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Mar 30, 2024
Savers Q1 2024 Earnings Report
Savers Value Village's first quarter results were reported, featuring increased sales and strategic acquisition.
Key Takeaways
Savers Value Village reported a 2.5% increase in net sales to $354.2 million and a 0.3% increase in comparable store sales. The company acquired a thrift store chain in Georgia, expanding its presence into the U.S. Southeast. Net loss was $0.5 million, or $0.00 per diluted share, while adjusted net income increased 32.3% to $13.9 million, or $0.08 per diluted share.
Net sales increased by 2.5% to $354.2 million.
Comparable store sales grew by 0.3%, with a 2.3% increase in the U.S. and a 2.6% decrease in Canada.
The acquisition of a thrift store chain with seven locations in Georgia was completed, marking entry into the U.S. Southeast.
The company now plans to add a total of 29 net new stores in 2024.
Savers
Savers
Savers Revenue by Geographic Location
Revenue by Geographic Location
U.S. Retail Revenue
CapyFin.comCanada Retail Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
The Company’s updated outlook for the fifty-two weeks ended December 28, 2024 includes a store base increase of approximately 29, total net sales of approximately from $1.57 to $1.59 billion, comparable store sales growth of approximately from 2% to 3%, net income of approximately $85 million to $92 million, Adjusted net income of approximately $126 million to $133 million, Adjusted EBITDA of approximately $330 million to $340 million, Capital expenditures of approximately $105 to $115 million, and Diluted weighted average common shares outstanding of approximately 171 million.
Positive Outlook
- Store base increase of approximately 29, consisting of 22 new stores and 7 stores from our Two Peaches acquisition
- Total net sales of approximately from $1.57 to $1.59 billion
- Comparable store sales growth of approximately from 2% to 3%
- Net income of approximately $85 million to $92 million (from $78 million previously)
- Adjusted net income of approximately $126 million to $133 million (from $123 million previously)
Challenges Ahead
- Adjusted EBITDA of approximately $330 million to $340 million (from $340 million previously)
- Capital expenditures of approximately $105 to $115 million (unchanged)
- Diluted weighted average common shares outstanding of approximately 171 million (from 172 million previously)
- Contribution from the Company’s acquisition of 2 Peaches is expected to generate approximately $7 million in net sales for the period of May 7, 2024 to December 28, 2024
- No other negatives were specified in the provided text.
Revenue & Expenses
Visualization of income flow from segment revenue to net income