11:02 AM EDT, 05/10/2024 (MT Newswires) -- (Updates with the latest stock movement in the headline and the first paragraph.)

Savers Value Village ( SVV ) shares fell nearly 20% in recent Friday trading, a day after it posted lower-than-expected Q1 adjusted net income and net sales.

The company reported Q1 adjusted net income late Thursday of $0.08 per diluted share, up from $0.07 per share a year earlier.

Analysts polled by Capital IQ expected $0.09.

Net sales for the quarter ended March 30 rose to $354.2 million from $345.7 million a year earlier.

Analysts surveyed by Capital IQ expected $354.7 million.

The company said it continues to expect fiscal 2024 net sales of $1.57 billion to $1.59 billion.

The consensus is for $1.58 billion.

Separately, Savers Value Village ( SVV ) said it has named Michael Maher as chief financial officer, effective Monday, succeeding Jay Stasz, starting May 13.

Maher most recently served as interim CFO of Nordstrom (JWN). Savers Value Village ( SVV ) said Stasz will remain with the company in an advisory role through Aug. 12.

Price: 13.78, Change: -3.38, Percent Change: -19.68