Savers Value Village, Inc.
For the period ended Jul 4, 2026. Filed Aug 6, 2026.
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.
Jul 4, 2026 · Filed Aug 6, 2026
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 2026-04-04; filed 2026-05-06.
0001883313-26-000043
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-07-04; filed 2026-08-06.
0001883313-26-000060
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 153 previous paragraphs and 203 current paragraphs.
90 unchanged; 48 reworded; 46 added; 13 removed; 2 previous and 19 current paragraphs rearranged.
Tables are not compared: 18 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 (46)
Current report
Financial Highlights
Current report
•Net income was $21.6 million, or $0.14 per diluted share. Net income margin was 4.8%.
Current report
•Adjusted net income was $22.3 million, or $0.14 per diluted share.
Current report
Capital Allocation
Current report
Consistent with its balanced and disciplined approach to capital allocation, the Company continued to take actions during the second quarter to reinvest in its business, strengthen its balance sheet and return capital to stockholders.
Current report
•The Company opened 6 new stores, ending the second quarter with 375 stores, and recorded pre-opening expenses of $3.8 million.
Current report
•On June 2, 2026, the Company completed a repricing amendment to its existing term loans, reducing the applicable rate to 2.50% for Term SOFR Loans and 1.50% for Base Rate Loans. This repricing is expected to reduce interest expense by approximately $1.8 million for the remainder of fiscal 2026 and $3.6 million on an annualized basis.
Current report
•As of the end of the second quarter, the Company had $91.9 million of cash and cash equivalents, $179.2 million available to borrow under its 2025 Revolving Credit Facility and total debt of $726.3 million.
Current report
During the twenty-six weeks ended July 4, 2026, comparable store sales increased 4.0%, primarily reflecting higher average basket and, to a lesser extent, transactions. During the twenty-six weeks ended June 28, 2025, comparable store sales increased 3.7%, primarily reflecting higher average basket and transactions.
Current report
Sales yield for the twenty-six weeks ended July 4, 2026 was $1.52 compared to $1.42 for the twenty-six weeks ended June 28, 2025. The 7.0% increase in sales yield primarily reflects higher average price points and an increase in items sold per pound processed.
Current report
Retail sales increased by $33.8 million, or 8.5%, during the thirteen weeks ended July 4, 2026, compared to the thirteen weeks ended June 28, 2025. The increase in retail sales resulted primarily from growth in our store base and a 4.4% increase in comparable store sales.
Current report
Personnel costs for our retail and wholesale operations increased by$3.5 million, or 6.3%, during the thirteen weeks ended July 4, 2026, compared to the thirteen weeks ended June 28, 2025. The increase primarily reflects growth in our store base.
Current report
Gain on foreign currency, net
Current report
The following table presents gain on foreign currency, net:
Current report
During thethirteen weeks ended July 4, 2026, the Company entered into an amendment (the “First Amendment”) to its 2025 Senior Secured Credit Facilities. The First Amendment resulted in a loss on extinguishment of debt of $1.3 million.
Current report
Other (income) expense, net
Current report
The following table presents other (income) expense, net:
Current report
Income tax 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 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.
Current report
Forthe thirteen weeks ended July 4, 2026, we recorded income tax expense of$9.8 million on income before income taxes of$31.5 million, resulting in an effective tax rate of 31.3%. Forthe thirteen weeks ended June 28, 2025, we recorded income tax expense of$7.7 million on income before income taxes of$26.6 million, resulting in an effective tax rate of 28.9%. The increase in our effective tax rate was primarily due to a higher valuation allowance on a tax attribute in a foreign jurisdiction that is not expected to be realized. This impact was partially offset by a decrease in nondeductible executive compensation under Internal Revenue Code Section 162(m).
Current report
U.S. Retail sales increased by $26.4 million, or 11.6%, during the thirteen weeks ended July 4, 2026, compared to the thirteen weeks ended June 28, 2025. The increase in U.S. Retail sales resulted from growth in our store base, as well as a 6.6% increase in comparable store sales. The increase in comparable store sales was driven by higher average basket and transactions.
