Savers Value Village, Inc.
For the period ended Oct 3, 2026. Filed Nov 5, 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.
Oct 3, 2026 · Filed Nov 5, 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 2026-07-04; filed 2026-08-06.
0001883313-26-000060
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-10-03; filed 2026-11-05.
0001883313-26-000074
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 207 current paragraphs.
108 unchanged; 67 reworded; 29 added; 27 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 30 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 (29)
Current report
•For Canada, net sales increased 2.5%; constant-currency net sales increased 4.3%; and comparable store sales increased 1.5%.
Current report
•Adjusted net income was $25.5 million, or $0.16 per diluted share.
Current report
•The Company repaid $51.9 million of outstanding borrowings under its 2025 Term Loan Facility using cash on hand. The repayment resulted in a loss on extinguishment of debt of $0.8 million.
Current report
•In connection with a secondary offering on August 11, 2026, the Company repurchased approximately 1.0 million shares of common stock at a total cost of approximately $10.0 million, excluding excise tax. This repurchase was separate from the Company's share repurchase program authorized in 2025.
Current report
2026 Impact & Sustainability Report
Current report
The Company published its 2026 Impact & Sustainability Report covering its 2025 fiscal year. The report highlights continued progress in advancing its sustainability initiatives, including sourcing nearly all its supply locally to support nonprofit partners and communities while helping minimize its environmental footprint; advancing innovation through ThriftIQ; establishing policies supporting responsible artificial intelligence use; and leveraging team member feedback to strengthen the workplace experience.
Current report
The report also highlights progress in reducing the Company’s environmental footprint through the conversion of additional GreenDrop® donation locations to alternative energy sources, as well as partnerships promoting circular fashion. Other notable achievements include the completion of the Company’s first Climate-related Risks and Opportunities Assessment, continued reporting of Scope 1, Scope 2 and Scope 3 greenhouse gas (GHG) emissions, independent assurance of Scope 1 and Scope 2 emissions data, and enhancements to governance and reporting practices.
Current report
Together, these efforts further the Company’s mission of making secondhand second nature. The report can be found at https://ir.savers.com/esg. The contents of this website and report do not form part of, nor are incorporated by reference into, this Quarterly Report.
Current report
Corporate SG&A decreased by$4.2 million, or 23.4%, during the thirteen weeks ended October 3, 2026, compared to the thirteen weeks ended September 27, 2025. The decrease primarily reflects a $3.4 million decrease in impairment charges and a $1.2 million lease termination gain of previously impaired stores, partially offset by higher information technology expenses, including cloud-based software costs.
Current report
Loss on foreign currency, net
Current report
The following table presents loss on foreign currency, net:
Current report
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.
Current report
During thethirteen weeks ended October 3, 2026, the Company repaid $25.0 million and $26.9 million on August 10, 2026 and October 1, 2026, respectively, in outstanding borrowings under the 2025 Term Loan Facility. These transactions resulted in a loss on extinguishment of debt of $0.8 million reflecting the write-off of a proportional amount of unamortized debt issuance costs and debt discount associated with the repayments.
Current report
During the thirteen weeks ended September 27, 2025, the Company redeemed the remaining aggregate principal amount of the Senior Secured Notes (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 expense (income), net
Current report
Income tax expense (benefit)
Current report
For thethirteen weeks ended October 3, 2026, we recorded income tax expense of $9.8 million on income before income taxes of $33.2 million, resulting in an effective tax rate of 29.5%. For thethirteen weeks ended September 27, 2025, we recorded income tax benefit of $3.3 million on loss before income taxes of $17.3 million, resulting in an effective tax rate of 19.2%. The lower effective tax rate in the prior-year period was primarily attributable to the disproportionate impact of valuation allowance adjustments, permanent differences, including limitations on the deductibility of executive compensation under Internal Revenue Code Section 162(m), and a tax shortfall related to stock-based compensation that reduced the tax benefit recognized on the pre-tax loss. In the current quarter, these items represented a smaller percentage of pre-tax income and therefore had a less pronounced effect on the effective tax rate.
Current report
U.S. Retail sales increased by $28.7 million, or 12.2%, during the thirteen weeks ended October 3, 2026, compared to the thirteen weeks ended September 27, 2025. The increase in U.S. Retail sales resulted from growth in our store base, as well as a 5.9% increase in comparable store sales. The increase in comparable store sales was driven by higher average basket and transactions.
