Company: SVV
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001883313-25-000026
Chunk: 73

Company: Savers Value Village, Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 73
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(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, 2025, compared to the thirteen weeks ended March 30, 2024. The decrease primarily reflects a decrease in professional services and marketing expenses.

Depreciation and amortization

The following table presents depreciation and amortization:

Thirteen Weeks Ended(in thousands)March 29, 2025March 30, 2024$ Change% ChangeDepreciation and amortization$19,358 $18,301 $1,057 5.8 %

The increase in depreciation and amortization resulted primarily from investments in new stores, offsite processing and information technology, as well as capital maintenance expenditures.

Interest expense, net

The following table presents interest expense, net:

Thirteen Weeks Ended(in thousands)March 29, 2025March 30, 2024$ Change% ChangeInterest expense, net$16,030 $17,699 $(1,669)(9.4)%Amortization of debt issuance cost and debt discount1,420 1,401 19 1.4 %Gain on interest rate swaps(2,636)(3,024)388 (12.8)%Total interest expense, net$14,814 $16,076 $(1,262)(7.9)%

The decrease in interest expense, net was primarily due to a lower weighted average face value of debt and a decrease in the weighted average interest rate. The weighted average face value of debt decreased 8.3% from $802.6 million during the thirteen weeks ended March 30, 2024 to $736.3 million during the thirteen weeks ended March 29, 2025 due to debt repayments. Over the same period, the weighted average interest rate decreased 70 basis points from 9.73% to 9.03%. This decrease was due to a decrease