Savers Value Village Inc. ( (SVV) ) has released its Q3 earnings. Here is a breakdown of the information Savers Value Village Inc. presented to its investors.
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Savers Value Village, Inc. is the largest for-profit thrift store operator in the U.S. and Canada, focusing on value-priced pre-owned clothing, accessories, and household goods, with a mission to promote reuse and sustainability.
In its latest earnings report for the third quarter of 2024, Savers Value Village, Inc. revealed a modest increase in net sales by 0.5% to $394.8 million, despite mixed performance across regions with U.S. sales rising by 6.2% and Canadian sales dropping by 7.1%. The company successfully opened nine new stores, contributing to a total of 344 locations.
Key financial highlights include a net income of $21.7 million, translating to $0.13 per diluted share, and an adjusted EBITDA of $82.0 million with a margin of 20.8%. The company also saw a significant increase in loyalty program members by 11.5%, indicating strong brand engagement. However, comparable store sales dipped by 2.4%, impacted by external factors such as the timing shift in the Canada Day holiday.
Looking ahead, Savers Value Village plans to open 29 new stores throughout 2024 and has revised its full-year outlook, projecting net sales between $1.53 billion and $1.54 billion. The management remains optimistic about its strategy focused on expansion and tapping into the growing consumer demand for thrift shopping.
The company continues to navigate challenges, particularly in Canada, but is committed to enhancing performance and capitalizing on the unique value proposition it offers in the thrift retail market.
