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Jul 01, 2023
Savers Q2 2023 Earnings Report
Savers Value Village, Inc. reported an increase in sales and comparable store sales with a rise in net income for the second quarter of 2023.
Key Takeaways
Savers Value Village, Inc. announced its Q2 2023 financial results, which showed a 4.0% increase in net sales to $379.1 million. Comparable store sales also increased by 5.5%. Net income increased by 13.6% to $35.1 million, or $0.24 per diluted share. The company's adjusted EBITDA increased by 4.7% to $89.3 million.
Net sales increased 4.0% to $379.1 million.
Comparable store sales increased 5.5%, with U.S. and Canada up 5.6% and 5.5%, respectively.
Sales yield increased 8.0% to $1.49 per pound.
Net income increased 13.6% to $35.1 million, or $0.24 per diluted share.
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 expects for fiscal year 2023: opening of approximately 12 new stores, total net sales of approximately $1.51 billion, comparable store sales growth increase of approximately 5.0%, net income of approximately $23 million, adjusted net income of approximately $98 million, adjusted EBITDA of approximately $320 million, capital expenditures in the range of $100 to $105 million, and GAAP-based diluted weighted average common shares outstanding of approximately 160.0 million.
Positive Outlook
- Opening of approximately 12 new stores
- Total net sales of approximately $1.51 billion
- Comparable store sales growth increase of approximately 5.0%
- Adjusted net income of approximately $98 million
- Adjusted EBITDA of approximately $320 million
Challenges Ahead
- Net income of approximately $23 million
- Capital expenditures in the range of $100 to $105 million
- GAAP-based diluted weighted average common shares outstanding of approximately 160.0 million.
- Stock-based compensation of approximately $69 million reflecting equity issued in connection with the Company’s IPO, of which $48 million and $21 million is expected to be recognized during the third and fourth quarters, respectively.
- Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for us to predict all of them.
Revenue & Expenses
Visualization of income flow from segment revenue to net income