Company: SVV
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001883313-25-000101
Chunk: 112

Company: Savers Value Village, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 112
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 primarily from growth in our store base and a 4.4% increase in comparable store sales, partially offset by the unfavorable impact of foreign currency exchange rates.

Cost of merchandise sold, exclusive of depreciation and amortization

The following table presents cost of merchandise sold, exclusive of depreciation and amortization:

Thirty-Nine Weeks Ended(in thousands)September 27, 2025September 28, 2024$ Change% ChangeCost of merchandise sold, exclusive of depreciation and amortization$543,621 $491,566 $52,055 10.6 %

Cost of merchandise sold increased 150 basis points to 44.8% of net sales during the thirty-nine weeks ended September 27, 2025, compared to 43.3% for the thirty-nine weeks ended September 28, 2024. The 150 basis point increase primarily reflects deleverage of cost of merchandise sold as a percentage of net sales on comparable store sales in Canada due to higher processing and the impact of new stores, partially offset by the favorable impact of year-over-year growth in OSDs.

Personnel costs classified within cost of merchandise sold were $336.0 million during the thirty-nine weeks ended September 27, 2025, compared to $292.2 million during the thirty-nine weeks ended September 28, 2024. The $43.8 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 higher wage rates. 

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Salaries, wages and benefits

The following table presents salaries, wages and benefits:

Thirty-Nine Weeks Ended(in thousands)September 27, 2025September 28, 2024$ Change% ChangeRetail and wholesale$163,269 $148,911 $14,358 9.6 %Corporate93,046 99,930 (6,884)(6.9)%Total salaries, wages and benefits$256,315 $248,841 $7,474 3.0 %

Personnel costs for our retail and wholesale operations increased by $14.4 million, or 9.6%, during the thirty-nine weeks ended September 27, 2025, compared to the thirty-nine weeks ended September 28, 2024. The increase primarily reflects growth in our store base, higher annual incentive plan expense, as well as increased wages rates and labor.

Personnel costs for our corporate employees decreased by $