Current report
Canada Retail sales increased by $3.4 million, or 2.2%, during the thirteen weeks ended July 4, 2026, compared to the thirteen weeks ended June 28, 2025. The increase in Canada Retail sales resulted from growth in our store base and a 0.8% increase in comparable store sales. The increase in comparable store sales was primarily driven by an earlier Easter in fiscal 2026 which positively impacted Canadian comparable store sales by 0.7%.
Current report
Twenty-Six Weeks Ended July 4, 2026 compared to the Twenty-Six Weeks Ended June 28, 2025
Current report
Net sales
Current report
Salaries, wages and benefits
Current report
Personnel costs for our retail and wholesale operations increased by $5.8 million, or 5.3%, during the twenty-six weeks ended July 4, 2026, compared to the twenty-six weeks ended June 28, 2025. The increase primarily reflects growth in our store base.
Current report
Personnel costs for our corporate employees decreased by $5.7 million, or 8.9%, during the twenty-six weeks ended July 4, 2026, compared to the twenty-six weeks ended June 28, 2025. The decrease primarily reflects a $16.6 million decrease in IPO-related stock-based compensation expense, partially offset by higher wages, annual incentive plan expense and non-IPO-related stock-based compensation expense.
Current report
Selling, general and administrative
Current report
SG&A for our retail and wholesale operations increased by$16.1 million, or 10.4%, during the twenty-six weeks ended July 4, 2026, compared to the twenty-six weeks ended June 28, 2025. The increase primarily reflects growth in our store base, as well as increased repair and maintenance expense, preopening expenses and rent and utilities.
Current report
Corporate SG&A increased by$8.6 million, or 40.2%, during the twenty-six weeks ended July 4, 2026, compared to the twenty-six weeks ended June 28, 2025. The increase primarily reflects a $2.9 million impairment charge, investments in information technology, an increase in professional services and $1.1 million of transaction costs related to the debt repricing amendment.
Current report
Depreciation and amortization
Current report
The$8.0 million increase in depreciation and amortization resulted primarily from continued investments in new stores, offsite processing and information technology, as well as capital maintenance expenditures, partially offset by lower accelerated depreciation and amortization following the reduction in the estimated useful lives of certain acquisition-related intangible assets and store-related property and equipment during the twenty-six weeks ended June 28, 2025.
Current report
Interest expense, net
Current report
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 the twenty-six weeks ended June 28, 2025 on derivative instruments we use to manage foreign currency exchange rate risk.
Current report
Loss on extinguishment of debt
Current report
During thetwenty-six weeks ended July 4, 2026, the Company entered into the First Amendment to its 2025 Senior Secured Credit Facilities. The First Amendment resulted in a loss on extinguishment of debt of $1.3 million.
Current report
Income tax 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 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.
Current report
Duringthe twenty-six weeks ended July 4, 2026, we recorded income tax expense of$8.7 million on income before income taxes of $25.1 million, resulting in an effective tax rate of 34.7%. Duringthe twenty-six weeks ended June 28, 2025, we recorded income tax expense of$6.8 million on income before income taxes of$20.9 million, resulting in an effective tax rate of 32.2%. The increase in our effective tax rate was primarily due to a higher valuation allowance on a tax attribute in a foreign jurisdiction that is not expected to be realized. This impact was partially offset by a decrease in nondeductible executive compensation under Internal Revenue Code Section 162(m).
Current report
Segment results
Showing the first 40 of 46 passages. Open the source sections for the rest.
Removed paragraphs (13)
Previous report
Business Highlights
Previous report
•The Company opened 3 new stores, ending the first quarter with 370 stores.
Previous report
•The Company recorded pre-opening expenses of $3.9 million for the first quarter, compared to $3.0 million for the thirteen weeks ended March 29, 2025.
Previous report
•Net loss was $5.3 million, or $0.03 per diluted share. Net loss margin was 1.3%.
Previous report
•Adjusted net income was $2.5 million, or $0.02 per diluted share.
