Company: SVV
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001883313-25-000026
Chunk: 42

Company: Savers Value Village, Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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 benefit:

Thirteen Weeks Ended(in thousands)March 29, 2025March 30, 2024$ Change% ChangeIncome tax benefit$(941)$(4,492)$3,551 (79.1)%

For the thirteen weeks ended March 29, 2025, we recorded an income tax benefit of $0.9 million on loss before income taxes of $5.7 million, resulting in an effective tax rate of 16.6%. For the thirteen weeks ended March 30, 2024, we recorded $4.5 million of income tax benefit on loss before income taxes of $5.0 million, resulting in an effective tax rate of 90.6%. The decrease in our income tax benefit resulted primarily from a tax shortfall in stock-based compensation recognized during the thirteen weeks ended March 29, 2025, compared to a windfall tax benefit recorded during the thirteen weeks ended March 30, 2024.

Segment results

The following table presents net sales and profit by segment:

Thirteen Weeks Ended(in thousands)March 29, 2025March 30, 2024$ Change% ChangeNet sales:U.S. Retail$210,765 $192,580 $18,185 9.4 %Canada Retail128,635 134,119 (5,484)(4.1)%Total segment sales$339,400 $326,699 $12,701 3.9 %Segment profit:U.S. Retail$38,998 $40,621 $(1,623)(4.0)%Canada Retail$25,316 $34,713 $(9,397)(27.1)%

U.S. Retail

U.S. Retail sales increased by $18.2 million, or 9.4%, during the thirteen weeks ended March 29, 2025, compared to the thirteen weeks ended March 30, 2024. The increase in U.S. Retail sales resulted from growth in our store base, as well as a 4.2% increase in comparable store sales. The increase in comparable store sales was driven by higher average basket and transactions.

U.S. Retail segment profit decreased by $1.6 million, or 4.0%, during the thirteen weeks ended March 29, 2025, compared to the thirteen weeks ended March 30, 2024. The decrease in U.S. Retail segment profit primarily reflects growth in our