Company: SVV
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001883313-25-000026
Chunk: 98

Company: Savers Value Village, Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 2
Chunk 98
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 sold”):

Thirteen Weeks Ended(in thousands)March 29, 2025March 30, 2024$ Change% ChangeCost of merchandise sold, exclusive of depreciation and amortization$168,503 $158,164 $10,339 6.5 %

Cost of merchandise sold increased 80 basis points to 45.5% of net sales during the thirteen weeks ended March 29, 2025, compared to 44.7% for the thirteen weeks ended March 30, 2024. The 80 basis point increase primarily reflects the impact of 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 $105.5 million during the thirteen weeks ended March 29, 2025, compared to $95.7 million during the thirteen weeks ended March 30, 2024. The $9.8 million increase in personnel costs resulted primarily from growth in our store base and the opening of new offsite processing facilities. 

Beginning in the second quarter of fiscal 2024, we have updated the way we define personnel costs classified within cost of merchandise sold and have recast the prior period accordingly. This update had no impact on the total cost of merchandise sold. Specifically, we have updated personnel costs classified within cost of merchandise sold to include offsite 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