Previous report
Personnel costs for our retail and wholesale operations increased by $2.3 million, or 4.3%, during the thirteen weeks ended April 4, 2026, compared to the thirteen weeks ended March 29, 2025. The increase primarily reflects growth in our store base.
Previous report
n/m – not meaningful
Previous report
n/m – not meaningful
Previous report
Income tax benefit
Previous 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 modest increase in income tax benefit for the thirteen weeks ended April 4, 2026, compared to the thirteen weeks ended March 29, 2025 was primarily attributable to higher losses generated in jurisdictions not subject to a valuation allowance, along with a lower tax shortfall related to stock-based compensation.
Previous report
Canada Retail sales increased by $8.6 million, or 6.7%, during the thirteen weeks ended April 4, 2026, compared to the thirteen weeks ended March 29, 2025. The increase in Canada Retail sales resulted primarily from the favorable impact of foreign currency exchange rates and growth in our store base, partially offset by a 0.6% decrease in comparable store sales. The decrease in comparable store sales was driven primarily by an earlier Easter which negatively impacted Canadian comparable store sales by approximately 0.7%.
Previous report
(8)For the thirteen weeks ended April 4, 2026 and the thirteen weeks ended March 29, 2025, Adjusted net income per diluted share includes 5.5 million and 5.6 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
Net cash provided by operating activities for the thirteen weeks ended April 4, 2026 was $18.2 million, compared to $0.4 million for the thirteen weeks ended March 29, 2025. The $17.8 million increase is primarily due to a $15.8 million decrease in interest paid and a $6.7 million decrease in income taxes paid, as well as favorable changes in other operating items, partially offset by a $16.6 million increase in annual incentive compensation plan payments. The favorable changes in other operating items were not individually significant.
Reworded paragraphs (48)
Previous wording
We are the largest for-profit thrift operator in the United States (“U.S.”) and Canada based on number of stores and operated a total of 370 stores as of April 4, 2026 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 operated a total of 375 stores as of July 4, 2026 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 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 generally of higher quality and collectively have a contractually lower cost than product sourced through other channels, which benefits sales yield, and ultimately, our gross product margin. OSDs and GreenDrop are collectively the largest part of our supply mix, and accounted for 75.9% and 74.0% of our total pounds processed for the thirteen weeks ended April 4, 2026 and March 29, 2025, respectively.
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 generally of higher quality and collectively have a contractually lower cost than product sourced through other channels, which benefits sales yield, and ultimately, our gross product margin. OSDs and GreenDrop are collectively the largest part of our supply mix, accounting for 84.9% and 78.5% of our total pounds processed for the thirteen weeks ended July 4, 2026 and June 28, 2025, respectively. OSDs and GreenDrop accounted for 80.6% and 76.3% of our total pounds processed for the twenty-six weeks ended July 4, 2026 and June 28, 2025, respectively.
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 April 4, 2026, we processed 266 million pounds of secondhand goods, compared to 262 million during thethirteen weeks ended March 29, 2025. We are continuing to implement our offsite processing strategy, which is an important component of our operating model and supports store growth by enabling processing at larger-scale facilities and distribution 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 July 4, 2026, we processed 282 million pounds of secondhand goods, compared to 279 million during the thirteen weeks ended June 28, 2025. During the twenty-six weeks ended July 4, 2026, we processed 548 million pounds of secondhand goods, compared to 541 million during the twenty-six weeks ended June 28, 2025. We are continuing to implement our offsite processing strategy, which is an important component of our operating model and supports store growth by enabling processing at larger-scale facilities and distribution 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 April 4, 2026 (the “first quarter”). Comparisons are to the thirteen weeks ended March 29, 2025:
Current wording
The following highlights our financial results for the thirteen weeks ended July 4, 2026 (the “second quarter”). Comparisons are to the thirteen weeks ended June 28, 2025:
Previous wording
•Total Company net sales increased 8.9% to $403.2 million; constant-currency net sales increased 6.9%; and comparable store sales increased 3.5%.
