, investment vehicles or accounts managed or advised by the Private Equity Group of Ares Management Corporation (“Ares”) and Mark Walsh, the chief executive officer of the Company (collectively, the “Selling Stockholders”), sold 17.3 million shares, including approximately 2.3 million shares pursuant to the exercise of the underwriters’ over-allotment option (the “Offering”). The Company did not receive any proceeds from sales made by the Selling Stockholders but incurred approximately $1.2 million in costs associated with the Offering, which were recorded within selling, general and administrative in the unaudited interim Condensed Consolidated Statement of Operations and Comprehensive Income for the thirteen and twenty-six weeks ended June 28, 2025.
Current report
As part of the Offering, the Company purchased from the underwriters approximately 2.3 million shares of common stock at a price per share of $8.86 and a total cost of approximately $20.0 million, excluding excise tax. The Company funded the share repurchase from its existing cash on hand and it was not part of its existing share repurchase program authorized in November 2023.
Current report
As of June 28, 2025, Ares owned approximately 75.6% of the Company’s outstanding common stock.
Current report
During the twenty-six weeks ended June 28, 2025, our comparable store sales increased 3.7%, primarily reflecting higher average basket and transactions. During the twenty-six weeks ended June 29, 2024, our comparable store sales increased 0.1%, primarily reflecting higher average basket and transactions in our U.S. Retail segment, largely offset by a decrease in transactions and average basket in our Canada Retail segment.
Current report
Our sales yield for the thirteen weeks ended June 28, 2025 was consistent with the thirteen weeks ended June 29, 2024 at $1.46.
Current report
Cost of merchandise sold per pound processed during the twenty-six weeks ended June 28, 2025 and the twenty-six weeks ended June 29, 2024 was $0.66 and $0.65, respectively.
Current report
Corporate SG&A decreased by$0.5 million, or 4.3%, during the thirteen weeks ended June 28, 2025, compared to the thirteen weeks ended June 29, 2024. The decrease primarily reflects a decrease in marketing expenses, partially offset by an increase in professional services which includes costs associated with the Offering.
Current report
Other expense (income), net
Current report
Income tax expense
Current report
For the thirteen weeks ended June 28, 2025, we recorded an income taxexpenseof $7.7 million on income before income taxesof $26.6 million, resulting in an effective tax rateof 28.9%. For the thirteen weeks ended June 29, 2024, we recorded income tax expense of $6.3 million on income before income taxes of $16.0 million, resulting in an effective tax rate of 39.3%. The decrease in our effective tax rate was primarily driven by reduced executive compensation subject to limitation under Internal Revenue Code Section 162(m).
Current report
Canada Retail sales increased by $5.1 million, or 3.4%, during the thirteen weeks ended June 28, 2025, compared to the thirteen weeks ended June 29, 2024. The increase in Canada Retail sales resulted from growth in our store base and a 2.6% increase in comparable store sales, partially offset by the impact of foreign currency exchange rates. The increase in comparable store sales was primarily driven by higher average basket.
Current report
Twenty-Six Weeks Ended June 28, 2025 compared to the Twenty-Six Weeks Ended June 29, 2024
Current report
Net sales
Current report
Retail sales increased by $42.5 million, or 6.0%, during the twenty-six weeks ended June 28, 2025, compared to the twenty-six weeks ended June 29, 2024. The increase in retail sales resulted primarily from growth in our store base and a 3.7% increase in comparable store sales, partially offset by the unfavorable impact of foreign currency exchange rates.
Current report
Cost of merchandise sold increased 180 basis points to 45.1% of net sales during the twenty-six weeks ended June 28, 2025, compared to 43.3% for the twenty-six weeks ended June 29, 2024. The 180 basis point increase primarily reflects deleverage of cost of merchandise sold as a percentage of net sales on comparable store sales in Canada due to higher processing and the impact of new stores, partially offset by the favorable impact of year-over-year growth in OSD’s.
Current report
Personnel costs classified within cost of merchandise sold were $219.0 million during the twenty-six weeks ended June 28, 2025, compared to $192.4 million during the twenty-six weeks ended June 29, 2024. The $26.6 million increase in personnel costs resulted primarily from growth in our store base, increased labor to support higher processing, the opening of new offsite processing facilities and elevated wage rates.
Current report
Salaries, wages and benefits
Current report
Personnel costs for our retail and wholesale operations increased by $9.8 million, or 10.0%, during the twenty-six weeks ended June 28, 2025, compared to the twenty-six weeks ended June 29, 2024. The increase primarily reflects growth in our store base and an increase to annual incentive plan expense.
Current report
Personnel costs for our corporate employees decreased by $12.7 million, or 16.6%, during the twenty-six weeks ended June 28, 2025, compared to the twenty-six weeks ended June 29, 2024, primarily reflecting a $20.0 million decrease in IPO-related stock-based compensation expense, partially offset by an increase in non-IPO-related stock-based compensation expense and annual incentive plan expense.
