Company: SVV
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001883313-25-000026
Chunk: 41

Company: Savers Value Village, Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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Gains and losses on foreign currency relate primarily to movements in the Canadian dollar (“CAD”) relative to the U.S. dollar (“USD”). During the thirteen weeks ended March 29, 2025, the USD weakened against the CAD relative to December 28, 2024, resulting in remeasurement gains of $2.0 million arising primarily on USD-denominated debt held by one of our Canadian subsidiaries. We also recorded losses of $0.3 million during the thirteen weeks ended March 29, 2025 on derivative instruments we use to manage foreign currency exchange rate risk. 

During the thirteen weeks ended March 30, 2024, the USD strengthened against the CAD relative to December 30, 2023, resulting in remeasurement losses of $6.8 million arising primarily on USD-denominated debt held by one of our Canadian subsidiaries. We also recorded gains of $5.9 million during the thirteen weeks ended March 30, 2024 on derivative instruments we use to manage foreign currency exchange rate risk.

Other expense, net

The following table presents other expense, net:

Thirteen Weeks Ended(in thousands)March 29, 2025March 30, 2024$ Change% ChangeOther expense, net$166 $106 $60 56.6 %

Other expense, net is comprised primarily of miscellaneous income and expenses not directly related to our core operating activities.

Loss on extinguishment of debt

The following table presents loss on extinguishment of debt:

Thirteen Weeks Ended(in thousands)March 29, 2025March 30, 2024$ Change% ChangeLoss on extinguishment of debt$2,718 $4,088 $(1,370)(33.5)%

During the thirteen weeks ended March 29, 2025, 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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Income tax benefit

The following table presents income tax