Core Insights - Savers Value Village (SVV) reported better-than-expected Q2 FY2025 results, with GAAP revenue of $417.2 million exceeding analyst forecasts by $8.9 million and non-GAAP EPS of $0.14 beating estimates by $0.02 [1][2] - The company raised its full-year guidance for sales, comparable store sales, adjusted net income, and adjusted EBITDA, indicating strong U.S. demand and ongoing store expansion [1][10] Financial Performance - GAAP revenue increased by 7.9% year-over-year, with U.S. net sales rising 10.5% to $228.8 million and comparable store sales growing 4.6% [2][5] - Canadian GAAP net sales grew 3.4% to $155.0 million, with comparable store sales recovering to a 2.6% increase [6] - Adjusted EBITDA fell 5.6% to $68.8 million, with the adjusted EBITDA margin declining from 18.9% to 16.5% [2][7] Business Model and Strategy - Savers Value Village operates thrift stores in the U.S., Canada, and Australia, sourcing inventory through charitable partnerships and donations [3] - The company focuses on increasing donations, investing in automated processing, expanding its store base, and enhancing its loyalty program [4] Store Expansion and Customer Engagement - The company opened four new stores, bringing the total to 354, and plans to open 25 stores in fiscal 2025, primarily in the U.S. [8] - Membership in the Super Savers Club® loyalty program reached nearly 6 million, with 72.4% of retail sales attributed to active members [8] Future Outlook - Full-year GAAP net sales are expected to be between $1.67 billion and $1.69 billion, with comparable store sales growth forecasted at 3.0% to 4.5% [10] - Management anticipates profit margins will remain under pressure in the near term but expects improvement as new stores mature [11]