Current report
Selling, general and administrative
Current report
The following table presents SG&A:
Current report
Depreciation and amortization
Current report
The increasein depreciation and amortization resulted primarily from accelerated amortization and depreciation of $3.3 million due to a reduction of the estimated useful lives for certain acquisition-related intangible assets and store-related property and equipment. In addition, theincrease reflects continued investments in new stores, offsite processing and information technology, as well as capital maintenance expenditures.
Current report
Interest expense, net
Current report
During the twenty-six weeks ended June 29, 2024, the USD strengthened against the CAD relative to December 30, 2023, resulting in remeasurement losses of $10.0 million arising primarily on USD-denominated debt held by one of our Canadian subsidiaries. We also recorded gains of $8.1 million during the twenty-six weeks ended June 29, 2024 on derivative instruments we use to manage foreign currency exchange rate risk.
Current report
Other expense (income), net
Current report
Income tax expense
Current report
Segment results
Current report
U.S. Retail
Current report
U.S. Retail sales increased by $40.0 million, or 10.0%, during the twenty-six weeks ended June 28, 2025, compared to the twenty-six weeks ended June 29, 2024. The increase in U.S. Retail sales resulted from growth in our store base, as well as a 5.2% increase in comparable store sales. The increase in comparable store sales was driven by higher transactions and average basket.
Current report
U.S. Retail segment profit decreased by $1.2 million, or 1.3%, during the twenty-six weeks ended June 28, 2025, compared to the twenty-six weeks ended June 29, 2024. The decrease in U.S. Retail segment profit primarily reflects the impact of new stores, largely offset by an increase in profit from our comparable stores.
Current report
Canada Retail
Current report
Canada Retail segment profit decreased by $14.0 million, or 17.8%, during the twenty-six weeks ended June 28, 2025, compared to twenty-six weeks ended June 29, 2024. The decrease in segment profit primarily reflects deleverage of expenses as a percentage of net sales on comparable store sales.
Current report
*May not foot due to rounding
Current report
(6)Represents severance costs associated with executive leadership changes.
Current report
(4)Represents severance costs associated with executive leadership changes.
Showing the first 40 of 46 passages. Open the source sections for the rest.
Removed paragraphs (14)
Previous report
•Opened 2 new stores as planned, ending the first quarter with 353 stores.
Previous report
•Net loss was $4.7 million, or $0.03 per diluted share, which included a $2.7 million pre-tax loss on extinguishment of debt. Net loss margin was 1.3%.
Previous report
•Adjusted net income was $3.6 million, or $0.02 per diluted share.
Previous report
Partial redemption of Senior Secured Notes
Previous report
On February 6, 2025, the Company redeemed $44.5 million aggregate principal amount of the Senior Secured Notes and paid accrued interest and a premium on the partial redemption.
Previous report
Share repurchases
Previous report
Beginning in the second quarter of fiscal 2024, we have updated the way we define personnel costs classified within cost of merchandise sold and have recast the prior period accordingly. This update had no impact on the total cost of merchandise sold. Specifically, we have updated personnel costs classified within cost of merchandise sold to include offsite processing production labor due to the continued growth of offsite processing. Historically, these costs were included in other costs classified within cost of merchandise sold.
Previous report
Other expense, net
Previous report
Income tax benefit
Previous report
(8)For the thirteen weeks ended March 29, 2025 and March 30, 2024, Adjusted net income per diluted share includes 5.6 million and 6.8 million, respectively, of 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.
Previous report
Share repurchase authorization
Previous report
Net cash provided by (used in) operating activities
Previous report
Net cash used ininvesting activities was $19.4 million for the thirteen weeks ended March 29, 2025 and $22.6 million for the thirteen weeks ended March 30, 2024. Expenditure in both periods consisted primarily of investments in new stores, offsite processing and information technology, as well as capital maintenance expenditures.
Previous report
Net cash used in financing activities was $47.6 million for the thirteen weeks ended March 30, 2024 and consisted primarily of $51.0 million of principal payments on our long-term debt, partially offset by $3.0 million of proceeds from stock option exercises and $2.4 million from the settlement of a derivative instrument.
Reworded paragraphs (54)
Previous wording
We are the largest for-profit thrift operator in the United States (“U.S.”) and Canada based on number of stores and operate a total of 353 stores under the Savers®, Value Village®, Value Village Boutique™, Village des Valeurs™, Unique® and 2nd Ave.® banners. We are committed to redefining secondhand shopping by providing one-of-a-kind, low-priced merchandise ranging from quality clothing to home goods in an exciting treasure-hunt shopping environment. We purchase secondhand textiles (e.g., clothing, bedding and bath items), shoes, accessories, housewares, books and other goods from our non-profit partners (“NPPs”). We then process, select, price, merchandise and sell these items in our stores. Items that are unsuited for or unsold at retail stores are marketed to wholesale customers who reuse or repurpose the items they purchase from us. We believe our hyper-local and socially responsible procurement model, industry-leading and innovative operations, differentiated value proposition and deep relationships with our customers distinguish us from other secondhand and value-based retailers. Our business model is rooted in sustainability and contributing to the communities we serve, with a mission to positively impact our stakeholders: thrifters, NPPs and their donors, our team members and our stockholders. As a leader and pioneer of the for-profit thrift category, we seek to positively impact the environment by reducing waste and extending the life of reusable goods. The vast majority of the clothing and textiles we source is sold to our retail or wholesale customers.