Current wording
•Total Company net sales increased 7.4% to $448.2 million; constant-currency net sales increased 7.1%; and comparable store sales increased 4.4%.
Previous wording
•For the United States (“U.S.”), net sales increased 11.2% and comparable store sales increased 6.4%.
Current wording
•For the U.S., net sales increased 11.6% and comparable store sales increased 6.6%.
Previous wording
•For Canada, net sales increased 6.7%; constant-currency net sales increased 2.0%; and comparable store sales decreased 0.6%. An earlier Easter negatively impacted Canadian comparable store sales by approximately 0.7% as several of our Canadian stores were closed for Good Friday.
Current wording
•For Canada, net sales increased 2.2%; constant-currency net sales increased 2.2%; and comparable store sales increased 0.8%. An earlier Easter in fiscal 2026 positively impacted Canadian comparable store sales by approximately 0.7%.
Previous wording
•Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) was $44.5 million and Adjusted EBITDA margin was 11.0%.
Current wording
•Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) was $74.5 million and Adjusted EBITDA margin was 16.6%.
Previous wording
•The Company repurchased 1.2 million shares during the first quarter at a weighted average price of $8.51 per share. There was $31.2 million remaining on the Company’s share repurchase authorization as of the end of the quarter.
Current wording
•The Company repurchased 1.2 million shares during the second quarter at a weighted average price of $8.10 per share. There was $21.7 million remaining on the Company’s share repurchase authorization as of the end of the second quarter.
Previous wording
Broad developments in the Middle East, including the conflict involving Iran, and political and economic instability in Venezuela have contributed to volatility in global energy markets. While the Company is not directly impacted by import disruptions due to its hyper-local procurement model, these conditions may increase transportation costs and, in periods of perceived or actual unfavorable economic conditions, lead consumers to reallocate discretionary spending which may adversely impact demand for the Company’s products and its profitability.
Current wording
Recent events in the Middle East, including the conflict involving Iran, and political and economic instability in Venezuela, have contributed to volatility in global energy markets. While the Company is not directly impacted by import disruptions due to its hyper-local procurement model, these conditions may increase transportation costs and, in periods of perceived or actual unfavorable economic conditions, lead consumers to reallocate discretionary spending which may adversely impact demand for the Company’s products and its profitability.
Previous wording
During the thirteen weeks ended April 4, 2026, our comparable store sales increased 3.5%, primarily reflecting higher average basket, partially offset by an earlier Easter which negatively impacted Canadian comparable store sales by approximately 0.7% as several of our Canadian stores were closed for Good Friday. During the thirteen weeks ended March 29, 2025, our comparable store sales increased 2.8%, primarily reflecting higher average basket.
Current wording
During the thirteen weeks ended July 4, 2026, comparable store sales increased 4.4%, primarily reflecting higher average basket, and to a lesser extent, transactions. In addition, an earlier Easter in fiscal 2026 positively impacted Canadian comparable store sales by approximately 0.7% as several of our Canadian stores were closed for Good Friday. During the thirteen weeks ended June 28, 2025, comparable store sales increased 4.6%, primarily reflecting higher average basket and transactions.
Previous wording
During thethirteen weeks ended April 4, 2026 and March 29, 2025, we processed 266 million and 262 million pounds of supply, respectively, of which 75.9% and 74.0% was comprised of supply from OSDs and GreenDrop, respectively.
Current wording
During thethirteen weeks ended July 4, 2026 and June 28, 2025, we processed 282 million and 279 million pounds of supply, respectively, of which 84.9% and 78.5% was comprised of supply from OSDs and GreenDrop, respectively.
Previous wording
Our sales yield for the thirteen weeks ended April 4, 2026 was $1.47 compared to $1.38 for the thirteen weeks ended March 29, 2025. The 6.5% increase in sales yield primarily reflects an increase in items sold per pound processed and higher average price points.
Current wording
Sales yield for the thirteen weeks ended July 4, 2026 was $1.56 compared to $1.46 for the thirteen weeks ended June 28, 2025. The 6.8% increase in sales yield primarily reflects higher average price points and an increase in items sold per pound processed.
