Savers Value Village, Inc.
For the period ended Sep 27, 2025. Filed Oct 30, 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.
Sep 27, 2025 · Filed Oct 30, 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 2025-06-28; filed 2025-07-31.
0001883313-25-000066
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-27; filed 2025-10-30.
0001883313-25-000101
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 203 previous paragraphs and 214 current paragraphs.
112 unchanged; 65 reworded; 32 added; 23 removed; 3 previous and 5 current paragraphs rearranged.
Tables are not compared: 28 previous and 30 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 (32)
Current report
•Net loss was $14.0 million, or $0.09 per diluted share, which included a $32.6 million pre-tax loss on extinguishment of debt. Net loss margin was 3.3%.
Current report
Debt Refinance and Derivatives
Current report
On September 18, 2025, the Company entered into new Senior Secured Credit Facilities (the “2025 Senior Secured Credit Facilities”), consisting of a $750 million term loan facility (the “2025 Term Loan Facility”) and a $180 million revolving credit facility (the “2025 Revolving Credit Facility”). The proceeds of the 2025 Term Loan Facility were used, in part, to redeem the remaining aggregate principal amount of the Senior Secured Notes (the “Notes) and repay all outstanding amounts under the term loan facility, dated as of April 26, 2021 (the “2021 Term Loan Facility”), including accrued interest and a premium of 4.875%, or $19.5 million, on the redemption of the Notes. As a result of this transaction, the Company recorded a $32.6 million loss on extinguishment of debt which included the $19.5 million prepayment premium, as well as the write-off of unamortized debt issuance costs and debt discounts under the Notes and 2021 Term Loan Facility.
Current report
Concurrent with the debt refinancing, the Company entered into interest rate swaps with USD notional amounts of $600 million and cross currency swaps with USD notional amounts of $200 million.
Current report
In November 2023, the Company authorized a share repurchase program of up to $50 million of the Company’s common stock (the “2023 Share Repurchase Program”). The 2023 Share Repurchase Program expires on November 8, 2025. Under the 2023 Share Repurchase Program, the Company repurchased 1.8 million shares at a weighted average price of $8.37 and a total cost of $15.3 million, excluding commissions and excise tax, during the thirty-nine weeks ended September 27, 2025. The Company did not repurchase any shares during the thirteen weeks ended September 27, 2025. As of September 27, 2025, the Company had $2.8 million remaining under the 2023 Share Repurchase Program. Under the 2023 Share Repurchase Program, the Company may purchase shares from time to time in compliance with applicable securities laws, that may include Securities Act Rule 10b-18.
Current report
The Company announced on October 30, 2025 the authorization of a new share repurchase program of up to $50 million of the Company’s common stock (the “2025 Share Repurchase Program”). The 2025 Share Repurchase Program becomes effective on November 9, 2025 and expires on November 8, 2027. Under the 2025 Share Repurchase Program, the Company may purchase shares from time to time in compliance with applicable securities laws, that may include Securities Act Rule 10b-18 and Securities Act Rule 10b5-1.
Current report
2025 Impact & Sustainability Report
Current report
The Company published its 2025 Impact & Sustainability Report covering its 2024 fiscal year. The report highlights continued progress in advancing its environmental, social and governance (ESG) initiatives, including expanding its greenhouse gas emissions assessment, continued prioritization of team member development, advancements made toward reducing its operational footprint, and the ongoing evolution of its data privacy and cybersecurity programs. Together, these efforts further the Company’s mission of making secondhand second nature. The report can be found at https://ir.savers.com/esg.
Current report
The following table summarizes the Company’s store count activity for thetwelve months ended September 27, 2025:
Current report
Personnel costs for our retail and wholesale operations increased by$4.5 million, or 9.0%, during the thirteen weeks ended September 27, 2025, compared to the thirteen weeks ended September 28, 2024. The increase primarily reflects growth in our store base, higher annual incentive plan expense, as well as increased labor and wage rates.
Current report
Corporate SG&A increased by$8.4 million, or 89.0%, during the thirteen weeks ended September 27, 2025, compared to the thirteen weeks ended September 28, 2024. The increase primarily reflects impairment charges, debt transaction costs and the year-over-year change in the fair value of acquisition-related contingent consideration.