Current wording
We are the largest for-profit thrift operator in the United States (“U.S.”) and Canada based on number of stores and operate a total of 354 stores under the Savers®, Value Village®, Value Village Boutique™, Village des Valeurs MD, Unique® and 2nd Ave.® banners. We are committed to redefining secondhand shopping by providing one-of-a-kind, low-priced merchandise ranging from quality clothing to home goods in an exciting treasure-hunt shopping environment. We purchase secondhand textiles (e.g., clothing, bedding and bath items), shoes, accessories, housewares, books and other goods from our non-profit partners (“NPPs”). We then process, select, price, merchandise and sell these items in our stores. Items that are unsuited for or unsold at retail stores are marketed to wholesale customers who reuse or repurpose the items they purchase from us. We believe our hyper-local and socially responsible procurement model, industry-leading and innovative operations, differentiated value proposition and deep relationships with our customers distinguish us from other secondhand and value-based retailers. Our business model is rooted in sustainability and contributing to the communities we serve, with a mission to positively impact our stakeholders: thrifters, NPPs and their donors, our team members and our stockholders. As a leader and pioneer of the for-profit thrift category, we seek to positively impact the environment by reducing waste and extending the life of reusable goods. The vast majority of the clothing and textiles we source is sold to our retail or wholesale customers.
Previous wording
We offer a dynamic, ever-changing selection of items, with an average unit retail price of approximately $5. Our most engaged customers are members of our Super Savers Club® loyalty program. As of March 29, 2025, we had approximately 6.0 million total active members enrolled in our U.S. and Canadian loyalty programs who have shopped with us within the last twelve months, compared to approximately 5.5 million total active members as of March 30, 2024. Active members drove 72.6% of retail sales during the twelve months ended March 29, 2025, compared to 70.9% during the twelve months ended March 30, 2024.
Current wording
We offer a dynamic, ever-changing selection of items, with an average unit retail price of approximately $5. Our most engaged customers are members of our Super Savers Club® loyalty program. As of June 28, 2025, we had over 6.0 million total active members enrolled in our U.S. and Canadian loyalty programs who have shopped with us within the last twelve months, compared to approximately 5.7 million total active members as of June 29, 2024. Active members drove 72.6% of retail sales during the twelve months ended June 28, 2025, compared to 71.5% during the twelve months ended June 29, 2024.
Previous wording
We source our merchandise primarily through three distinct and strategic procurement models: (i) on-site donations (“OSDs”), (ii) GreenDrop locations and (iii) delivered supply. Increasing the proportion of OSDs and GreenDrop as a percentage of total supply is desirable as donations from these sources are usually of higher quality and collectively have a lower cost than product sourced through other channels. OSDs and GreenDrop are collectively the largest part of our supply mix, accounting for 74.0% of our total pounds processed for the thirteen weeks ended March 29, 2025, compared to 71.9% forthe thirteen weeks ended March 30, 2024.
Current wording
We source our merchandise primarily through three distinct and strategic procurement models: (i) on-site donations (“OSDs”), (ii) GreenDrop locations and (iii) delivered supply. Increasing the proportion of OSDs and GreenDrop as a percentage of total supply is desirable as donations from these sources are usually of higher quality and collectively have a lower cost than product sourced through other channels. OSDs and GreenDrop are collectively the largest part of our supply mix, accounting for 78.5% of our total pounds processed for the thirteen weeks ended June 28, 2025, compared to 78.3% forthe thirteen weeks ended June 29, 2024. OSDs and GreenDrop accounted for 76.3% of our total pounds processed for the twenty-six weeks ended June 28, 2025, compared to 75.2% forthe twenty-six weeks ended June 29, 2024.
Previous wording
The majority of our retail stores have a dedicated space that handles the processing of soft and hard goods that provide the inventory to be sold on our retail sales floors. During the thirteen weeks ended March 29, 2025, we processed 262 million pounds of secondhand goods, compared to 238 million during thethirteen weeks ended March 30, 2024. We are actively implementing our offsite processing strategy which allows us to process goods at larger-scale facilities and distribute goods to multiple stores in a local market. The processing of donations under this strategy can occur at offsite warehouse facilities, stores with surplus processing capacity or at CPCs.