Previous wording
Cost of merchandise sold decreased 10 basis points to 45.4% of net sales during the thirteen weeks ended April 4, 2026, compared to 45.5% for the thirteen weeks ended March 29, 2025. The 10 basis point decrease primarily reflects improvement in cost of merchandise sold as a percentage of net sales on comparable store sales due to increased operating efficiency and the favorable impact of year-over-year growth in OSDs, partially offset by new store dilution.
Current wording
Cost of merchandise sold decreased 170 basis points to 43.1% of net sales during the thirteen weeks ended July 4, 2026, compared to 44.8% for the thirteen weeks ended June 28, 2025. The 170 basis point decrease primarily reflects improvement in cost of merchandise sold as a percentage of net sales on comparable store sales due to increased operating efficiency and the favorable impact of year-over-year growth in OSDs, partially offset by new store dilution.
Previous wording
Personnel costs classified within cost of merchandise sold were $113.7 million during the thirteen weeks ended April 4, 2026, compared to $105.5 million during the thirteen weeks ended March 29, 2025. The $8.2 million increase in personnel costs resulted primarily from growth in our store base and higher wage rates, partially offset by labor efficiency gains.
Current wording
Personnel costs classified within cost of merchandise sold were $119.7 million during the thirteen weeks ended July 4, 2026, compared to $113.5 million during the thirteen weeks ended June 28, 2025. The $6.2 million increase in personnel costs resulted primarily from growth in our store base and higher wage rates, partially offset by labor efficiency gains.
Previous wording
Personnel costs for our corporate employees decreased by $0.7 million, or 2.1%, during the thirteen weeks ended April 4, 2026, compared to the thirteen weeks ended March 29, 2025, primarily reflecting a $5.0 million decrease in IPO-related stock-based compensation expense, largely offset by higher wages, non-IPO-related stock-based compensation expense and annual incentive plan expense.
Current wording
Personnel costs for our corporate employees decreased by $5.0 million, or 15.9%, during the thirteen weeks ended July 4, 2026, compared to the thirteen weeks ended June 28, 2025. The decrease primarily reflects an $11.6 million decrease in IPO-related stock-based compensation expense, partially offset by higher incentive plan expense, wages and non-IPO-related stock-based compensation expense.
Previous wording
SG&A for our retail and wholesale operations increased by$9.3 million, or 12.2%, during the thirteen weeks ended April 4, 2026, compared to the thirteen weeks ended March 29, 2025. The increase resulted primarily from growth in our store base and increased routine maintenance costs, including an increase in snow removal costs, as well as higher rent and utilities.
Current wording
SG&A for our retail and wholesale operations increased by$6.8 million, or 8.7%, during the thirteen weeks ended July 4, 2026, compared to the thirteen weeks ended June 28, 2025. The increase primarily reflects growth in our store base and higher repair and maintenance expense.
Previous wording
Corporate SG&A increased by$2.1 million, or 18.7%, during the thirteen weeks ended April 4, 2026, compared to the thirteen weeks ended March 29, 2025. The increase primarily reflects investments in information technology.
Current wording
Corporate SG&A increased by$6.5 million, or 63.7%, during the thirteen weeks ended July 4, 2026, compared to the thirteen weeks ended June 28, 2025. The increase primarily reflects a$2.4 million impairment charge, an increase in professional services and$1.1 million of transaction costs related to the debt repricing amendment.
Previous wording
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 wording
The$4.6 million increase in depreciation and amortization resulted primarily from continued investments in new stores, offsite processing and information technology, as well as capital maintenance expenditures, partially offset by lower accelerated depreciation and amortization following the reduction in the estimated useful lives of certain acquisition-related intangible assets and store-related property and equipment during the thirteen weeks ended June 28, 2025.