Current report
Loss (gain) on foreign currency, net
Current report
The following table presents loss (gain) on foreign currency, net:
Current report
n/m - not meaningful
Current report
During thethirteen weeks ended September 27, 2025, weredeemed the remaining aggregate principal amount of the Notes and repaid all outstanding amounts under the 2021 Term Loan Facility using the proceeds, in part, from the 2025 Term Loan Facility. As a result of this transaction, the Company recorded a $32.6 million loss on extinguishment of debt, which included a $19.5 million prepayment premium, as well as the write-off of unamortized debt issuance costs and debt discounts under the Notes and 2021 Term Loan Facility.
Current report
Other (income) expense, net
Current report
The following table presents other (income) expense, net:
Current report
Income tax (benefit) expense
Current report
We estimate an annual projected effective tax rate for the fiscal year to determine income tax expense or benefit in the interim periods. As such, income tax (benefit) expense includes the impact of changes to the estimate of forecasted annual pre-tax book income, together with actual results from the current quarter, relative to the prior quarter in each respective year, adjusted for discrete quarterly events, as applicable. Forthe thirteen weeks ended September 27, 2025 and September 28, 2024, the effective tax rates of 19.2% and 38.8%, respectively, reflects the impact of changes to the estimate of forecasted annual pre-tax book income relative to the prior quarter and tax shortfalls related to stock-based compensation.
Current report
Canada Retail segment profit increased by $0.4 million, or 0.8%, during the thirteen weeks ended September 27, 2025, compared to the thirteen weeks ended September 28, 2024. The increase in Canada Retail segment profit primarily reflects improved comparable store performance, partially offset by deleverage of cost of merchandise sold as a percentage of net sales on comparable store sales due to higher processing and the unfavorable impact of foreign currency exchange rates.
Current report
Thirty-Nine Weeks Ended September 27, 2025 compared to the Thirty-Nine Weeks Ended September 28, 2024
Current report
Personnel costs for our retail and wholesale operations increased by $14.4 million, or 9.6%, during the thirty-nine weeks ended September 27, 2025, compared to the thirty-nine weeks ended September 28, 2024. The increase primarily reflects growth in our store base, higher annual incentive plan expense, as well as increased wages rates and labor.
Current report
Corporate SG&A increased by$5.7 million, or 16.9%, during the thirty-nine weeks ended September 27, 2025, compared to the thirty-nine weeks ended September 28, 2024. The increase primarily reflects impairment charges, debt transaction costs and Offering costs, partially offset by a decrease in other professional services and marketing expenses.
Current report
Gain on foreign currency, net
Current report
The following table presents gain on foreign currency, net:
Current report
Loss on extinguishment of debt
Current report
During the thirty-nine weeks ended September 27, 2025, loss on extinguishment of debt of$35.3 million comprised $2.7 million associated with the redemption of $44.5 million aggregate principal amount of the Notes on February 6, 2025, as well as$32.6 million associated with the redemption ofthe remaining aggregate principal amount of the Notes and repayment of all outstanding amounts under the 2021 Term Loan Facility on September 18, 2025 using the proceeds, in part, from the 2025 Term Loan Facility. The $32.6 million loss on extinguishment of debt included a $19.5 million prepayment premium, in addition to the write-off of unamortized debt issuance costs and debt discounts under the Notes and 2021 Term Loan Facility.
Current report
We estimate an annual projected effective tax rate for the fiscal year to determine income tax expense or benefit in the interim periods. The increase in our effective tax rate during the thirty-nine weeks ended September 27, 2025, compared to the thirty-nine weeks ended September 28, 2024, is primarily due to a decrease in income before income taxes. This reduction amplifies the relative impact of permanent tax differences - such as Section 162(m) excess compensation, tax shortfall in stock-based compensation and change in valuation allowance - which do not vary directly with income and therefore have a disproportionate effect on the effective tax rate in periods of lower profitability.
Current report
U.S. Retail sales increased by $62.2 million, or 10.2%, during the thirty-nine weeks ended September 27, 2025, compared to the thirty-nine weeks ended September 28, 2024. The increase in U.S. Retail sales resulted from a 5.8% 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.
