Savers Value Village is leveraging artificial intelligence with its new platform, ThriftIQ, to improve pricing consistency across its apparel offerings. CEO Mark Walsh highlighted that the tool has already been tested in 58 pilot stores, pricing over 25 million items, with plans to double that by year-end.
This initiative aims to provide predictable pricing while maintaining lower prices compared to traditional retail, which are typically 40% to 70% lower. The company reported a 7.4% increase in total net sales to $448.2 million for the second quarter, alongside a net income rise to $21.6 million.
CFO Michael Maher emphasized the importance of this technology in adapting to the growing thrift market, particularly among younger and more affluent consumers. The implementation of ThriftIQ is part of Savers' broader strategy to modernize operations and is expected to contribute to achieving a high-teens adjusted EBITDA margin by 2026