Savers Value Village, Inc.SVV
Savers Value Village, Inc. Segments Disclosure
Segments
The Company’s Chief Executive Officer, who is the chief operating decision maker (“CODM”), assesses segment performance and makes resource allocation decisions based on the geographies in which it conducts its retail operations, and separately for its wholesale operations, each of which represents an operating segment. For disclosure purposes, U.S. Retail and Canada Retail were determined to be reportable segments. Neither the Company’s retail operations in Australia nor its wholesale operations meet the quantitative thresholds to be reported separately and since they do not share similar economic characteristics, they have been combined and disclosed within Other Profit. We do not separately present assets for our reportable segments because the Company’s CODM is not provided these amounts.
The Company’s CODM assesses segment performance and makes resource allocation decisions primarily based on weekly, monthly and quarterly reports that focus predominantly on segment net sales, the drivers of segment net sales and key non-financial operating metrics by segment. These weekly, monthly and quarterly reports compare actual segment performance against performance in the comparative period in the prior year, against budget, against forecast, or as a trend over time, or any combination of the foregoing. Collectively, these factors provide the CODM with insight into segment profitability. The Company’s CODM is provided with segment profit as well as significant segment expenses on a recurring basis.
General corporate expenses include unallocated corporate overhead recorded in salaries, wages and benefits, and selling, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income.
Beginning in the first quarter of fiscal 2025, the Company revised its calculation of segment profit to include, among other things, lease expense as recognized under Topic 842, Leases, consistent with the information provided to the CODM. Previously, segment profit included cash-basis rent. Prior period amounts have been recast to reflect this change, resulting in a decrease in segment profit of $5.3 million for the U.S. Retail segment and a decrease of $1.5 million for the Canada Retail segment for fiscal 2024. For fiscal 2023, the recast resulted in a decrease in segment profit of $5.6 million for the U.S. Retail segment and a decrease of $2.0 million for the Canada Retail segment.
Segment profit may not be comparable to similarly titled measures used by other entities. These measures should not be considered as alternatives to our GAAP measures of operating income, net income or cash flows from operating activities as an indicator of the Company’s performance or as a measure of its liquidity.
Our segment results are presented in the tables below. In each table, “Other profit” is attributable to the Australia Retail and Wholesale operating segments which have been combined.
| Fiscal Year 2025 | |||||||||||||||||
| (in thousands) | U.S. Retail | Canada Retail | Total | ||||||||||||||
| Segment sales | $ | 940,185 | $ | 608,093 | $ | 1,548,278 | |||||||||||
| Segment expenses: | |||||||||||||||||
| Cost of merchandise sold, exclusive of depreciation and amortization | 432,482 | 254,950 | 687,432 | ||||||||||||||
| Salaries, wages and benefits | 132,321 | 74,987 | 207,308 | ||||||||||||||
| Selling, general and administrative | 179,967 | 124,616 | 304,583 | ||||||||||||||
| Total segment expenses | 744,770 | 454,553 | 1,199,323 | ||||||||||||||
| Segment profit | $ | 195,415 | $ | 153,540 | 348,955 | ||||||||||||
| Reconciliation of profit | |||||||||||||||||
| Other profit | 33,411 | ||||||||||||||||
| General corporate expenses | 177,784 | ||||||||||||||||
| Depreciation and amortization | 80,482 | ||||||||||||||||
| Operating income | 124,100 | ||||||||||||||||
| Interest expense, net | 61,964 | ||||||||||||||||
| Gain on foreign currency, net | (11,032) | ||||||||||||||||
| Loss on extinguishment of debt | 35,728 | ||||||||||||||||
| Other expense, net | 235 | ||||||||||||||||
| Income before income taxes | $ | 37,205 | |||||||||||||||