Current wording
The majority of our retail stores have a dedicated space that handles the processing of soft and hard goods that provide the inventory to be sold on our retail sales floors. During the thirteen weeks ended June 28, 2025, we processed 279 million pounds of secondhand goods, compared to 254 million during thethirteen weeks ended June 29, 2024. During the twenty-six weeks ended June 28, 2025, we processed 541 million pounds of secondhand goods, compared to 492 million during thetwenty-six weeks ended June 29, 2024. We are actively implementing our offsite processing strategy which allows us to process goods at larger-scale facilities and distribute goods to multiple stores in a local market. The processing of donations under this strategy can occur at offsite warehouse facilities, stores with surplus processing capacity or at CPCs.
Previous wording
The following highlights our financial results for the thirteen weeks ended March 29, 2025 (the “first quarter”). Comparisons are to the thirteen weeks ended March 30, 2024:
Current wording
The following highlights our financial results for the thirteen weeks ended June 28, 2025 (the “second quarter”). Comparisons are to the thirteen weeks ended June 29, 2024:
Previous wording
•Total Company net sales increased 4.5% to $370.1 million; constant-currency net sales increased 7.1%; and comparable store sales increased 2.8%.
Current wording
•Total Company net sales increased 7.9% to $417.2 million; constant-currency net sales increased 8.5%; and comparable store sales increased 4.6%.
Previous wording
•For the U.S., net sales increased 9.4% and comparable store sales increased 4.2%.
Current wording
•For the U.S., net sales increased 10.5% and comparable store sales increased 6.2%.
Previous wording
•For Canada, net sales decreased 4.1% due to the impact of foreign currency exchange rates; constant-currency net sales increased 2.2%; and comparable store sales increased 0.6%.
Current wording
•For Canada, net sales increased 3.4%; constant-currency net sales increased 4.7%; and comparable store sales increased 2.6%.
Previous wording
•Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) was $42.8 million and Adjusted EBITDA margin was 11.6%. Changes in foreign currency exchange rates negatively impacted Adjusted EBITDA by $1.5 million during the first quarter.
Current wording
•Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) was $68.8 million and Adjusted EBITDA margin was 16.5%. Changes in foreign currency exchange rates negatively impacted Adjusted EBITDA by $0.4 million during the second quarter.
Previous wording
There remains significant uncertainty in the current macroeconomic environment, driven by several factors, including global trade policies and tariffs. While we are not directly impacted by tariffs due to our hyper-local procurement model, in periods of perceived or actual unfavorable economic conditions, consumers may reallocate their discretionary spending, which may adversely impact demand for the Company’ products and our profitability.
Current wording
There remains significant uncertainty in the current macroeconomic environment, driven by several factors, including global trade policies and tariffs. While the Company is not directly impacted by tariffs due to its hyper-local procurement model, in periods of perceived or actual unfavorable economic conditions, consumers may reallocate their discretionary spending, which may adversely impact demand for the Company’ products and its profitability.
Previous wording
During the thirteen weeks ended March 29, 2025, under our $50.0 million share repurchase program announced in November 2023, we repurchased 1.4 million shares at a weighted average price of $8.43 per share at a cost of $11.8 million, excluding the impact of commissions and excise tax on share repurchases. As of March 29, 2025, we had $6.4 million remaining under the share repurchase program.
Current wording
During the thirteen and twenty-six weeks ended June 28, 2025 under its $50 million share repurchase program announced in November 2023, the Company repurchased 0.4 million and 1.8 million shares, respectively, at a weighted average price of $8.17 and $8.37, respectively, and a total cost of $3.6 million and $15.3 million, respectively, excluding commissions and excise tax. As of June 28, 2025, the Company had $2.8 million remaining under the share repurchase program.
Previous wording
During the thirteen weeks ended March 29, 2025, our comparable store sales increased 2.8%, primarily reflecting higher average basket. During the thirteen weeks ended March 30, 2024, our comparable store sales increased 0.3%, primarily reflecting an increase in average basket size and transactions in our U.S. Retail segment, partially offset by a decline in transactions in our Canada Retail segment.
Current wording
During the thirteen weeks ended June 28, 2025, our comparable store sales increased 4.6%, primarily reflecting higher average basket and transactions. During the thirteen weeks ended June 29, 2024, our comparable store sales decreased 0.1%, primarily reflecting a decrease in transactions and average basket in our Canada Retail segment, largely offset by higher transactions and average basket in our U.S. Retail segment.
Previous wording
Our number of stores increased to 353 stores as of March 29, 2025, from 326 stores as of March 30, 2024. The increase in stores resulted from the opening of 10 net new stores in the U.S., seven net new stores in Canada and three new stores in Australia, as well as the addition of seven stores through the 2 Peaches Acquisition.
Current wording
Our number of stores increased to 354 stores as of June 28, 2025, from 337 stores as of June 29, 2024. The increase in stores resulted from the opening of six net new stores in the U.S., eight net new stores in Canada and three new stores in Australia.
Previous wording
During the thirteen weeks ended March 29, 2025 and March 30, 2024, we processed 262 million and 238 million pounds of supply, respectively, of which 74.0% and 71.9% was comprised of supply from OSDs and GreenDrop, respectively.
