Please wait while we load the requested 10-K report or click the link below:
https://last10k.com/sec-filings/report/1411688/000155837022009663/tcs-20220402x10k.htm
May 2022
February 2022
January 2022
December 2021
November 2021
September 2021
August 2021
May 2021
February 2021
December 2020
Exhibit 99.1
The Container Store Group, Inc. Announces Fourth Quarter and Full Fiscal Year 2021 Financial Results
Highest full-year sales in history, with consolidated net sales of $1.1 billion, up 10.5%† compared to fiscal 2020 and up 19.5% compared to fiscal 2019;
Highest full-year earnings per diluted share in history, with earnings per diluted share of $1.62 compared to $1.17† in fiscal 2020 and $0.30 in fiscal 2019; Adjusted earnings per diluted share* of $1.65 compared to $1.24† in fiscal 2020 and $0.30 in fiscal 2019;
Fourth quarter consolidated net sales of $305.5 million, down 2.9%† compared to fourth quarter of fiscal 2020 (decrease driven by 580 basis points impact of 53rd week in the fourth quarter of fiscal 2020) and up 26.6% compared to fourth quarter of fiscal 2019;
Earnings per diluted share of $0.46 compared to $0.69†in the fourth quarter of fiscal 2020 and $0.26 in the fourth quarter of fiscal 2019; Adjusted earnings per diluted share* of $0.46 compared to $0.71† in the fourth quarter of fiscal 2020 and $0.26 in the fourth quarter of fiscal 2019
Coppell, TX — May 17, 2022 — The Container Store Group, Inc. (NYSE: TCS) (the “Company”), today announced its financial results for the fourth quarter and fiscal year ended April 2, 2022, outlook for fiscal 2022, and long-term targets. The fourth quarter and full fiscal year 2021 consisted of 13 weeks and 52 weeks, respectively. The fourth quarter and full fiscal year 2020 consisted of 14 weeks and 53 weeks, respectively. The fourth quarter and full fiscal year 2019 consisted of 13 weeks and 52 weeks, respectively.
Satish Malhotra, Chief Executive Officer and President of The Container Store, commented, “We are very pleased with our stronger than expected fourth quarter performance which capped off the best year of sales and profitability in company history. The results demonstrate the progress we are making toward our goal of doubling our sales to $2 billion, and in fiscal 2021 we proudly exceeded $1 billion in sales for the first time. In the fourth quarter of fiscal 2021, custom closet sales were up 3.6%† when compared to fiscal 2020 driven by our successful Transform with Elfa event, despite limiting the depth and breadth of the promotions. On 2/22/22, we launched our new branding campaign, Welcome to The Organization, with a 22% off welcome offer that drove a record-breaking single-day sales. We followed up the branding campaign with the launch of a reimagined loyalty program, Organized Insider, and our first mobile app. Fiscal 2021 was a banner year that we believe has established a solid foundation for growth at The Container Store.”
Mr. Malhotra concluded, “While fiscal 2022 will be a unique year as we contend with a dynamic macro backdrop, we will focus on our strategic initiatives to drive growth and market share gains. We will continue to emphasize the power of organization and demonstrate The Container Store’s leadership within the $20 billion addressable market of home storage and organization. With only 5% of total market share today, we are confident in the opportunity ahead to grow sales to $2 billion by fiscal 2027. We are excited to return to store growth with a plan to open two new stores in fiscal 2022, and a plan for an additional 74 new stores by fiscal 2027. This growth coupled with our more productive store base, and disciplined expense management is expected to result in low double digit operating margins over time as inflationary headwinds abate.”
* See Reconciliation of GAAP to Non-GAAP Financial Measures table.
† Amount or percentage is inclusive of a 53rd week in fiscal 2020: $17.7 million in net sales, $5.3 million in adjusted EBITDA, and $0.07 in EPS and adjusted EPS.
Please wait while we load the requested 10-K report or click the link below:
https://last10k.com/sec-filings/report/1411688/000155837022009663/tcs-20220402x10k.htm
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Container Store Group, Inc..
Container Store Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
Rating
Learn More![]()
For more information regarding our use of adjusted net income and adjusted net income per common share-diluted, and a reconciliation of adjusted net income and adjusted net income per common share-diluted to the GAAP financial measures of net income and diluted net income per common share, see "How we assess the performance of our business" above and "Non-GAAP Financial Measures" below.