Previous wording
The $3.5 million decrease in interest expense, net was primarily due to a decrease in the weighted average interest rate. During the thirteen weeks ended April 4, 2026 compared to the thirteen weeks ended March 29, 2025, the weighted average interest rate decreased 233 basis points from 9.03% to 6.70%, primarily due to the reduction in the margin obtained in connection with the September 2025 debt refinancing and lower interest rates on outstanding amounts under our term loan facilities.
Current wording
The $3.0 million decrease in total interest expense, net was primarily due to a decrease in interest expense, net, partially offset by a decrease in gain on interest rate swaps. The $3.5 million decrease in interest expense, net was driven by a decrease in the weighted average interest rate. The weighted average interest rate decreased 250 basis points from 9.00% to 6.50%. This decrease was primarily due to the September 2025 debt refinancing.
Previous wording
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
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
Other expense, 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 benefit:
Current wording
The following table presents income tax expense:
Previous wording
Retail sales increased by $35.4 million, or 10.1%, during the thirteen weeks ended April 4, 2026, compared to the thirteen weeks ended March 29, 2025. The increase in retail sales resulted primarily from a 3.5% increase in comparable store sales, growth in our store base and the favorable impact of foreign currency exchange rates.
Current wording
Retail sales increased by $69.2 million, or 9.3%, during the twenty-six weeks ended July 4, 2026, compared to the twenty-six weeks ended June 28, 2025. The increase in retail sales resulted primarily from growth in our store base, a 4.0% increase in comparable store sales and the favorable impact of foreign currency exchange rates.
Previous wording
The $2.2 million decrease in gain on interest rate swaps resulted primarily from the full reclassification in May 2025 of the remaining deferred gain recorded in accumulated other comprehensive income related to the interest rate swap terminated in April 2024.
Current wording
The $3.6 million decrease in gain on interest rate swaps resulted primarily from the full reclassification in May 2025 of the remaining deferred gain recorded in accumulated other comprehensive income related to the interest rate swap terminated in April 2024.
Previous wording
Gains and losses on foreign currency relate primarily to movements in the CAD relative to the USD. During the thirteen weeks ended April 4, 2026, the USD strengthened against the CAD relative to January 3, 2026, resulting in remeasurement losses of $3.6 million arising primarily on USD-denominated debt held by one of our Canadian subsidiaries. We also recorded losses of $2.4 million during thethirteen weeks ended April 4, 2026 on derivative instruments we use to manage foreign currency exchange rate risk.
Current wording
Gains and losses on foreign currency relate primarily to movements in the CAD relative to the USD. During the twenty-six weeks ended July 4, 2026, the USD strengthened against the CAD relative to January 3, 2026, resulting in remeasurement losses of $8.4 million arising primarily on USD-denominated debt held by one of our Canadian subsidiaries. We also recorded gains of $5.9 million during thetwenty-six weeks ended July 4, 2026 on derivative instruments we use to manage foreign currency exchange rate risk.
Previous wording
During thethirteen weeks ended March 29, 2025, loss on extinguishment of debt comprised $2.7 million associated with the redemption of $44.5 million aggregate principal amount of the Senior Secured Notes on February 6, 2025.
Current wording
During thetwenty-six weeks ended June 28, 2025, loss on extinguishment of debt comprised $2.7 million associated with the redemption of $44.5 million aggregate principal amount of the Senior Secured Notes on February 6, 2025.
Previous wording
U.S. Retail sales increased by $23.5 million, or 11.2%, during the thirteen weeks ended April 4, 2026, compared to the thirteen weeks ended March 29, 2025. The increase in U.S. Retail sales resulted from a 6.4% increase in comparable store sales and growth in our store base. The increase in comparable store sales was driven by higher average basket and transactions.
Current wording
U.S. Retail sales increased by $50.0 million, or 11.4%, during the twenty-six weeks ended July 4, 2026, compared to the twenty-six weeks ended June 28, 2025. The increase in U.S. Retail sales resulted from a 6.5% increase in comparable store sales, as well as growth in our store base. The increase in comparable store sales was driven by higher average basket and transactions.
