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Sep 28, 2024
Savers Q3 2024 Earnings Report
Reported third quarter financial results with net sales increasing slightly and new stores opened, while narrowing the full-year outlook.
Key Takeaways
Savers Value Village reported a slight increase in net sales, driven by U.S. performance, while Canada faced macroeconomic challenges. The company opened nine new stores and is on track for 29 new stores in 2024. The full-year outlook was narrowed.
Net sales increased 0.5% to $394.8 million, or 1.2% in constant currency.
Comparable store sales decreased 2.4%, with U.S. increasing 1.6% and Canada decreasing 7.5%.
Opened nine new stores, ending the quarter with 344 stores.
Net income was $21.7 million, or $0.13 per diluted share.
Revenue by Geographic Location
Forward Guidance
The Company’s updated outlook for the fifty-two weeks ending December 28, 2024 includes total net sales of approximately $1.53 billion to $1.54 billion, comparable store sales of approximately -1% to 0%, and net income of approximately $44 million to $49 million.
Positive Outlook
- Total of 29 new stores, consisting of 22 organic new store openings and 7 stores from 2 Peaches acquisition.
- Capital expenditures of approximately $105 million to $115 million (unchanged)
- Diluted weighted average common shares outstanding of approximately 167 million
Challenges Ahead
- Total net sales of approximately $1.53 billion to $1.54 billion (from $1.53 billion to $1.56 billion previously).
- Comparable store sales of approximately -1% to 0% (from -1% to 1% previously).
- Net income of approximately $44 million to $49 million (from $42 million to $56 million previously).
- Adjusted net income of approximately $81 million to $86 million (from $82 million to $96 million previously).
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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