Current wording
During the thirteen weeks ended June 28, 2025 and June 29, 2024, we processed 279 million and 254 million pounds of supply, respectively, of which 78.5% and 78.3% was comprised of supply from OSDs and GreenDrop, respectively.
Previous wording
Our sales yield for the thirteen weeks ended March 29, 2025 was $1.38, compared to $1.41 for the thirteen weeks ended March 30, 2024. The 2.1% decline in sales yield primarily reflects a decrease in items sold per pound processed, partially offset by items sold at higher price points.
Current wording
Our sales yield for the twenty-six weeks ended June 28, 2025 was $1.42, compared to $1.44 for the twenty-six weeks ended June 29, 2024. The 1.4% decline in sales yield primarily reflects a decrease in items sold per pound processed, partially offset by items sold at higher price points.
Previous wording
Cost of merchandise sold per pound processed during the thirteen weeks ended March 29, 2025 and the thirteen weeks ended March 30, 2024 was $0.64 and $0.66, respectively.
Current wording
Cost of merchandise sold per pound processed during the thirteen weeks ended June 28, 2025 and the thirteen weeks ended June 29, 2024 was $0.67 and $0.64, respectively.
Previous wording
Retail sales increased by $14.0 million, or 4.1%, during the thirteen weeks ended March 29, 2025, compared to the thirteen weeks ended March 30, 2024. The increase in retail sales resulted primarily from growth in our store base and a 2.8% increase in comparable store sales, partially offset by the unfavorable impact of foreign currency exchange rates.
Current wording
Retail sales increased by $28.5 million, or 7.7%, during the thirteen weeks ended June 28, 2025, compared to the thirteen weeks ended June 29, 2024. The increase in retail sales resulted primarily from growth in our store base and a 4.6% increase in comparable store sales, partially offset by the unfavorable impact of foreign currency exchange rates.
Previous wording
Cost of merchandise sold increased 80 basis pointsto 45.5% of net sales during the thirteen weeks ended March 29, 2025, compared to 44.7% for the thirteen weeks ended March 30, 2024. The 80 basis point increase primarily reflects the impact of new stores, partially offset by the favorable impact of year-over-year growth in OSD’s.
Current wording
Cost of merchandise sold increased 270 basis pointsto 44.8% of net sales during the thirteen weeks ended June 28, 2025, compared to 42.1% for the thirteen weeks ended June 29, 2024. The 270 basis point increase primarily reflects deleverage of cost of merchandise sold as a percentage of net sales on comparable store sales in Canada due to higher processing and the impact of new stores, partially offset by the favorable impact of year-over-year growth in OSD’s.
Previous wording
Personnel costs classified within cost of merchandise sold were $105.5 million during the thirteen weeks ended March 29, 2025, compared to $95.7 million during the thirteen weeks ended March 30, 2024. The $9.8 million increase in personnel costs resulted primarily from growth in our store base and the opening of new offsite processing facilities.
Current wording
Personnel costs classified within cost of merchandise sold were $113.5 million during the thirteen weeks ended June 28, 2025, compared to $96.7 million during the thirteen weeks ended June 29, 2024. The $16.8 million increase in personnel costs resulted primarily from growth in our store base, increased labor to support higher processing, the opening of new offsite processing facilities and elevated wage rates.
Previous wording
Personnel costs for our retail and wholesale operations increased by$5.0 million, or 10.6%, during the thirteen weeks ended March 29, 2025, compared to the thirteen weeks ended March 30, 2024. The increase primarily reflects growth in our store base and an increase to annual incentive plan expense.
Current wording
Personnel costs for our retail and wholesale operations increased by$4.8 million, or 9.4%, during the thirteen weeks ended June 28, 2025, compared to the thirteen weeks ended June 29, 2024. The increase primarily reflects growth in our store base, higher wages and an increase to annual incentive plan expense.
Previous wording
Personnel costs for our corporate employees decreased by $3.9 million, or 10.9%, during the thirteen weeks ended March 29, 2025, compared to the thirteen weeks ended March 30, 2024, primarily reflecting a $9.1 million decrease in IPO-related stock-based compensation expense, partially offset by an increase to annual incentive plan expense and non-IPO-related stock-based compensation expense.
Current wording
Personnel costs for our corporate employees decreased by $8.7 million, or 21.7%, during the thirteen weeks ended June 28, 2025, compared to the thirteen weeks ended June 29, 2024, primarily reflecting a $10.9 million decrease in IPO-related stock-based compensation expense, partially offset by an increase in non-IPO-related stock-based compensation expense and annual incentive plan expense.
Previous wording
The increase in depreciation and amortization resulted primarily from investments in new stores, offsite processing and information technology, as well as capital maintenance expenditures.
Current wording
The increase in depreciation and amortization resulted primarily from accelerated amortization and depreciation of $3.3 million due to a reduction of the estimated useful lives for certain acquisition-related intangible assets and store-related property and equipment. In addition, the increase reflects continued investments in new stores, offsite processing and information technology, as well as capital maintenance expenditures.