Current report
Thirty-Nine Weeks Ended October 3, 2026 compared to the Thirty-Nine Weeks Ended September 27, 2025
Current report
Personnel costs for our retail and wholesale operations increased by $10.5 million, or 6.4%, during the thirty-nine weeks ended October 3, 2026, compared to the thirty-nine weeks ended September 27, 2025. The increase primarily reflects growth in our store base.
Current report
Corporate SG&A increased by$4.4 million, or 11.3%, during the thirty-nine weeks ended October 3, 2026, compared to the thirty-nine weeks ended September 27, 2025. The increase results primarily from investments in information technology, including cloud-based software costs, and higher professional service expenses, partially offset by a $1.2 million lease termination gain of previously impaired stores.
Current report
Duringthe thirty-nine weeks ended October 3, 2026, we recorded income tax expense of$18.5 million on income before income taxes of $58.3 million, resulting in an effective tax rate of 31.7%. Duringthe thirty-nine weeks ended September 27, 2025, we recorded income tax expense of$3.4 million on income before income taxes of$3.6 million, resulting in an effective tax rate of 94.7%. The decrease in our effective tax rate during the thirty-nine weeks ended October 3, 2026, compared to the thirty-nine weeks ended September 27, 2025, is primarily due to higher pre-tax income which reduces the relative impact of permanent tax differences, including Section 162(m) excess compensation, tax shortfalls related to stock-based compensation, and changes in valuation allowances, which do not vary directly with income and therefore have a less significant effect on the effective tax rate in periods of higher profitability.
Current report
U.S. Retail sales increased by $78.7 million, or 11.7%, during the thirty-nine weeks ended October 3, 2026, compared to the thirty-nine weeks ended September 27, 2025. The increase in U.S. Retail sales resulted from growth in our store base and a 6.3% 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 $16.0 million, or 3.6%, during the thirty-nine weeks ended October 3, 2026, compared to the thirty-nine weeks ended September 27, 2025. The increase in Canada Retail sales resulted from growth in our store base, a 0.6% increase in comparable store sales and the favorable impact of foreign currency exchange rates. The increase in comparable store sales was driven by higher average basket.
Current report
(2)Represents loss on extinguishment of debt associated with (i) the partial repayments of outstanding borrowings under the 2025 Term Loan Facility during the thirteen and thirty-nine weeks ended October 3, 2026 and the repricing of that facility on June 2, 2026; (ii) the full redemption of the Notes and repayment of all outstanding amounts under the 2021 Term Loan Facility on September 18, 2025; and (iii) the partial redemption of the Notes on February 6, 2025.
Current report
(8)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
(1)Represents loss on extinguishment of debt associated with (i) the partial repayments of outstanding borrowings under the 2025 Term Loan Facility during the thirteen and thirty-nine weeks ended October 3, 2026 and the repricing of that facility on June 2, 2026; (ii) the full redemption of the Notes and repayment of all outstanding amounts under the 2021 Term Loan Facility on September 18, 2025; and (iii) the partial redemption of the Notes on February 6, 2025.
Current report
Thirty-Nine Weeks Ended October 3, 2026 compared to the Thirty-Nine Weeks Ended September 27, 2025
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 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 (27)
Previous report
•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 report
•Adjusted net income was $22.3 million, or $0.14 per diluted share.
Previous 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.
Previous report
•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 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.
Previous report
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 report
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.
Previous report
Gain on foreign currency, net
Previous report
The following table presents gain on foreign currency, net:
Previous report
Other (income) expense, net
Previous report
The following table presents other (income) expense, net:
Previous 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).
Previous 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.
Previous report
Twenty-Six Weeks Ended July 4, 2026 compared to the Twenty-Six Weeks Ended June 28, 2025
Previous 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.
Previous 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.
Previous report
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.
Previous report
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 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.
Previous report
Income tax expense
Previous 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).
Previous report
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 report
Canada Retail sales increased by $11.9 million, or 4.2%, during the twenty-six weeks ended July 4, 2026, compared to the twenty-six weeks ended June 28, 2025. The increase in Canada Retail sales resulted from growth in our store base, the favorable impact of foreign currency exchange rate and a 0.2% increase in comparable store sales. The increase in comparable store sales was driven by higher average basket.