Previous wording
U.S. Retail segment profit increased by $3.7 million, or 9.6%, during the thirteen weeks ended April 4, 2026, compared to the thirteen weeks ended March 29, 2025. The increase in U.S. Retail segment profit primarily reflects higher profit from our comparable stores, partially offset by the impact of new stores.
Current wording
U.S. Retail segment profit increased by $14.2 million, or 16.2%, during the twenty-six weeks ended July 4, 2026, compared to the twenty-six weeks ended June 28, 2025. The increase in U.S. Retail segment profit primarily reflects higher profit from our comparable stores, partially offset by the impact of new stores.
Previous wording
Canada Retail segment profit increased by $5.9 million, or 23.5%, during the thirteen weeks ended April 4, 2026, compared to the thirteen weeks ended March 29, 2025. The increase in Canada Retail segment profit primarily reflects increased operating efficiency and, to a lesser extent, the favorable impact of foreign currency exchange rates.
Current wording
Canada Retail segment profit increased by $12.1 million, or 18.6%, during the twenty-six weeks ended July 4, 2026, compared to the twenty-six weeks ended June 28, 2025. The increase in Canada Retail segment profit primarily reflects increased operating efficiency and, to a lesser extent, the favorable impact of foreign currency exchange rates.
Previous wording
Adjusted net income, Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. We have included these non-GAAP financial measures as these are key measures used by our management and our board of directors to evaluate our operating performance and the effectiveness of our business strategies, make budgeting decisions and evaluate compensation decisions. The Company presents Adjusted net income, Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin because it considers these meaningful measures to share with investors as they best allow comparison of the performance of one period with that of another period. In addition, by presenting Adjusted net income, Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin, the Company provides investors with management’s perspective of the Company’s operating performance.
Current wording
Adjusted net income, Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. The Company has included these non-GAAP financial measures as these are key measures used by its management and its board of directors to evaluate its operating performance and the effectiveness of its business strategies, make budgeting decisions and evaluate compensation decisions. The Company presents Adjusted net income, Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin because it considers these meaningful measures to share with investors as they best allow comparison of the performance of one period with that of another period. In addition, by presenting Adjusted net income, Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin, the Company provides investors with management’s perspective of the Company’s operating performance.
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 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, certain other adjustments, the tax effect on the above adjustments andthe excess tax shortfall 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, 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:
Previous wording
(2)Removes the effect of loss on extinguishment of debt in relation to the partial redemption of our Senior Secured Notes on February 6, 2025.
Current wording
(2)Removes the effect of loss on extinguishment of debt in relation to the repricing of outstanding borrowings under the 2025 Term Loan Facility on June 2, 2026 and the partial redemption of our Senior Secured Notes on February 6, 2025.
Previous wording
(3)Represents stock-based compensation expense for performance-based options triggered by the completion of our IPO and expense related to restricted stock units issued in connection with the Company’s IPO.
Current wording
(3)Represents stock-based compensation expense for performance-based options triggered by the completion of our IPO and expense related to restricted stock units issued in connection with the Company’s IPO. The thirteen and twenty-six weeks ended July 4, 2026 include a credit to stock-based compensation expense resulting from the reversal of previously recognized expense for stock-based awards forfeited upon employee retirements.
Previous wording
(6)The thirteen weeks ended April 4, 2026 includes store impairment charges. The thirteen weeks ended March 29, 2025 includes a change in the fair value of acquisition-related contingent consideration.
Current wording
(6)The thirteen and twenty-six weeks ended July 4, 2026 include impairment charges of $2.4 million primarily due to the closure of a warehouse processing facility. The twenty-six weeks ended July 4, 2026 further includes store impairment charges. The thirteen and twenty-six weeks ended June 28, 2025 include 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 thirteen and twenty-six weeks ended June 28, 2025 include a reduction to the fair value of acquisition-related contingent consideration of $0.9 million and $1.2 million, respectively.
Previous wording
A reconciliation of GAAP net loss to Adjusted EBITDA is presented in the table below:
Current wording
A reconciliation of GAAP net income to Adjusted EBITDA is presented in the table below:
Previous wording
(1)Removes the effect of loss on extinguishment of debt in relation to the partial redemption of our Senior Secured Notes on February 6, 2025.
