Savers Value Village (SVV) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 rose 8.1% year-over-year to $426.9 million, with U.S. sales up 10.5% and Canadian sales up 5.1%; comparable store sales increased 5.8%.

• Adjusted EBITDA was $70 million (16.4% margin), and adjusted net income was $22.5 million ($0.14 per share); net loss was $14 million, including a $32.6 million pre-tax loss on extinguishment of debt.

• Ten new stores opened in the quarter, bringing the total to 364; on track for 25 new openings in 2025, with growth focused on the U.S.

• Announced entry into new U.S. markets (North Carolina, Tennessee), acquired 2 Peaches Group, and released a 2025 Impact and Sustainability Report.

• Board approved a new $50 million share repurchase authorization effective November 2025.

Financial highlights

• Retail sales rose 8.7% to $408.3 million; wholesale sales declined 3.2% to $18.6 million.

• Cost of merchandise sold was $188.2 million (44.1% of net sales), up from 43.3% a year ago.

• SG&A expenses increased 18.6% to $99.5 million, including a $4 million impairment for six store closures.

• Operating income was $36.3 million (8.5% margin), down from $48.6 million (12.3% margin) year-over-year.

• Interest expense, net, was $17.3 million; effective tax rate was 19.2%.

Outlook and guidance

• Fiscal 2025 net sales expected between $1.67 billion and $1.68 billion; comparable store sales growth forecasted at 4.0% to 4.5%.

• Net income guidance lowered to $17–$21 million; adjusted net income $71–$75 million.

• Adjusted EBITDA projected at $252–$257 million; capital expenditures expected at $105–$120 million; 25 new store openings planned.

• Sufficient liquidity expected for the next 12 months, with $179.1 million available under the revolving credit facility.

• U.S. momentum expected to continue; Canadian comps expected to be roughly flat in Q4 due to macro headwinds.