Thrift store chain Savers Value Village has posted sales uplift for the first quarter, with strong growth in the US market and an improvement in Canada.
For the 13 weeks ended March 29, net sales rose 4.5 per cent to $370.1 million (up 7.1 per cent in constant currency), while comparable store sales increased 2.8 per cent.
In the US, net sales soared 9.4 per cent and comparable sales were up 4.2 per cent. In Canada, net sales decreased 4.1 per cent on a reported basis but rose 2.2 per cent on constant currency, with comparable sales up 0.6 per cent.
On the bottom line, net loss widened from $467,000 in the year-ago period to $4.7 million, which included a $2.7 million pre-tax loss on debt extinguishment.
The chain opened two new stores as planned, ending the quarter with 353 locations.
For the full year, the company expects comparable store sales to increase 0.5-2.5 per cent and net sales in the range of $1.61 billion to $1.65 billion. It anticipates opening 25 to 30 stores.
“We believe our focus on execution, selection and value are serving us well and position us for long term profitable growth,” said Mark Walsh, CEO of Savers Value Village.