Previous report
(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 report
(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 report
Twenty-Six Weeks Ended July 4, 2026 compared to the Twenty-Six Weeks Ended June 28, 2025
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 (67)
Previous wording
You should read the following discussion and analysis of the financial condition and results of operations of Savers Value Village, Inc. in conjunction with the unaudited interim condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q (the “Quarterly Report”) and our audited consolidated financial statements for the 53 weeks ended January 3, 2026 (“fiscal 2025”) and related notes included in our Annual Report on Form 10-K filed with the SEC on February 20, 2026 (our “Annual Report”).
Current wording
You should read the following discussion and analysis of the financial condition and results of operations of Savers Value Village, Inc. in conjunction with the unaudited interim condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q (the “Quarterly Report”) and our audited consolidated financial statements for the 53 weeks ended January 3, 2026 (“fiscal 2025”) and related notes included in our 2025 Annual Report on Form 10-K filed with the SEC on February 20, 2026 (our “Annual Report”).
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 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.
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 384 stores as of October 3, 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 offer a dynamic, ever-changing selection of items, with an average unit retail price (“AUR”) of approximately $5. Our most engaged customers are members of our Super Savers Club® loyalty program. As of January 3, 2026, we had 6.1 million total active members enrolled in our U.S. and Canadian loyalty programs who shopped with us during fiscal 2025 and drove 72.7% of retail sales during the same period.
Current wording
We offer a dynamic, ever-changing selection of items, with an average unit retail price (AUR) of approximately $5 to $6. Our most engaged customers are members of our Super Savers Club® loyalty program. As of January 3, 2026, we had 6.1 million total active members enrolled in our U.S. and Canadian loyalty programs who shopped with us during fiscal 2025 and drove 72.7% of retail sales during the same period.
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, 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.
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 82.4% and 80.7% of our total pounds processed for the thirteen weeks ended October 3, 2026 and September 27, 2025, respectively. OSDs and GreenDrop accounted for 81.2% and 77.9% of our total pounds processed for the thirty-nine weeks ended October 3, 2026 and September 27, 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 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.
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 October 3, 2026, we processed 298 million pounds of secondhand goods, compared to 282 million during the thirteen weeks ended September 27, 2025. During the thirty-nine weeks ended October 3, 2026, we processed 846 million pounds of secondhand goods, compared to 823 million during the thirty-nine weeks ended September 27, 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 July 4, 2026 (the “second quarter”). Comparisons are to the thirteen weeks ended June 28, 2025:
Current wording
The following highlights our financial results for the thirteen weeks ended October 3, 2026 (the “third quarter”). Comparisons are to the thirteen weeks ended September 27, 2025:
Previous 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%.
Current wording
•Total Company net sales increased 8.5% to $463.1 million; constant-currency net sales increased 8.9%; and comparable store sales increased 4.2%.
Previous wording
•For the U.S., net sales increased 11.6% and comparable store sales increased 6.6%.
Current wording
•For the U.S., net sales increased 12.2% and comparable store sales increased 5.9%.
Previous wording
•Net income was $21.6 million, or $0.14 per diluted share. Net income margin was 4.8%.
Current wording
•Net income was $23.4 million, or $0.15 per diluted share. Net income margin was 5.1%.
Previous wording
•Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) was $74.5 million and Adjusted EBITDA margin was 16.6%.
Current wording
•Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) was $75.9 million and Adjusted EBITDA margin was 16.4%.
Previous wording
Adjusted net income, Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin, as well as amounts presented on a constant-currency basis, are not measures recognized under U.S. GAAP. For additional information on our use of non-GAAP financial measures and a reconciliation to the nearest GAAP measure, see “Non-GAAP Financial Measures” below.
Current wording
Adjusted net income, Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin, as well as constant-currency net sales, are not measures recognized under U.S. GAAP. For additional information on our use of non-GAAP financial measures and a reconciliation to the nearest GAAP measure, see “Non-GAAP Financial Measures” below.
Previous wording
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 wording
Consistent with its balanced and disciplined approach to capital allocation, the Company continued to take actions during the third quarter to reinvest in its business, strengthen its balance sheet and return capital to stockholders.
