Company: SVV
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001883313-25-000013
Chunk: 97

Company: Savers Value Village, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 97
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-IPO-related stock-based compensation expense. 

51

Selling, general and administrative

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

Fiscal Year(in thousands)20242023$ Change% ChangeRetail and wholesale$278,004 $259,031 $18,973 7.3 %Corporate59,127 52,357 6,770 12.9 %Total selling, general and administrative$337,131 $311,388 $25,743 8.3 %

SG&A for our retail and wholesale operations increased by $19.0 million, or 7.3%, during fiscal year 2024, compared to fiscal year 2023. The increase resulted primarily from growth in our store base which drove an increase in rent and utilities and store pre-opening expenses. In addition, we incurred elevated security costs which were offset by reduced expenditures on repairs and maintenance.  

Corporate SG&A increased by $6.8 million, or 12.9%, during fiscal year 2024, compared to fiscal year 2023. The increase primarily reflects an increase in information technology expenses and an impairment charge on our long-lived assets, partially offset by reduced expenditures on professional services.

Depreciation and amortization

The following table presents depreciation and amortization:

Fiscal Year(in thousands)20242023$ Change% ChangeDepreciation and amortization$69,530 $61,144 $8,386 13.7 %

The increase in depreciation and amortization resulted primarily from investments in new stores, offsite processing and information technology, as well as capital maintenance expenditures.

Interest expense, net

The following table presents interest expense, net:

Fiscal Year(in thousands)20242023$ Change% ChangeInterest expense$(67,810)$(93,559)$25,749 (27.5)%Amortization of debt issuance costs and debt discount(5,611)(6,051)440 (7.3)%Realized and unrealized gain on interest rate swaps10,977 11,110 (133)(1.2)%Total interest expense, net$(62,444)$(88,500)$26,056 (29.4)%

The decrease in interest expense, net was primarily due to a lower weighted average face value of debt and to a lesser extent, a decrease in the weighted average interest rate. The weighted average face value of debt decreased 18.1% from $944