Savers Value Village(SVV) - 2024 Q3 - Quarterly Results

Financial Performance - Net sales increased by 0.5% to $394.8 million, with U.S. sales up 6.2$21.7 million, with an adjusted net income of $25.1 million, resulting in net income per diluted share of$0.13 and adjusted net income per diluted share of $0.15[2] - Adjusted EBITDA was$82.0 million, with an adjusted EBITDA margin of 20.8%[2] - Operating income for the thirteen weeks ended September 28, 2024, was $48,638, compared to$20,345 in the same period of 2023, indicating a significant increase of 139.5%[18] - Net income for the thirteen weeks ended September 28, 2024, was $21,681, a turnaround from a net loss of$15,612 in the same period of 2023[23] - Basic net income per share for the thirteen weeks ended September 28, 2024, was $0.13, compared to a loss of$0.10 per share in the same period of 2023[23] - Adjusted net income for the thirteen weeks ended September 28, 2024, was $25,088,000, compared to$26,519,000 for the same period in 2023[29] - Net income per diluted share for the thirteen weeks ended September 28, 2024, was $0.13, compared to a net loss of$0.10 for the same period in 2023[29] - Adjusted EBITDA for the thirteen weeks ended September 28, 2024, was $81,998 thousand, down 9.0$91,010 thousand in the prior year[33] Sales and Revenue - Total active members in loyalty programs increased by 11.5% to 5.8 million, accounting for nearly 72% of total sales in the quarter[2] - The updated fiscal 2024 outlook includes total net sales of approximately $1.53 billion to$1.54 billion[4] - Projected net income for fiscal 2024 is approximately $44 million to$49 million, with adjusted net income projected at $81 million to$86 million[4] - U.S. Retail net sales increased by $12,343,000 (6.2$212,470,000 for the thirteen weeks ended September 28, 2024, compared to $200,127,000 for the same period in 2023[25] - Canada Retail net sales decreased by$11,632,000 (7.1%) to $151,886,000 for the same period, down from$163,518,000[25] - Total net sales for the company increased by $2,099,000 (0.5$394,797,000 for the thirteen weeks ended September 28, 2024, compared to $392,698,000 in the prior year[25] - The U.S. Retail segment's total net sales for the thirty-nine weeks ended September 28, 2024, increased by$31,470,000 (5.4%) to $612,118,000 compared to$580,648,000 in the prior year[26] Store Operations and Expansion - The company plans to open 29 new stores in fiscal 2024, including 22 organic openings and 7 from the Peaches acquisition[4] - The total number of stores increased to 344 as of September 28, 2024, from 321 in the same period last year[37] Assets and Liabilities - Total assets as of September 28, 2024, were $1,889,671, an increase from$1,867,405 as of December 30, 2023[19] - Total liabilities decreased to $1,456,788 as of September 28, 2024, from$1,491,350 as of December 30, 2023[19] - Cash and cash equivalents at the end of the period were $137,719, down from$179,955 at the beginning of the period[21] Capital Expenditures and Debt - The company incurred $80,146 in capital expenditures for property and equipment during the thirteen weeks ended September 28, 2024[21] - The company reported a loss on extinguishment of debt of$4,088 for the thirty-nine weeks ended September 28, 2024, compared to a loss of $16,626 for the same period in 2023[21] - The company reported an interest expense of$15,466 thousand for the thirteen weeks ended September 28, 2024, down from $18,708 thousand in the same period last year[33] Market Strategy - The company remains focused on driving stronger performance in Canada despite macroeconomic pressures[2] - The company anticipates continued focus on market expansion and new product development as part of its strategic initiatives moving forward[36]