Previous wording
•The Company opened 6 new stores, ending the second quarter with 375 stores, and recorded pre-opening expenses of $3.8 million.
Current wording
•The Company opened 9 new stores, ending the third quarter with 384 stores, and recorded preopening expenses of $5.1 million.
Previous wording
•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 wording
•As of the end of the third quarter, the Company had $60.1 million of cash and cash equivalents, $179.2 million available to borrow under its 2025 Revolving Credit Facility and total debt of $674.4 million.
Previous 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.
Current wording
Recent events in the Middle East, including the conflict involving Iran, 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, during periods of perceived or actual unfavorable economic conditions, lead consumers to reallocate discretionary spending, which may adversely affect demand for the Company’s products and its profitability.
Previous wording
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 wording
During the thirteen weeks ended October 3, 2026, comparable store sales increased 4.2%, primarily reflecting higher average basket and, to a lesser extent, transactions. During the thirteen weeks ended September 27, 2025, comparable store sales increased 5.8%, primarily reflecting higher transactions and average basket.
Previous 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.
Current wording
During the thirty-nine weeks ended October 3, 2026, comparable store sales increased 4.1%, primarily reflecting higher average basket and, to a lesser extent, transactions. During the thirty-nine weeks ended September 27, 2025, comparable store sales increased 4.4%, primarily reflecting higher average basket and transactions.
Previous 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.
Current wording
During thethirteen weeks ended October 3, 2026 and September 27, 2025, we processed 298 million and 282 million pounds of supply, respectively, of which 82.4% and 80.7% was comprised of supply from OSDs and GreenDrop, respectively.
Previous wording
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 wording
During thethirty-nine weeks ended October 3, 2026 and September 27, 2025, we processed 846 million and 823 million pounds of supply, respectively, of which 81.2% and 77.9% was comprised of supply from OSDs and GreenDrop, respectively.
Previous 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.
Current wording
Sales yield for the thirteen weeks ended October 3, 2026 was $1.53 compared to $1.48 for the thirteen weeks ended September 27, 2025. The 3.4% increase in sales yield primarily reflects higher average price points.
Previous wording
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 wording
Sales yield for the thirty-nine weeks ended October 3, 2026 was $1.52 compared to $1.44 for the thirty-nine weeks ended September 27, 2025. The 5.6% increase in sales yield primarily reflects higher average price points and, to a lesser extent, an increase in items sold per pound processed.
Previous wording
The following table summarizes the Company’s store count activity for thetwelve months ended July 4, 2026:
Current wording
The following table summarizes the Company’s store count activity for the 12 months ended October 3, 2026:
Previous wording
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 wording
Retail sales increased by $36.1 million, or 8.8%, during the thirteen weeks ended October 3, 2026, compared to the thirteen weeks ended September 27, 2025. The increase in retail sales resulted primarily from growth in our store base and a 4.2% increase in comparable store sales, partially offset by the unfavorable impact of foreign currency exchange rates.
Previous 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.
Current wording
Cost of merchandise sold decreased 100 basis points to 43.1% of net sales during the thirteen weeks ended October 3, 2026, compared to 44.1% for the thirteen weeks ended September 27, 2025. The 100 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 $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 wording
Personnel costs classified within cost of merchandise sold were $124.8 million during the thirteen weeks ended October 3, 2026, compared to $117.0 million during the thirteen weeks ended September 27, 2025. The $7.8 million increase in personnel costs resulted primarily from growth in our store base and higher wage rates.
Previous 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.
Current wording
Personnel costs for our corporate employees decreased by $1.2 million, or 4.1%, during the thirteen weeks ended October 3, 2026, compared to the thirteen weeks ended September 27, 2025. The decrease primarily reflects a $4.1 million reduction in IPO-related stock-based compensation expense, partially offset by higher incentive plan expense.
Previous 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.
Current wording
SG&A for our retail and wholesale operations increased by$9.8 million, or 12.0%, during the thirteen weeks ended October 3, 2026, compared to the thirteen weeks ended September 27, 2025. The increase primarily reflects growth in our store base, as well as higher repair and maintenance expense and rent and utilities.
Previous wording
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 wording
The$6.5 million increase in depreciation and amortization during the thirteen weeks ended October 3, 2026, compared to the thirteen weeks ended September 27, 2025, resulted primarily from continued investments in new stores, information technology and offsite processing, as well as capital maintenance expenditures.
