Company: SVV
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001883313-25-000066
Chunk: 125

Company: Savers Value Village, Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 2
Chunk 125
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 in Canada due to higher processing and 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 $113.5 million during the thirteen weeks ended June 28, 2025, compared to $96.7 million during the thirteen weeks ended June 29, 2024. The $16.8 million increase in personnel costs resulted primarily from growth in our store base, increased labor to support higher processing, the opening of new offsite processing facilities and elevated wage rates.

Salaries, wages and benefits

The following table presents salaries, wages and benefits:

Thirteen Weeks Ended(in thousands)June 28, 2025June 29, 2024$ Change% ChangeRetail and wholesale$55,501 $50,715 $4,786 9.4 %Corporate31,492 40,240 (8,748)(21.7)%Total salaries, wages and benefits$86,993 $90,955 $(3,962)(4.4)%

Personnel costs for our retail and wholesale operations increased by $4.8 million, or 9.4%, during the thirteen weeks ended June 28, 2025, compared to the thirteen weeks ended June 29, 2024. The increase primarily reflects growth in our store base, higher wages and an increase to annual incentive plan expense. 

Personnel costs for our corporate employees decreased by $8.7 million, or 21.7%, during the thirteen weeks ended June 28, 2025, compared to the thirteen weeks ended June 29, 2024, primarily reflecting a $10.9 million decrease in IPO-related stock-based compensation expense, partially offset by an increase in non-IPO-related stock-based compensation expense and annual incentive plan expense.

25

Selling, general and administrative

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

Thirteen Weeks Ended(in thousands)June 28, 2025June 29, 2024$ Change% ChangeRetail and wholesale$78,152 $72,763 $5,389 7.4 %Corporate10,260 10,723 (463)(4.3)%Total selling, general and administrative$88,412 $83,486 $4,926 5.9 %

SG&A for our retail and wholesale operations increased by $5.4 million, or