Previous wording
Gains and losses on foreign currency relate primarily to movementsin the Canadian dollar (“CAD”) relative to the U.S. dollar (“USD”). During the thirteen weeks ended March 29, 2025, the USD weakened against the CAD relative to December 28, 2024, resulting in remeasurement gains of $2.0 million arising primarily on USD-denominated debt held by one of our Canadian subsidiaries. We also recorded losses of $0.3 million during the thirteen weeks ended March 29, 2025 on derivative instruments we use to manage foreign currency exchange rate risk.
Current wording
Gains and losses on foreign currency relate primarily to movementsin the Canadian dollar (“CAD”) relative to the U.S. dollar (“USD”). During the thirteen weeks ended June 28, 2025, the USD weakened against the CAD relative to March 29, 2025, resulting in remeasurement gains of $12.9 million arising primarily on USD-denominated debt held by one of our Canadian subsidiaries. We also recorded losses of $4.2 million during the thirteen weeks ended June 28, 2025 on derivative instruments we use to manage foreign currency exchange rate risk.
Previous wording
During the thirteen weeks ended March 30, 2024, the USD strengthened against the CAD relative to December 30, 2023, resulting in remeasurement losses of $6.8 million arising primarily on USD-denominated debt held by one of our Canadian subsidiaries. We also recorded gains of $5.9 million during the thirteen weeks ended March 30, 2024 on derivative instruments we use to manage foreign currency exchange rate risk.
Current wording
During the thirteen weeks ended June 29, 2024, the USD strengthened against the CAD relative to March 30, 2024, resulting in remeasurement losses of $3.2 million arising primarily on USD-denominated debt held by one of our Canadian subsidiaries. We also recorded gains of $2.2 million during the thirteen weeks ended June 29, 2024 on derivative instruments we use to manage foreign currency exchange rate risk.
Previous wording
The following table presents other expense, net:
Current wording
The following table presents other expense (income), net:
Previous wording
Other expense, net is comprised primarily of miscellaneous income and expenses not directly related to our core operating activities.
Current wording
Other expense (income), net is comprised primarily of miscellaneous income and expenses not directly related to our core operating activities.
Previous wording
The following table presents income tax benefit:
Current wording
The following table presents income tax expense:
Previous wording
U.S. Retail sales increased by $18.2 million, or 9.4%, during the thirteen weeks ended March 29, 2025, compared to the thirteen weeks ended March 30, 2024. The increase in U.S. Retail sales resulted from growth in our store base, as well as a 4.2% increase in comparable store sales. The increase in comparable store sales was driven by higher average basket and transactions.
Current wording
U.S. Retail sales increased by $21.8 million, or 10.5%, during the thirteen weeks ended June 28, 2025, compared to the thirteen weeks ended June 29, 2024. The increase in U.S. Retail sales resulted from a 6.2% increase in comparable store sales, as well as growth in our store base. The increase in comparable store sales was driven by higher transactions and average basket.
Previous wording
U.S. Retail segment profit decreased by $1.6 million, or 4.0%, during the thirteen weeks ended March 29, 2025, compared to the thirteen weeks ended March 30, 2024. The decrease in U.S. Retail segment profit primarily reflects growth in our store base, including pre-opening expenses of $0.4 million, partially offset by an increase in profit from our comparable stores.
Current wording
U.S. Retail segment profit increased by $0.5 million, or 0.9%, during the thirteen weeks ended June 28, 2025, compared to the thirteen weeks ended June 29, 2024. The increase in U.S. Retail segment profit primarily reflects an increase in profit from our comparable stores, largely offset by the impact of new stores.
Previous wording
Canada Retail segment profit decreased by $9.4 million, or 27.1%, during the thirteen weeks ended March 29, 2025, compared to the thirteen weeks ended March 30, 2024. The decrease in Canada Retail segment profit primarily reflects deleverage of expenses as a percentage of net sales on comparable store sales.
Current wording
Canada Retail segment profit decreased by $4.6 million, or 10.4%, during the thirteen weeks ended June 28, 2025, compared to the thirteen weeks ended June 29, 2024. The decrease in Canada Retail segment profit primarily reflects deleverage of cost of merchandise sold as a percentage of net sales on comparable store sales.
Previous wording
SG&A for our retail and wholesale operations increased by$11.6 million, or 18.0%, during the thirteen weeks ended March 29, 2025, compared to the thirteen weeks ended March 30, 2024. The increase resulted primarily from growth in our store base, rent and utilities, routine maintenance costs and pre-opening expenses.
Current wording
SG&A for our retail and wholesale operations increased by$17.0 million, or 12.4%, during the twenty-six weeks ended June 28, 2025, compared to the twenty-six weeks ended June 29, 2024. The increase resulted primarily from growth in our store base, rent and utilities and routine maintenance costs.
