Company: SVV
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001883313-25-000026
Chunk: 39

Company: Savers Value Village, Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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 processing production labor due to the continued growth of offsite processing. Historically, these costs were included in other costs classified within cost of merchandise sold.

Salaries, wages and benefits

The following table presents salaries, wages and benefits:

Thirteen Weeks Ended(in thousands)March 29, 2025March 30, 2024$ Change% ChangeRetail and wholesale$52,703 $47,670 $5,033 10.6 %Corporate32,099 36,027 (3,928)(10.9)%Total salaries, wages and benefits$84,802 $83,697 $1,105 1.3 %

Personnel costs for our retail and wholesale operations increased by $5.0 million, or 10.6%, during the thirteen weeks ended March 29, 2025, compared to the thirteen weeks ended March 30, 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 $3.9 million, or 10.9%, during the thirteen weeks ended March 29, 2025, compared to the thirteen weeks ended March 30, 2024, primarily reflecting a $9.1 million decrease in IPO-related stock-based compensation expense, partially offset by an increase to annual incentive plan expense and non-IPO-related stock-based compensation expense.

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Selling, general and administrative

The following table presents selling, general and administrative (“SG&A”):

Thirteen Weeks Ended(in thousands)March 29, 2025March 30, 2024$ Change% ChangeRetail and wholesale$75,935 $64,348 $11,587 18.0 %Corporate11,144 13,395 (2,251)(16.8)%Total selling, general and administrative$87,079 $77,743 $9,336 12.0 %

SG&A for our retail and wholesale operations increased by $11.6 million, or 18.0%, during the thirteen weeks ended March 29, 2025, compared to the thirteen weeks ended March 30, 2024. The increase resulted primarily from growth in our store base, rent and utilities, routine maintenance costs and pre-opening expenses. 

Corporate SG&A decreased by $2.3 million, or 16.8%, during the thirteen weeks ended March 29,