Current report
(9)For the thirteen weeks ended September 27, 2025, Adjusted net income per diluted share includes 7.3 million 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.
Current report
Thirty-Nine Weeks Ended September 27, 2025 compared to the Thirty-Nine Weeks Ended September 28, 2024
Current report
Net cash used in financing activities was $83.2 million for the thirty-nine weeks ended September 27, 2025, which primarily reflected debt transactions effected during the fiscal year and $35.6 million of share repurchases. In September 2025, the Company received $746.3 million of proceeds from the 2025 Term Loan Facility to repay $716.8 million of existing long-term debt, in addition to paying a $19.6 million prepayment premium and $8.8 million of debt issuance costs. Further, in February 2025, the Company redeemed $44.5 million of the Notes and paid a $1.3 million prepayment premium.
Removed paragraphs (23)
Previous report
•Net income was $18.9 million, or $0.12 per diluted share, and net income margin was 4.5%.
Previous report
As of June 28, 2025, Ares owned approximately 75.6% of the Company’s outstanding common stock.
Previous report
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 report
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 report
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 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.
Previous report
(Gain) loss on foreign currency, net
Previous report
The following table presents(gain) loss on foreign currency, net:
Previous 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).
Previous report
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 report
Twenty-Six Weeks Ended June 28, 2025 compared to the Twenty-Six Weeks Ended June 29, 2024
Previous 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.
Previous report
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 report
(Gain) loss on foreign currency, net
Previous report
The following table presents(gain) loss on foreign currency, net:
Previous 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.
Previous report
Other expense (income), net
Previous report
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 report
Income tax expense
Previous report
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 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.
Previous report
Twenty-Six Weeks Ended June 28, 2025 compared to the Twenty-Six Weeks Ended June 29, 2024
Previous report
Net cash used in financing activities was $82.9 million for the twenty-six weeks ended June 28, 2025 which consisted primarily of a $44.5 million principal payment on the Senior Secured Notes and $35.6 million of repurchases of common stock.
Reworded paragraphs (65)
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 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.
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 364 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 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.
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 September 27, 2025, we had approximately 6.1 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 5.8 million total active members as of September 28, 2024. Active members drove 72.5% of retail sales during the twelve months ended September 27, 2025, compared to 71.9% during the twelve months ended September 28, 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 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.
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 80.7% of our total pounds processed for the thirteen weeks ended September 27, 2025, compared to 79.8% forthe thirteen weeks ended September 28, 2024. OSDs and GreenDrop accounted for 77.9% of our total pounds processed for the thirty-nine weeks ended September 27, 2025, compared to 76.8% forthe thirty-nine weeks ended September 28, 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 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.
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 September 27, 2025, we processed 282 million pounds of secondhand goods, compared to 261 million during thethirteen weeks ended September 28, 2024. During the thirty-nine weeks ended September 27, 2025, we processed 823 million pounds of secondhand goods, compared to 753 million during thethirty-nine weeks ended September 28, 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 June 28, 2025 (the “second quarter”). Comparisons are to the thirteen weeks ended June 29, 2024:
Current wording
The following highlights our financial results for the thirteen weeks ended September 27, 2025 (the “third quarter”). Comparisons are to the thirteen weeks ended September 28, 2024:
Previous 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%.
Current wording
•Total Company net sales increased 8.1% to $426.9 million; constant-currency net sales increased 8.6%; and comparable store sales increased 5.8%.
Previous wording
•For the U.S., net sales increased 10.5% and comparable store sales increased 6.2%.
Current wording
•For the U.S., net sales increased 10.5% and comparable store sales increased 7.1%.
Previous wording
•For Canada, net sales increased 3.4%; constant-currency net sales increased 4.7%; and comparable store sales increased 2.6%.
Current wording
•For Canada, net sales increased 5.1%; constant-currency net sales increased 6.1%; and comparable store sales increased 3.9%.
Previous wording
•Opened 4 new stores, ending the second quarter with 354 stores.
Current wording
•The Company opened 10 new stores, ending the third quarter with 364 stores.
