Savers Value Village, Inc. - SVV STOCK NEWS

Savers Value Village, Inc. (NYSE: SVV) has been recognized as 'Highly Commended' in the SDG Pioneer Award category at the Reuters Sustainability Awards 2024. This prestigious honor acknowledges the company's significant contributions to sustainable business practices and positive impact on society and the environment.

For over 70 years, Savers Value Village has promoted secondhand shopping as a sustainable choice, focusing on a triple bottom line approach—people, planet, and profit. In the last five years, the company has repurposed over 3.2 billion pounds of reusable items, diverting them from landfills and generating revenue for non-profit partners.

CEO Mark Walsh emphasized the company's mission to champion reuse and inspire a future where secondhand is second nature. As the secondhand market grows, Savers Value Village aims to lead the thrift experience, demonstrating that sustainability is beneficial for both the planet and business.

Value Village®, Canada's largest for-profit thrift operator, has released its 2024 Thrift Report, revealing a significant shift in consumer behavior towards secondhand shopping. The survey shows that 90% of Canadian consumers have engaged with thrift stores, up from 83% in 2022. Notably, more than 40% of Gen Z are thrifters, indicating a growing trend among younger generations.

Key findings include:

• In-person thrift experiences dominate, with shoppers spending 6.8 times more at brick-and-mortar stores than online.
• Over 30% of consumers say secondhand clothing comprises more than a quarter of their wardrobe.
• Thrifting extends beyond apparel, with 80% of consumers buying non-apparel items secondhand.

Drivers behind thrifting's popularity include the desire for unique style, treasure hunting, and social experiences. Value Village® has found reuse for over 3.2 billion pounds of items in the last five years, generating $580 million for non-profit partners.

Savers Value Village, Inc. (NYSE: SVV), North America's largest for-profit thrift operator, has released its 2024 Thrift Report. The survey reveals growing popularity of secondhand shopping across demographics. Key findings include:

- Nearly 90% of North American consumers have engaged with thrift stores
- In-person thrift experiences dominate, with 77¢ of every dollar spent in-store
- Gen Z leads the trend, with 60% thrifting monthly
- Thrifting extends beyond apparel to books, furniture, and electronics

Drivers of thrift's popularity include:
- Desire for unique style
- Enjoyment of treasure hunting
- Social aspect of thrifting

Savers Value Village has repurposed over 3.2 billion pounds of reusable items in the last five years, generating $580 million for non-profit partners.

Savers Value Village, Inc. (NYSE: SVV) has been awarded two Gold Stevie® Awards for Achievement in Corporate Social Responsibility (CSR) and Achievement in Environment, Social, and Governance (ESG), as well as a Bronze Stevie® Award for Sustainability Leadership in the 21st Annual International Business Awards®. The company's unique 'triple bottom line' business model, which benefits local communities, the planet, and shareholders, was recognized among over 3,600 nominations from 62 nations.

SVV's commitment to reuse and sustainability is evident in its impressive track record: over the past five years, the company has found new homes for 3.2 billion pounds of reusable goods and paid more than $530 million to its non-profit partners. As the largest for-profit thrift operator in the U.S. and Canada, SVV aims to mitigate the environmental impact of the textile industry by promoting secondhand shopping.

Savers Value Village (NYSE: SVV) reported Q2 financial results for the quarter ended June 29, 2024. Net sales rose 2.0% to $386.7 million, with U.S. sales up 5.4% but Canadian sales down 2.4%. Comparable store sales remained flat overall, with a 2.1% increase in the U.S., but a 3.1% decrease in Canada.

The company opened four new stores and acquired seven, totaling 337 stores. Net income stood at $9.7 million, while Adjusted Net Income was $23.7 million. Adjusted EBITDA reached $80.0 million, with a 20.7% margin.

SVV's FY 2024 outlook was revised: net sales now expected at $1.53-$1.56 billion, down from $1.57-$1.59 billion. Comparable store sales forecast revised to -1% to 1%, and net income guidance dropped to $42-$56 million from $85-$92 million. Additionally, the company repurchased 1.4 million shares of common stock at an average price of $10.51 per share.

Savers Value Village, Inc. (SVV) has announced plans to release its second quarter fiscal 2024 financial results on August 8, 2024 after market close. The company will host a conference call at 4:30 p.m. ET on the same day to discuss the results. Investors and analysts can participate by dialing +1 800 549 8228 (international: +1 289 819 1520) with Conference ID 86270. A live webcast will be available on the company's investor relations website, and a replay will be accessible until August 22, 2024.

Savers Value Village is the largest for-profit thrift operator in the United States and Canada, focusing on value-priced pre-owned clothing, accessories, and household goods. The company's mission is to promote reuse and inspire a future where secondhand is second nature.

Savers Value Village, Inc. (NYSE: SVV) reported a 2.5% increase in net sales, with a 0.3% rise in comparable store sales. The company acquired a thrift store chain in Georgia, targeting a total of 29 net new stores in 2024. Adjusted net income increased by 32.3% to $13.9 million, and total active loyalty program members grew by 12.2% to 5.5 million. The company aims to strengthen its presence in the U.S. Southeast region and is optimistic about its fiscal 2024 outlook.

Savers Value Village, Inc. appointed Michael Maher as Chief Financial Officer, replacing current CFO Jay Stasz. Maher brings over 25 years of experience in retail and consumer sectors, previously serving as Interim CFO at Nordstrom, Inc. The company believes Maher's skillset will aid in capitalizing on growth opportunities.