Savers Value Village(US:SVV)2024-05-09 20:08Financial Performance - Net sales increased by 2.5% to $354.2 million, with comparable store sales up 0.3%[4] - Adjusted net income rose by 32.3% to $13.9 million, with adjusted net income per diluted share at $0.08[4] - The company ended the first quarter with a net loss of $0.5 million, or $0.00 per diluted share[4] - Adjusted EBITDA increased by 2.1% to $60.3 million, with an adjusted EBITDA margin of 17.0%[4] - Net income for fiscal 2024 is projected to be approximately $85 million to $92 million, an increase from previous estimates[9] - Adjusted net income for the period was $13,863 thousand, compared to $10,480 thousand for the same period in 2023[35] - The company expects adjusted net income for fiscal 2024 to be between $126 million and $133 million, with a GAAP net income forecast of $85 million to $92 million[39] Sales and Store Performance - Fiscal 2024 outlook includes total net sales projected between $1.57 billion and $1.59 billion[9] - Comparable store sales growth is expected to be between 2% and 3% for fiscal 2024[9] - U.S. Retail segment sales increased by 4.7% to $192,580 thousand from $184,021 thousand year-over-year[32] - Comparable store sales growth in the United States was 2.3% for the thirteen weeks ended March 30, 2024, down from 5.6% in the same period last year[46] - The total number of stores increased to 326 as of March 30, 2024, up from 317 a year earlier, with 155 stores in the United States and 159 in Canada[46] - The company plans to add a total of 29 net new stores in 2024, including the acquisition of 7 stores in Georgia[3][5] Loss and Improvement - The net loss for the thirteen weeks ended March 30, 2024, was $467 thousand, a significant improvement from a net loss of $10,195 thousand in the same period last year[29] - For the thirteen weeks ended March 30, 2024, the company reported a net loss of $467,000 compared to a net loss of $10,195,000 for the same period in the previous year, indicating a significant improvement[41] Assets and Liabilities - Cash and cash equivalents decreased to $102,183 thousand from $179,955 thousand at the end of the previous quarter[25] - Total assets decreased to $1,817,955 thousand from $1,867,405 thousand at the end of the previous quarter[25] - Total liabilities decreased to $1,422,998 thousand from $1,491,350 thousand at the end of the previous quarter[25] Other Financial Metrics - The company incurred interest expense of $16,076 thousand, a decrease from $24,470 thousand in the same period last year[27] - Stock-based compensation expense for the thirteen weeks ended March 30, 2024, was $19,129,000, significantly higher than $917,000 in the same period last year[41] - The company recorded transaction costs of $2,257,000 for the thirteen weeks ended March 30, 2024, compared to $940,000 in the prior year[41] - The company processed a supply volume of 238 million pounds for the thirteen weeks ended March 30, 2024, slightly down from 240 million pounds in the previous year[46] - The impact of foreign currency on net sales was a decrease of $20,000, with constant-currency net sales showing a 2.4% increase[43] Acquisition Impact - The acquisition of 2 Peaches is expected to generate approximately $7 million in net sales from May 7, 2024, to December 28, 2024[8]