Savers Value Village has reported a 0.5 per cent improvement in sales for the third quarter, driven by positive results in the US offset by a decline in Canada.
The thrift store chain’s sales for the 13 weeks ended September 28 edged up to $394.8 million, with US sales up 6.2 per cent and Canada down 7.1 per cent.
Comparable sales fell 2.4 per cent, including a 1.6 per cent growth in the US and 7.5 per cent decline in Canada.
Mark Walsh, CEO of Savers Value Village, said the results were in line with expectations, driven by steady performance in the US business. Meanwhile, the Canadian business remains pressured as a result of the challenging macro environment, he added.
The company swung to a net income of $21.7 million from a net loss of $15.6 million in the prior year. It opened nine new stores, ending the third quarter with 344, and is on track to open 29 new locations this year.
“We are confident in our new store strategy and are increasing our 2025 plans to include 25 to 30 new stores. This growth speaks to increasing consumer demand for thrift and the unique value proposition we bring to the market,” said Walsh.
The company has narrowed its sales outlook for the full year, which is now expected to be between $1.53 billion and $1.54 billion. Comparable sales are forecast to be flat or down 1 per cent, and net income to be in the range of $44 million to $49 million.