Previous wording
•Adjusted net income was $22.8 million, or $0.14 per diluted share.
Current wording
•Adjusted net income was $22.5 million, or $0.14 per diluted share.
Previous 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.
Current wording
•Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) was $70.0 million and Adjusted EBITDA margin was 16.4%. Changes in foreign currency exchange rates negatively impacted Adjusted EBITDA by $0.6 million during the third quarter.
Previous wording
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 wording
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 (Loss) Income for the thirty-nine weeks ended September 27, 2025.
Previous wording
The following table summarizes our key performance indicators for the periods indicated:
Current wording
The following table summarizes certain key performance indicators for the periods indicated:
Previous wording
(2)Total comparable store sales and the total number of stores include our Australia retail locations, in addition to retail stores in the U.S. and Canada.
Current wording
(2)Total comparable store sales include our Australia retail locations, in addition to retail stores in the U.S. and Canada.
Previous 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.
Current wording
During the thirteen weeks ended September 27, 2025, our comparable store sales increased 5.8%, primarily reflecting higher transactions and average basket. During the thirteen weeks ended September 28, 2024, our comparable store sales decreased 2.4%, primarily reflecting a decrease in transactions in our Canada Retail segment, partially offset by higher transactions and average basket in our U.S. Retail segment.
Previous wording
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 wording
During the thirty-nine weeks ended September 27, 2025, our comparable store sales increased 4.4%, primarily reflecting higher average basket and transactions. During the thirty-nine weeks ended September 28, 2024, our comparable store sales decreased 0.7%, primarily reflecting a decrease in transactions in our Canada Retail segment, partially offset by higher transactions and average basket in our U.S. Retail segment.
Previous 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.
Current wording
During the thirteen weeks ended September 27, 2025 and September 28, 2024, we processed 282 million and 261 million pounds of supply, respectively, of which 80.7% and 79.8% was comprised of supply from OSDs and GreenDrop, respectively.
Previous wording
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 wording
During thethirty-nine weeks ended September 27, 2025 and September 28, 2024, we processed 823 million and 753 million pounds of supply, respectively, of which 77.9% and 76.8% was comprised of supply from OSDs and GreenDrop, respectively.
Previous 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.
Current wording
Our sales yield for the thirteen weeks ended September 27, 2025 was $1.48, compared to $1.45 for the thirteen weeks ended September 28, 2024. The 2.1% increase in sales yield primarily reflects items sold at higher price points.
Previous wording
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 wording
Our sales yield for the thirty-nine weeks ended September 27, 2025 was consistent with the thirty-nine weeks ended September 28, 2024 at $1.44.
Previous 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.
Current wording
Cost of merchandise sold per pound processed during the thirteen weeks ended September 27, 2025 and the thirteen weeks ended September 28, 2024 was $0.67 and $0.65, respectively.
Previous wording
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 wording
Cost of merchandise sold per pound processed during the thirty-nine weeks ended September 27, 2025 and the thirty-nine weeks ended September 28, 2024 was $0.66 and $0.65, respectively.
Previous 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.
Current wording
Retail sales increased by $32.8 million, or 8.7%, during the thirteen weeks ended September 27, 2025, compared to the thirteen weeks ended September 28, 2024. The increase in retail sales resulted primarily from a 5.8% increase in comparable store sales and growth in our store base, partially offset by the unfavorable impact of foreign currency exchange rates.
Previous 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.
Current wording
Cost of merchandise sold increased 80 basis points to 44.1% of net sales during the thirteen weeks ended September 27, 2025, compared to 43.3% for the thirteen weeks ended September 28, 2024. The 80 basis point increase primarily reflects the impact of new stores and deleverage of cost of merchandise sold as a percentage of net sales on comparable store sales in Canada due to higher processing, partially offset by the favorable impact of year-over-year growth in OSDs.
Previous 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.
Current wording
Personnel costs classified within cost of merchandise sold were $117.0 million during the thirteen weeks ended September 27, 2025, compared to $99.8 million during the thirteen weeks ended September 28, 2024. The $17.2 million increase in personnel costs resulted primarily from growth in our store base, increased labor to support higher processing, higher wage rates and the opening of new offsite processing facilities.