Previous wording
Corporate SG&A decreased by$2.3 million, or 16.8%, during the thirteen weeks ended March 29, 2025, compared to the thirteen weeks ended March 30, 2024. The decrease primarily reflects a decrease in professional services and marketing expenses.
Current wording
Corporate SG&A decreased by$2.7 million, or 11.3%, during the twenty-six weeks ended June 28, 2025, compared to the twenty-six weeks ended June 29, 2024. The decrease primarily reflects a decrease in marketing, professional services, and repairs and maintenance expenses.
Previous wording
The decrease in interest expense, net was primarily due to a lower weighted average face value of debt and a decrease in the weighted average interest rate. The weighted average face value of debt decreased 8.3% from $802.6 million during the thirteen weeks ended March 30, 2024 to $736.3 million during the thirteen weeks ended March 29, 2025 due to debt repayments. Over the same period, the weighted average interest rate decreased 70 basis points from 9.73% to 9.03%. This decrease was due to a decrease in interest rates affecting amounts borrowed under our Term Loan Facility.
Current wording
Thedecreasein interest expense, netwas primarily due to a lower weighted average face value of debt and a decrease in the weighted average interest rate. The weighted average face value of debt decreased 7.4% from $784.2 million during the twenty-six weeks ended June 29, 2024 to $726.5 million during the twenty-six weeks ended June 28, 2025 due to debt repayments. Over the same period, the weighted average interest rate decreased 54 basis points from 9.56% to 9.02%. This decrease was due to a decrease in interest rates affecting amounts borrowed under our Term Loan Facility.
Previous wording
During the thirteen weeks ended March 29, 2025, weredeemed $44.5 million aggregate principal amount of the Senior Secured Notes, resulting in a loss on debt extinguishment of $2.7 million.
Current wording
During the twenty-six weeks ended June 28, 2025, weredeemed $44.5 million aggregate principal amount of the Senior Secured Notes, resulting in a loss on debt extinguishment of $2.7 million.
Previous wording
During the thirteen weeks ended March 30, 2024, loss on debt extinguishment of$4.1 million comprised $0.7 million associated with the repricing of outstanding borrowings under our Term Loan Facility on January 30, 2024 and $3.4 million associated with the redemption of $49.5 million aggregate principal amount of the Senior Secured Notes on March 4, 2024.
Current wording
During thetwenty-six weeks ended June 29, 2024, loss on extinguishment of debt of $4.1 million comprised $0.7 million associated with the repricing of outstanding borrowings under our Term Loan Facility on January 30, 2024 and $3.4 million associated with the redemption of $49.5 million aggregate principal amount of the Senior Secured Notes on March 4, 2024.
Previous wording
For the thirteen weeks ended March 29, 2025, we recorded an income taxbenefitof $0.9 million on loss before income taxesof $5.7 million, resulting in an effective tax rateof 16.6%. For the thirteen weeks ended March 30, 2024, we recorded $4.5 million of income tax benefit on loss before income taxes of $5.0 million, resulting in an effectivetax rate of 90.6%. The decrease in our income tax benefit resulted primarily from a tax shortfall in stock-based compensation recognized during thethirteen weeks ended March 29, 2025, compared to a windfall tax benefit recorded during the thirteen weeks ended March 30, 2024.
Current wording
During the twenty-six weeks ended June 28, 2025, we recorded income tax expense of $6.8 million on income before income taxesof$20.9 million, resulting in an effective tax rateof 32.2%. During the twenty-six weeks ended June 29, 2024, we recorded income tax expense of $1.8 million on income before income taxes of$11.0 million, resulting in an effective income tax rate of 16.3%. The increase in our effective tax rate resulted primarily from a tax shortfall in stock-based compensation recognized during thetwenty-six weeks ended June 28, 2025, compared to a windfall tax benefit recorded during thetwenty-six weeks ended June 29, 2024.
Previous wording
Canada Retail sales decreased by $5.5 million, or 4.1%, during the thirteen weeks ended March 29, 2025, compared to the thirteen weeks ended March 30, 2024, due to the impact of foreign currency exchange rates, partially offset by growth in our store base and a 0.6% increase in comparable store sales. The increase in comparable store sales was driven by higher average basket, partially offset by a decline in transactions.
Current wording
Canada Retail sales decreased by $0.4 million, or 0.1%, during the twenty-six weeks ended June 28, 2025, compared to the twenty-six weeks ended June 29, 2024, due to the impact of foreign currency exchange rates, largely offset by growth in our store base and a 1.7% increase in comparable store sales. The increase in comparable store sales was primarily driven by higher average basket.
Previous wording
Adjusted net income is defined asnet loss excluding the impact of loss on extinguishment of debt, IPO-related stock-based compensation expense, transaction costs, foreign currency exchange rate impacts, certain other adjustments, the tax effect on the above adjustments andthe excess tax shortfall (benefit) from stock-based compensation. We define Adjusted net income per diluted share as Adjusted net income divided by adjusted diluted weighted average common shares outstanding.