Previous 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.
Current wording
The $4.8 million decrease in interest expense, netduring the thirteen weeks ended October 3, 2026, compared to the thirteen weeks ended September 27, 2025, was driven by a decrease in the weighted average interest rate. The weighted average interest rate decreased 256 basis points from 8.78% to 6.22% primarily due to 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 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 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 October 3, 2026, the USD strengthened against the CAD relative to July 4, 2026, resulting in remeasurement losses of $0.6 million arising primarily on USD-denominated debt held by one of our Canadian subsidiaries. We also recorded gains of $0.4 million during the thirteen weeks ended October 3, 2026 on derivative instruments we use to manage foreign currency exchange rate risk.
Previous wording
Other (income) expense, net is comprised primarily of miscellaneous income and expenses not directly related to our core operating activities.
Current wording
Other expense (income), net is comprised primarily of miscellaneous income and expenses not directly related to our core operating activities.
Previous wording
The following table presents income tax expense:
Current wording
The following table presents income tax expense (benefit):
Previous wording
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 wording
U.S. Retail segment profit increased by $7.8 million, or 16.2%, during the thirteen weeks ended October 3, 2026, compared to the thirteen weeks ended September 27, 2025. The increase in U.S. Retail segment profit primarily reflects higher profit from our comparable stores.
Previous wording
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 wording
Canada Retail sales increased by $4.0 million, or 2.5%, during the thirteen weeks ended October 3, 2026, compared to the thirteen weeks ended September 27, 2025. The increase in Canada Retail sales resulted from growth in our store base and a 1.5% increase in comparable store sales, partially offset by the unfavorable impact of foreign currency exchange rates. The increase in comparable store sales was primarily driven by higher average basket.
Previous wording
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 wording
Canada Retail segment profit increased by $4.5 million, or 10.0%, during the thirteen weeks ended October 3, 2026, compared to the thirteen weeks ended September 27, 2025. The increase in Canada Retail segment profit primarily reflects increased operating efficiency.
Previous 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.
Current wording
Retail sales increased by $105.3 million, or 9.1%, during the thirty-nine weeks ended October 3, 2026, compared to the thirty-nine weeks ended September 27, 2025. The increase in retail sales resulted primarily from growth in our store base, a 4.1% increase in comparable store sales and the favorable impact of foreign currency exchange rates.
Previous wording
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 wording
Cost of merchandise sold decreased 100 basis points to 43.8% of net sales during the thirty-nine weeks ended October 3, 2026, compared to 44.8% for the thirty-nine weeks ended September 27, 2025. The 100 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.
Previous 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.
Current wording
Personnel costs classified within cost of merchandise sold were $358.2 million during the thirty-nine weeks ended October 3, 2026, compared to $336.0 million during the thirty-nine weeks ended September 27, 2025. The $22.2 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 $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 wording
Personnel costs for our corporate employees decreased by $6.9 million, or 7.4%, during the thirty-nine weeks ended October 3, 2026, compared to the thirty-nine weeks ended September 27, 2025. The decrease primarily reflects a $20.7 million decrease in IPO-related stock-based compensation expense, partially offset by higher annual incentive plan expense, non-IPO-related stock-based compensation expense and wages.
Previous wording
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 wording
SG&A for our retail and wholesale operations increased by$25.8 million, or 11.0%, during the thirty-nine weeks ended October 3, 2026, compared to the thirty-nine weeks ended September 27, 2025. The increase primarily reflects growth in our store base, as well as higher repair and maintenance expense, rent and utilities and preopening expense.
Showing the first 40 of 67 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Personnel costs for our retail and wholesale operations increased by$4.7 million, or 8.5%, during the thirteen weeks ended October 3, 2026, compared to the thirteen weeks ended September 27, 2025. The increase primarily reflects growth in our store base.
Current report — wording carried from elsewhere
The following table presents other expense (income), net:
Current report — wording carried from elsewhere
The $11.7 million decrease in interest expense, netduring the thirty-nine weeks ended October 3, 2026, compared to the thirty-nine weeks ended September 27, 2025, was primarily due to a decrease in the weighted average interest rate. The weighted average interest rate decreased 246 basis points from 8.94% to 6.48% primarily due to the September 2025 debt refinancing.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
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.