Company: SVV
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001883313-25-000066
Chunk: 48

Company: Savers Value Village, Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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 thirteen weeks ended June 28, 2025, we recorded an income tax expense of $7.7 million on income before income taxes of $26.6 million, resulting in an effective tax rate of 28.9%. For the thirteen weeks ended June 29, 2024, we recorded income tax expense of $6.3 million on income before income taxes of $16.0 million, resulting in an effective tax rate of 39.3%. The decrease in our effective tax rate was primarily driven by reduced executive compensation subject to limitation under Internal Revenue Code Section 162(m).

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Segment results

The following table presents net sales and profit by segment:

Thirteen Weeks Ended(in thousands)June 28, 2025June 29, 2024$ Change% ChangeNet sales:U.S. Retail$228,833 $207,068 $21,765 10.5 %Canada Retail154,956 149,836 5,120 3.4 %Total segment sales$383,789 $356,904 $26,885 7.5 %Segment profit:U.S. Retail$48,513 $48,058 $455 0.9 %Canada Retail$39,475 $44,078 $(4,603)(10.4)%

U.S. Retail

U.S. Retail sales increased by $21.8 million, or 10.5%, during the thirteen weeks ended June 28, 2025, compared to the thirteen weeks ended June 29, 2024. The increase in U.S. Retail sales resulted from a 6.2% increase in comparable store sales, as well as growth in our store base. The increase in comparable store sales was driven by higher transactions and average basket.

U.S. Retail segment profit increased by $0.5 million, or 0.9%, during the thirteen weeks ended June 28, 2025, compared to the thirteen weeks ended June 29, 2024. The increase in U.S. Retail segment profit primarily reflects an increase in profit from our comparable stores, largely offset by the impact of new stores.

Canada Retail

Canada Retail sales increased by $5.1 million, or 3.4%, during the thirteen weeks ended June 28, 2025, compared to the thirteen weeks ended June 29, 2024. The increase in Canada Retail sales resulted from growth in our store base