Last10K.com

Container Store Group, Inc. (TCS) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, April 2, 2022

Container Store Group, Inc.

CIK: 1411688 Ticker: TCS

Exhibit 99.1

Graphic

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 $0.69in 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 $0.71in 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.


The following information was filed by Container Store Group, Inc. (TCS) on Tuesday, May 17, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Container Store Group, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

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..

Continue

Assess how Container Store Group, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Container Store Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Rating

Learn More
Bullish Bearish Neutral
Filter by Sentiment:
All
Positive
Negative
Filter by Category:
All
Financial
Revenue
M & A
Legal
Other
Filter by Subcategory:
All
Earnings
Expense
Product
Debt
Geography
Income
Cash Flow
Other
Inside Container Store Group, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Income (Tables)
Closet Works Acquisition
Closet Works Acquisition (Details)
Closet Works Acquisition (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Description Of Business And Basis Of Presentation
Detail Of Certain Balance Sheet Accounts
Detail Of Certain Balance Sheet Accounts (Details)
Detail Of Certain Balance Sheet Accounts (Tables)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Components Of Net Periodic Benefit Cost (Details)
Employee Benefit Plans - Nonqualified Retirement Plan (Details)
Employee Benefit Plans - Pension Plan (Details)
Employee Benefit Plans 401(K) Plan (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Fair Value Measurements - Estimated Fair Value Of Long-Term Debt, Including Current Maturities (Details)
Foreign Currency Forward Contracts
Foreign Currency Forward Contracts (Details)
Goodwill And Trade Names
Goodwill And Trade Names (Details)
Goodwill And Trade Names (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Components Of The Provision For Income Taxes (Details)
Income Taxes - Differences Between The Actual Provision For Income Taxes And The Amounts Computed By Applying The Statutory Federal Tax Rate To Income Before Taxes (Details)
Income Taxes - Operating Loss Carryovers (Details)
Leases
Leases (Details)
Leases (Tables)
Leases - Components Of Lease Costs (Details)
Leases - Future Minimum Lease Payments (Details)
Leases - Weighted Average Remaining Operating Lease Term And Incremental Borrowing Rate (Details)
Long-Term Debt And Revolving Lines Of Credit
Long-Term Debt And Revolving Lines Of Credit (Tables)
Long-Term Debt And Revolving Lines Of Credit - Deferred Financing Costs (Details)
Long-Term Debt And Revolving Lines Of Credit - Elfa Senior Secured Credit Facilities (Details)
Long-Term Debt And Revolving Lines Of Credit - Revolving Credit Facility (Details)
Long-Term Debt And Revolving Lines Of Credit - Schedule Of Long-Term Debt And Revolving Lines Of Credit (Details)
Long-Term Debt And Revolving Lines Of Credit - Scheduled Total Revolving Lines Of Credit And Debt Maturities (Details)
Long-Term Debt And Revolving Lines Of Credit - Senior Secured Term Loan Facility (Details)
Nature Of Business And Summary Of Significant Accounting Policies (Details)
Nature Of Business And Summary Of Significant Accounting Policies (Policies)
Nature Of Business And Summary Of Significant Accounting Policies (Tables)
Nature Of Business And Summary Of Significant Accounting Policies - Description Of Business (Details)
Nature Of Business And Summary Of Significant Accounting Policies - Fiscal Year (Details)
Nature Of Business And Summary Of Significant Accounting Policies - Foreign Currency Forward Contracts (Details)
Nature Of Business And Summary Of Significant Accounting Policies - Gift Cards And Merchandise Credits (Details)
Nature Of Business And Summary Of Significant Accounting Policies - Property, Plant, And Equipment (Details)
Net Income Per Common Share
Net Income Per Common Share (Details)
Net Income Per Common Share (Tables)
Schedule I-Condensed Financial Information Of Registrant
Schedule I-Condensed Financial Information Of Registrant - Condensed Balance Sheets (Details)
Schedule I-Condensed Financial Information Of Registrant - Condensed Statements Of Comprehensive Income (Details)
Schedule I-Condensed Financial Information Of Registrant - Condensed Statements Of Operations (Details)
Schedule I-Condensed Financial Information Of Registrant - Disclosure (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Earnings Or Loss Before Income Taxes For Operating Segments (Details)
Segment Reporting - Reconciliation Of Adjusted Ebitda By Segment To Income Before Taxes (Details)
Segment Reporting - Sales By Merchandise Category As A Percentage Of Total Net Sales (Details)
Shareholders' Equity
Shareholders' Equity - Common Stock (Details)
Shareholders' Equity - Preferred Stock (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation - Restricted Stock Awards (Details)
Stock-Based Compensation - Restricted Stock Awards Activity (Details)
Stock-Based Compensation - Stock Option Activity (Details)
Stock-Based Compensation - Stock Options (Details)
Subsequent Event
Subsequent Event (Details)
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

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/tcs/0001558370-22-009663.htm