Savers Value Village’s net loss improved as its net sales increased during the first quarter.

The thrift store chain’s loss stood at $467,000 as sales rose 2.5 per cent year over year to $354.2 million.

During the quarter, the company’s active members enrolled in its US and Canadian loyalty programs climbed 12.2 per cent to 5.5 million.

Savers Value Village acquired Two Peaches Group, a thrift store chain with seven locations in the Atlanta, Georgia metropolitan area, last May 6.

“Demand trends in the US were strong and relatively consistent throughout the quarter, our new stores are performing well and ramping in line with plan, and the acquisition in Georgia provides an entry point into a new and high-growth region where we have no presence,” said Mark Walsh, CEO at Savers Value Village.

“While the macro environment in Canada is putting some pressure on our lower-income customer segment, we have aligned processing levels to recent demand trends,” said Walsh, adding that the company plans to add 29 net new stores this year.

For the full year, the company forecasts net income of about $85 million to $92 million. It also expects the store base to increase by about 29 units, consisting of 22 new stores and the acquisition of seven stores from Two Peaches.

The company estimates net sales to range from $1.57 billion to $1.59 billion.