Company: SVV
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001883313-25-000066
Chunk: 95

Company: Savers Value Village, Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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 new stores, partially offset by the favorable impact of year-over-year growth in OSD’s.

Personnel costs classified within cost of merchandise sold were $219.0 million during the twenty-six weeks ended June 28, 2025, compared to $192.4 million during the twenty-six weeks ended June 29, 2024. The $26.6 million increase in personnel costs resulted primarily from growth in our store base, increased labor to support higher processing, the opening of new offsite processing facilities and elevated wage rates. 

Salaries, wages and benefits

The following table presents salaries, wages and benefits:

Twenty-Six Weeks Ended(in thousands)June 28, 2025June 29, 2024$ Change% ChangeRetail and wholesale$108,204 $98,385 $9,819 10.0 %Corporate63,591 76,267 (12,676)(16.6)%Total salaries, wages and benefits$171,795 $174,652 $(2,857)(1.6)%

Personnel costs for our retail and wholesale operations increased by $9.8 million, or 10.0%, during the twenty-six weeks ended June 28, 2025, compared to the twenty-six weeks ended June 29, 2024. The increase primarily reflects growth in our store base and an increase to annual incentive plan expense.

Personnel costs for our corporate employees decreased by $12.7 million, or 16.6%, during the twenty-six weeks ended June 28, 2025, compared to the twenty-six weeks ended June 29, 2024, primarily reflecting a $20.0 million decrease in IPO-related stock-based compensation expense, partially offset by an increase in non-IPO-related stock-based compensation expense and annual incentive plan expense. 

Selling, general and administrative

The following table presents SG&A:

Twenty-Six Weeks Ended(in thousands)June 28, 2025June 29, 2024$ Change% ChangeRetail and wholesale$154,087 $137,111 $16,976 12.4 %Corporate21,404 24,118 (2,714)(11.3)%Total selling, general and administrative$175,491 $161,229 $14,262 8.8 %

SG&A for our retail and wholesale operations increased by $17.0 million, or 12.4%, during the twenty-six weeks ended June