Company: SVV
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001883313-25-000013
Chunk: 95

Company: Savers Value Village, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 95
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Depreciation and amortization69,5304.561,144 4.0Total operating expenses1,407,42891.51,358,392 90.5Operating income130,1898.5141,857 9.5Other (expense) income:Interest expense, net(62,444)(4.1)(88,500)(5.9)(Loss) gain on foreign currency, net(14,294)(0.9)6,660 0.4Other income, net71—3,688 0.2Loss on extinguishment of debt(4,088)(0.3)(16,626)(1.1)Other expense, net(80,755)(5.3)(94,778)(6.4)Income before income taxes49,434 3.247,079 3.1Income tax expense (benefit)20,404 1.3(6,036)(0.4)Net income$29,0301.9%$53,115 3.5%

Comparison of fiscal year 2024 and fiscal year 2023

Net sales

The following table presents net sales:

Fiscal Year(in thousands)20242023$ Change% ChangeRetail sales$1,463,404 $1,427,024 $36,380 2.5 %Wholesale sales74,213 73,225 988 1.3 %Total net sales$1,537,617 $1,500,249 $37,368 2.5 %

Retail sales increased by $36.4 million, or 2.5%, during fiscal year 2024, compared to fiscal year 2023. The increase in retail sales resulted primarily from growth in our store base, partially offset by the unfavorable impact of foreign currency exchange rates.

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Cost of merchandise sold, exclusive of depreciation and amortization

The following table presents cost of merchandise sold, exclusive of depreciation and amortization (“cost

of merchandise sold”):

Fiscal Year(in thousands)20242023$ Change% ChangeCost of merchandise sold, exclusive of depreciation and amortization$669,744 $619,671 $50,073 8.1 %

Cost of merchandise sold increased 230 basis points to 43.6% of net sales during fiscal year 2024, compared to 41.3% during fiscal year 2023. The 230 basis point increase primarily reflects