Previous 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.
Current wording
Personnel costs for our corporate employees increased by $5.8 million, or 24.5%, during the thirteen weeks ended September 27, 2025, compared to the thirteen weeks ended September 28, 2024. The increase primarily reflects higher annual incentive plan expense, wages and non-IPO-related stock-based compensation expense, partially offset by a $4.4 million decrease in IPO-related stock-based compensation expense.
Previous wording
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 wording
SG&A for our retail and wholesale operations increased by$7.2 million, or 9.7%, during the thirteen weeks ended September 27, 2025, compared to the thirteen weeks ended September 28, 2024. The increase primarily reflects growth in our store base, higher rent and utilities, as well as increased preopening expenses.
Previous wording
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 wording
The increase in total interest expense, net was primarily due to a decrease in the gain on interest rate swaps of $2.6 million as the remaining deferred gain recognized within accumulated other comprehensive income from the interest rate swap terminated in April 2024 was reclassified as of May 2025. This was partially 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 5.7% from $764.2 million during the thirteen weeks ended September 28, 2024 to $720.4 million during the thirteen weeks ended September 27, 2025 due to debt repayments. Over the same period, the weighted average interest rate decreased 69 basis points from 9.47% to 8.78%. This decrease was due to a decrease in interest rates affecting amounts borrowed under our term loan facilities. There was no material effect to interest expense, net from the September 2025 debt refinancing.
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 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.
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 September 27, 2025, the USD strengthened against the CAD relative to June 28, 2025, resulting in remeasurement losses of $5.2 million arising primarily on USD-denominated debt held by one of our Canadian subsidiaries. We also recorded gains of $1.3 million during the thirteen weeks ended September 27, 2025 on derivative instruments we use to manage foreign currency exchange rate risk.
Previous wording
Other expense (income), net is comprised primarily of miscellaneous income and expenses not directly related to our core operating activities.
Current wording
Other (income) expense, 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 expense:
Current wording
The following table presents income tax (benefit) expense:
Previous 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.
Current wording
U.S. Retail sales increased by $22.2 million, or 10.5%, during the thirteen weeks ended September 27, 2025, compared to the thirteen weeks ended September 28, 2024. The increase in U.S. Retail sales resulted from a 7.1% 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 $1.2 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 wording
U.S. Retail segment profit increased by $3.2 million, or 7.1%, during the thirteen weeks ended September 27, 2025, compared to the thirteen weeks ended September 28, 2024. The increase in U.S. Retail segment profit primarily reflects higher profit from our comparable stores, partially offset by the impact of new stores, including pre-opening expenses of $1.1 million.
Previous wording
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 wording
Canada Retail sales increased by $7.7 million, or 5.1%, during the thirteen weeks ended September 27, 2025, compared to the thirteen weeks ended September 28, 2024. The increase in Canada Retail sales resulted from growth in our store base and a 3.9% increase in comparable store sales, partially offset by the impact of foreign currency exchange rates. The increase in comparable store sales was driven by higher transactions and average basket.
Previous wording
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 wording
Retail sales increased by $75.2 million, or 7.0%, during the thirty-nine weeks ended September 27, 2025, compared to the thirty-nine weeks ended September 28, 2024. The increase in retail sales resulted primarily from growth in our store base and a 4.4% increase in comparable store sales, partially offset by the unfavorable impact of foreign currency exchange rates.
Previous wording
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 wording
Cost of merchandise sold increased 150 basis points to 44.8% of net sales during the thirty-nine weeks ended September 27, 2025, compared to 43.3% for the thirty-nine weeks ended September 28, 2024. The 150 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 OSDs.
Previous wording
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 wording
Personnel costs classified within cost of merchandise sold were $336.0 million during the thirty-nine weeks ended September 27, 2025, compared to $292.2 million during the thirty-nine weeks ended September 28, 2024. The $43.8 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 higher wage rates.