Current wording
Adjusted net income is defined asnet income excluding the impact of loss on extinguishment of debt, IPO-related stock-based compensation expense, transaction costs, foreign currency exchange rate impacts, executive transition costs, certain other adjustments, the tax effect on the above adjustments andthe excess tax shortfall (benefit) from stock-based compensation. We define Adjusted net income per diluted share as Adjusted net income divided by diluted weighted average common shares outstanding.
Previous wording
Adjusted EBITDA is defined as net loss excluding the impact of interest expense, net, income tax benefit, depreciation and amortization, loss on extinguishment of debt, stock-based compensation expense, lease intangible asset expense, transaction costs, foreign currency exchange rate impacts and certain other adjustments. We define Adjusted EBITDA margin as Adjusted EBITDA divided by net sales, expressed as a percentage.
Current wording
Adjusted EBITDA is defined as net income excluding the impact of interest expense, net, income tax expense, depreciation and amortization, loss on extinguishment of debt, stock-based compensation expense, lease intangible asset expense, executive transition costs, transaction costs, foreign currency exchange rate impacts and certain other adjustments. We define Adjusted EBITDA margin as Adjusted EBITDA divided by net sales, expressed as a percentage.
Previous wording
A reconciliation of GAAP net loss and GAAP net loss per diluted share to Adjusted net income and Adjusted net income per diluted share is presented in the table below:
Current wording
A reconciliation of GAAP net income and GAAP net income per diluted share to Adjusted net income and Adjusted net income per diluted share is presented in the table below:
Showing the first 40 of 54 pairs. Open the source sections for the rest.
Rearranged current paragraphs (16)
Current report — wording carried from elsewhere
During thetwenty-six weeks ended June 28, 2025 and June 29, 2024, we processed 541 million and 492 million pounds of supply, respectively, of which 76.3% and 75.2% was comprised of supply from OSDs and GreenDrop, respectively.
Current report — wording carried from elsewhere
SG&A for our retail and wholesale operations increased by$5.4 million, or 7.4%, during the thirteen weeks ended June 28, 2025, compared to the thirteen weeks ended June 29, 2024. The increase resulted primarily from growth in our store base.
Current report — wording carried from elsewhere
The increase in interest expense, net was primarily due to a decrease in the gain on interest rate swaps of $0.9 million as the remaining deferred gain recognized within accumulated other comprehensive income from the interest rate swap was reclassified as of May 2025. This was offset by a decrease in interest expense, net primarily due to a lower weighted average face value of debt and a decrease in the weighted average interest rate. The weighted average face value of debt decreased 6.4% from $765.7 million during the thirteen weeks ended June 29, 2024 to $716.8 million during the thirteen weeks ended June 28, 2025 due to debt repayments. Over the same period, the weighted average interest rate decreased 46 basis points from 9.46% to 9.00%. This decrease was due to a decrease in interest rates affecting amounts borrowed under our Term Loan Facility.
Current report — wording carried from elsewhere
The following table presents net sales:
Current report — wording carried from elsewhere
Cost of merchandise sold, exclusive of depreciation and amortization
Current report — wording carried from elsewhere
The following table presents cost of merchandise sold, exclusive of depreciation and amortization:
Current report — wording carried from elsewhere
The following table presents salaries, wages and benefits:
Current report — wording carried from elsewhere
The following table presents depreciation and amortization:
Current report — wording carried from elsewhere
The following table presents interest expense, net:
Current report — wording carried from elsewhere
(Gain) loss on foreign currency, net
Current report — wording carried from elsewhere
The following table presents(gain) loss on foreign currency, net:
Current report — wording carried from elsewhere
Gains and losses on foreign currency relate primarily to movements in the CAD relative to the USD. During the twenty-six weeks ended June 28, 2025, the USD weakened against the CAD relative to December 28, 2024, resulting in remeasurement gains of $14.8 million arising primarily on USD-denominated debt held by one of our Canadian subsidiaries. We also recorded losses of $4.6 million during thetwenty-six weeks ended June 28, 2025 on derivative instruments we use to manage foreign currency exchange rate risk.
Current report — wording carried from elsewhere
The following table presents other expense (income), net:
Current report — wording carried from elsewhere
Other expense (income), net is comprised primarily of miscellaneous income and expenses not directly related to our core operating activities.
Current report — wording carried from elsewhere
The following table presents income tax expense:
Current report — wording carried from elsewhere
The following table presents net sales and profit by segment:
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
•Total active members enrolled in our U.S. and Canadian loyalty programs increased high-single digits to nearly 6.0 million.
Previous report — wording carried elsewhere
(6)Other adjustments for the thirteen weeks ended March 29, 2025 includes a change in the fair value of acquisition-related contingent consideration.
Previous report — wording carried elsewhere
Thirteen Weeks Ended March 29, 2025 compared to the Thirteen Weeks Ended March 30, 2024