For more information regarding our use of adjusted net income and adjusted net income per common share-diluted, and a reconciliation of adjusted net income and adjusted net income per common share-diluted to the GAAP financial measures of net income and diluted net income per common share, see "How we assess the performance of our business" above and "Non-GAAP Financial Measures" below.
Adjusted net income and adjusted net income per common share-diluted We use adjusted net income and adjusted net income per common share-diluted to supplement GAAP measures of performance to evaluate the effectiveness of our business strategies, to make budgeting decisions and to compare our performance against that of other peer companies using similar measures.
A reconciliation of the GAAP financial measures of net income and net income per common share-diluted to the non-GAAP financial measures of adjusted net income and adjusted net income per common share-diluted is set forth below: (a) Costs related to the transition of key executives including signing bonus, severance, and relocation costs recorded as selling, general and administrative expenses, which we do not consider in our evaluation of ongoing performance.
(2)We have presented Adjusted EBITDA, adjusted net income, and adjusted net income per common share-diluted as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP.
(2) We have presented Adjusted...Read more
Interest expense and loss on...Read more
We present adjusted net income...Read more
The increase in gross profit...Read more
Additionally, sales of products typically...Read more
For more information regarding our...Read more
For more information regarding our...Read more
For example, sales from our...Read more
A reconciliation of net income...Read more
Gross profit and gross margin...Read more
Fiscal 2020 stock-based compensation was...Read more
We present these non-GAAP measures...Read more
We present these non-GAAP measures...Read more
Prior to fiscal 2021, our...Read more
Prior to fiscal 2021, our...Read more
On a consolidated basis, gross...Read more
Adjusted net income, adjusted net...Read more
Pre-opening costs Non-capital expenditures associated...Read more
This included repayments of $7,167...Read more
Actual inventory shrinkage can vary...Read more
For reconciliation of Adjusted EBITDA...Read more
In addition, we had net...Read more
For a reconciliation of adjusted...Read more
We expect that our selling,...Read more
Furthermore, sales generated through our...Read more
Our gross margin can be...Read more
Future impairment charges could also...Read more
The decrease in working capital...Read more
In addition, we use Adjusted...Read more
Revenue from our Elfa segment...Read more
Additionally, fiscal 2020 benefited from...Read more
The amount varies depending on...Read more
The key measures we use...Read more
Our liquidity fluctuates as a...Read more
We believe it is useful...Read more
Selling, general and administrative expenses...Read more
The comparable store sales growth...Read more
Adjusted EBITDA is calculated in...Read more
As of April 2, 2022,...Read more
As of April 2, 2022,...Read more
As we continue to pursue...Read more
Accordingly, comparable store sales is...Read more
Revenue from our TCS segment...Read more
(f) Realized foreign exchange transactional...Read more
Elfa third-party net sales increased...Read more
The Revolving Credit Facility is...Read more
The following table summarizes selling,...Read more
For fiscal 2022, we expect...Read more
For fiscal 2022, we expect...Read more
Our customers are highly educated,...Read more
We are required to maintain...Read more
The effective tax rate for...Read more
There can be no assurance...Read more
The increase in working capital...Read more
Future impairment charges could be...Read more
Any excess of the purchase...Read more
While we believe our estimates...Read more
We recognize fees for installation...Read more
For the purposes of this...Read more
In connection with the Seventh...Read more
Sufficient evidence of the intent...Read more
Adjustment for currency exchange rate...Read more
Our non-GAAP measures are not...Read more
Our non-GAAP measures are not...Read more
Cash flow analysis A summary...Read more
Our leases do not provide...Read more
In fiscal 2021, the Company...Read more
If actual results are not...Read more
If actual results are not...Read more
As of April 2, 2022,...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Container Store Group, Inc. provided additional information to their SEC Filing as exhibits
Ticker: TCS
CIK: 1411688
Form Type: 10-K Annual Report
Accession Number: 0001558370-22-009663
Submitted to the SEC: Thu Jun 02 2022 4:13:33 PM EST
Accepted by the SEC: Thu Jun 02 2022
Period: Saturday, April 2, 2022
Industry: Retail Home Furniture Furnishings And Equipment Stores