Current wording
(1)Removes the effect of loss on extinguishment of debt in relation to the repricing of outstanding borrowings under the 2025 Term Loan Facility on June 2, 2026 and the partial redemption of our Senior Secured Notes on February 6, 2025.
Previous wording
(2)Represents non-cash stock-based compensation expense related to stock options and restricted stock units granted to certain of our employees and directors.
Current wording
(2)Represents non-cash stock-based compensation expense related to stock options and restricted stock units granted to certain of our employees and directors. The thirteen and twenty-six weeks ended July 4, 2026 include a credit to stock-based compensation expense resulting from the reversal of previously recognized expense for stock-based awards forfeited upon employee retirements.
Showing the first 40 of 48 pairs. Open the source sections for the rest.
Rearranged current paragraphs (19)
Current report — wording carried from elsewhere
During thetwenty-six weeks ended July 4, 2026 and June 28, 2025, we processed 548 million and 541 million pounds of supply, respectively, of which 80.6% and 76.3% was comprised of supply from OSDs and GreenDrop, respectively.
Current report — wording carried from elsewhere
The $1.4 million decrease in the gain on interest rate swaps resulted primarily from the full reclassification in May 2025 of the remaining deferred gain recorded in accumulated other comprehensive income related to the interest rate swap terminated in April 2024.
Current report — wording carried from elsewhere
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 July 4, 2026, the USD strengthened against the CAD relative to April 4, 2026, resulting in remeasurement losses of $4.8 million arising primarily on USD-denominated debt held by one of our Canadian subsidiaries. We also recorded gains of $8.3 million during the thirteen weeks ended July 4, 2026 on derivative instruments we use to manage foreign currency exchange rate risk.
Current report — wording carried from elsewhere
U.S. Retail segment profit increased by $10.4 million, or 21.5%, during the thirteen weeks ended July 4, 2026, compared to the thirteen weeks ended June 28, 2025. The increase in U.S. Retail segment profit primarily reflects higher profit from our comparable stores.
Current report — wording carried from elsewhere
Canada Retail segment profit increased by $6.1 million, or 15.5%, during the thirteen weeks ended July 4, 2026, compared to the thirteen weeks ended June 28, 2025. The increase in Canada Retail segment profit primarily reflects increased operating efficiency.
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
Cost of merchandise sold decreased 90 basis points to 44.2% of net sales during the twenty-six weeks ended July 4, 2026, compared to 45.1% for the twenty-six weeks ended June 28, 2025. The 90 basis point decrease primarily reflects improvement in cost of merchandise sold as a percentage of net sales on comparable store sales due to increased operating efficiency and the favorable impact of year-over-year growth in OSDs, partially offset by new store dilution.
Current report — wording carried from elsewhere
Personnel costs classified within cost of merchandise sold were $233.4 million during the twenty-six weeks ended July 4, 2026, compared to $219.0 million during the twenty-six weeks ended June 28, 2025. The $14.4 million increase in personnel costs resulted primarily from growth in our store base and higher wage rates, partially offset by labor efficiency gains.
Current report — wording carried from elsewhere
The following table presents salaries, wages and benefits:
Current report — wording carried from elsewhere
The following table presents selling, general and administrative:
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
The $5.1 million decrease in total interest expense, net was primarily due to a decrease in interest expense, net, partially offset by a decrease in gain on interest rate swaps. The $7.0 million decrease in interest expense, net was primarily due to a decrease in the weighted average interest rate. The weighted average interest rate decreased 242 basis points from 9.02% to 6.60%. This decrease was primarily due to the September 2025 debt refinancing.
Current report — wording carried from elsewhere
The following table presents loss on extinguishment of debt:
Current report — wording carried from elsewhere
Other expense, net iscomprised 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 (2)
Previous report — wording carried elsewhere
(6)The thirteen weeks ended April 4, 2026 includes store impairment charges. 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 April 4, 2026 compared to the Thirteen Weeks Ended March 29, 2025