| Fiscal Year 2024 | |||||||||||||||||
| (in thousands) | U.S. Retail | Canada Retail | Total | ||||||||||||||
| Segment sales | $ | 832,581 | $ | 586,971 | $ | 1,419,552 | |||||||||||
| Segment expenses: | |||||||||||||||||
| Cost of merchandise sold, exclusive of depreciation and amortization | 375,417 | 239,138 | 614,555 | ||||||||||||||
| Salaries, wages and benefits | 117,034 | 70,534 | 187,568 | ||||||||||||||
| Selling, general and administrative | 158,181 | 113,704 | 271,885 | ||||||||||||||
| Total segment expenses | 650,632 | 423,376 | 1,074,008 | ||||||||||||||
| Segment profit | $ | 181,949 | $ | 163,595 | 345,544 | ||||||||||||
| Reconciliation of profit | |||||||||||||||||
| Other profit | 34,788 | ||||||||||||||||
| General corporate expenses | 180,613 | ||||||||||||||||
| Depreciation and amortization | 69,530 | ||||||||||||||||
| Operating income | 130,189 | ||||||||||||||||
| Interest expense, net | 62,444 | ||||||||||||||||
| Loss on foreign currency, net | 14,294 | ||||||||||||||||
| Loss on extinguishment of debt | 4,088 | ||||||||||||||||
| Other income, net | (71) | ||||||||||||||||
| Income before income taxes | $ | 49,434 | |||||||||||||||
| Fiscal Year 2023 | |||||||||||||||||
| (in thousands) | U.S. Retail | Canada Retail | Total | ||||||||||||||
| Segment sales | $ | 780,126 | $ | 605,630 | $ | 1,385,756 | |||||||||||
| Segment expenses: | |||||||||||||||||
| Cost of merchandise sold, exclusive of depreciation and amortization | 336,164 | 233,054 | 569,218 | ||||||||||||||
| Salaries, wages and benefits | 107,670 | 72,638 | 180,308 | ||||||||||||||
| Selling, general and administrative | 143,763 | 112,018 | 255,781 | ||||||||||||||
| Total segment expenses | 587,597 | 417,710 | 1,005,307 | ||||||||||||||
| Segment profit | $ | 192,529 | $ | 187,920 | 380,449 | ||||||||||||
| Reconciliation of profit | |||||||||||||||||
| Other profit | 38,632 | ||||||||||||||||
| General corporate expenses | 216,080 | ||||||||||||||||
| Depreciation and amortization | 61,144 | ||||||||||||||||
| Operating income | 141,857 | ||||||||||||||||
| Interest expense, net | 88,500 | ||||||||||||||||
| Gain on foreign currency, net | (6,660) | ||||||||||||||||
| Loss on extinguishment of debt | 16,626 | ||||||||||||||||
| Other income, net | (3,688) | ||||||||||||||||
| Income before income taxes | $ | 47,079 | |||||||||||||||
We do not separately present assets for our reportable segments because the Company’s CODM is not provided these amounts. The Company’s long-lived assets are primarily located in the U.S. and Canada, with a portion located in Australia. Long-lived assets consist of property and equipment, ROU lease assets and charity licensing agreements. The following table disaggregates our long-lived assets by location:
| (in thousands) | January 3, 2026 | December 28, 2024 | |||||||||
U.S. | $ | 624,025 | $ | 527,126 | |||||||
Canada | 335,100 | 297,479 | |||||||||
Australia | 48,821 | 38,960 | |||||||||
| Total long-lived assets | $ | 1,007,946 | $ | 863,565 | |||||||
The following table reconciles total reportable segment net sales to consolidated net sales. “Other sales” is attributable to the Australia Retail and Wholesale operating segments which have been combined.
Fiscal Year | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
Total segment sales | $ | 1,548,278 | $ | 1,419,552 | $ | 1,385,756 | |||||||||||
Other sales | 130,676 | 118,065 | 114,493 | ||||||||||||||
Total net sales | $ | 1,678,954 | $ | 1,537,617 | $ | 1,500,249 | |||||||||||
The following table disaggregates the Company’s net sales by geography, based on the location of the Company’s customers:
Fiscal Year | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| U.S. | $ | 959,514 | $ | 850,887 | $ | 799,619 | |||||||||||
| Canada | 623,590 | 602,257 | 622,690 | ||||||||||||||
| Australia | 53,317 | 43,852 | 41,268 | ||||||||||||||
| Rest of world | 42,533 | 40,621 | 36,672 | ||||||||||||||
| Total net sales | $ | 1,678,954 | $ | 1,537,617 | $ | 1,500,249 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Mar 8, 2024 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.