Previous wording
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 wording
Personnel costs for our corporate employees decreased by $6.9 million, or 6.9%, during the thirty-nine weeks ended September 27, 2025, compared to the thirty-nine weeks ended September 28, 2024, primarily reflecting a $24.4 million decrease in IPO-related stock-based compensation expense, largely offset by higher annual incentive plan expense, wages and non-IPO-related stock-based compensation expense.
Previous 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.
Current wording
SG&A for our retail and wholesale operations increased by$24.2 million, or 11.4%, during the thirty-nine weeks ended September 27, 2025, compared to the thirty-nine weeks ended September 28, 2024. The increase resulted primarily from growth in our store base, higher rent and utilities, as well as increased routine maintenance costs, partially offset by a decrease in marketing expenses.
Previous 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.
Current wording
The increase in total interest expense, net was primarily due to a decrease in the gain on interest rate swaps of $3.9 million as the remaining deferred gain recognized within accumulated other comprehensive income from the interest rate swap terminated in April 2024 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 6.8% from $777.5 million during the thirty-nine weeks ended September 28, 2024 to $724.5 million during the thirty-nine weeks ended September 27, 2025 due to debt repayments. Over the same period, the weighted average interest rate decreased 62 basis points from 9.56% to 8.94%. This decrease was due to a decrease in interest rates affecting amounts borrowed under our term loan facilities. There was no material effect to interest expense, net from the September 2025 debt refinancing.
Showing the first 40 of 65 pairs. Open the source sections for the rest.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
The increase in depreciation and amortization resulted primarily from continued investments in new stores, offsite processing and information technology, as well as capital maintenance expenditures.
Current report — wording carried from elsewhere
During the thirteen weeks ended September 28, 2024, the USD weakened against the CAD relative to June 29, 2024, resulting in remeasurement gains of $3.6 million arising primarily on USD-denominated debt held by one of our Canadian subsidiaries. We also recorded losses of $1.2 million during the thirteen weeks ended September 28, 2024 on derivative instruments we use to manage foreign currency exchange rate risk.
Current report — wording carried from elsewhere
The following table presents loss on extinguishment of debt:
Current report — wording carried from elsewhere
We announced on November 9, 2023 the authorization of a share repurchase program of up to $50 million of our common stock. The 2023 Share Repurchase Program expires on November 8, 2025. Under the 2023 Share Repurchase Program, we can purchase shares from time to time in compliance with applicable securities laws, that can include Securities Act Rule 10b-18. Although our Board of Directors authorized the share repurchase program, we are not obligated to repurchase any specific dollar amount or to acquire any specific number of shares under the program. In addition, the 2023 Share Repurchase Program may be suspended, modified or terminated at any time without prior notice. The amount, timing and execution of our share repurchase program depends on a variety of factors, including the share price of our common stock, general market conditions, alternative uses for capital, our financial performance and other considerations. All repurchases have been, and will be, funded by available cash and cash equivalents.
Current report — wording carried from elsewhere
Net cash used in changes in operating assets and liabilities during the thirty-nine weeks ended September 27, 2025 consisted primarily of a $95.1 million change in operating lease liabilities, a $37.4 million change in prepaid expenses and other assets and a $22.2 million change in accounts payable and accrued liabilities. The change in operating lease liabilities resulted from lease payments. The change in prepaid expenses and other assets is primarily a result of an increase in prepaid taxes. The change in accounts payable and accrued liabilities resulted primarily from interest payments on our debt, which are due periodically throughout the year. As of December 28, 2024, we had an accrued interest balance of $16.1 million on the Notes, which was paid during the first quarter of fiscal 2025. As of September 27, 2025, we had an accrued interest balance of $1.5 million on the 2025 Term Loan Facility, which will be paid during the fourth quarter of fiscal 2025. The Notes were fully redeemed during the third quarter of fiscal 2025, eliminating recurring interest accruals on the former Notes as of period end.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
The following table presents other expense (income), net:
Previous report — wording carried elsewhere
Net cash used in changes in operating assets and liabilities during the twenty-six weeks ended June 28, 2025 consisted primarily of a $62.2 million change in operating lease liabilities and a $13.2 million change in prepaid expenses and other assets. The change in operating lease liabilities resulted from lease payments. The change in prepaid expenses and other assets is primarily a result of an increase in prepaid taxes.