Company: SVV
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001883313-25-000026
Chunk: 75

Company: Savers Value Village, Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 75
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, we redeemed $44.5 million aggregate principal amount of the Senior Secured Notes, resulting in a loss on debt extinguishment of $2.7 million.

During the thirteen weeks ended March 30, 2024, loss on debt extinguishment of $4.1 million comprised $0.7 million associated with the repricing of outstanding borrowings under our Term Loan Facility on January 30, 2024 and $3.4 million associated with the redemption of $49.5 million aggregate principal amount of the Senior Secured Notes on March 4, 2024.

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Table of Contents

Income tax benefit

The following table presents income tax 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