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Container Store Group, Inc. (TCS) SEC Filing 10-K Annual report for the fiscal year ending Saturday, February 28, 2015

Container Store Group, Inc.

CIK: 1411688 Ticker: TCS

Exhibit 99.1

 

GRAPHIC

 

The Container Store Group, Inc., Announces

Fourth Quarter and Full Fiscal Year 2014 Financial Results

 

Company Outlines Plans for Major Strategic Initiatives and 2015 New Store Openings

 

New Built-in, Custom Closet Solution — TCS Closets TM — Rolling Out To All Stores This Year

 

Coppell, TX — April 27, 2015

 — The Container Store Group, Inc. (NYSE: TCS) (the “Company”), today announced financial results for the fourth quarter and fiscal year 2014 ended February 28, 2015.

 

·                  Adjusted net income was $11.8 million or $0.24 per adjusted diluted common share for the fourth quarter of fiscal 2014 compared to $10.7 million or $0.22 per adjusted diluted common share for the fourth quarter of fiscal 2013. For full fiscal year 2014, adjusted net income was $16.5 million or $0.34 per adjusted diluted common share compared to $16.4 million or $0.33 per adjusted diluted common share in fiscal 2013 (see GAAP/Non-GAAP reconciliation table).

 

·                  Adjusted EBITDA was $31.3 million for the fourth quarter of fiscal 2014 compared to $29.3 million for the fourth quarter of fiscal 2013.  Adjusted EBITDA was $88.2 million in the full fiscal year 2014 compared to $86.1 million in fiscal 2013 (see GAAP/Non-GAAP reconciliation table).

 

·                  Net sales were $224.3 million for the fourth quarter of fiscal 2014.  Net sales for the full fiscal year 2014 were $781.9 million.

 

·                  Company comparable store sales for the fourth quarter of fiscal 2014 were down 0.8% over the same period in fiscal 2013 and down 1.4% for the full fiscal year 2014 compared to fiscal 2013.

 

·                  The Company opened seven new stores in fiscal 2014 and relocated one store, and achieved its targeted 12% square footage growth.

 

“Our fourth quarter did not conclude according to early-in-the-quarter trends,” said Kip Tindell, Chairman and Chief Executive Officer. “Weather was a contributing factor, as we experienced winter storms in February during the vitally important last 4 days of our 50-day Annual elfa® Sale and during the last week of our 19-day Sale’s extension. Historically, approximately 20% of our elfa Sale sales occur during those last 4 days and approximately 60% of the Sale extension sales occur in the final week. Additionally, a stronger U.S. dollar had a significant impact on the conversion of our Elfa subsidiary sales,” Tindell said, “Weather and foreign exchange headwinds aside, our sales performance fell short of our expectations in fourth quarter and in fiscal 2014. We can and will do better.”

 

Tindell continued, “We are focused on strengthening our business as we build for the future in order to create long-term value for all of our stakeholders. We remain very confident of, and excited about, the potential of our three major strategic initiatives — TCS Closets, Contained Home and POP! — with fiscal 2015 serving as an investment year for these programs in order to bolster their longer-term success. We’re also working on shorter-term opportunities to drive the core business, innovate and differentiate.”

 

In addition to its three major strategic initiatives, the Company cited focus on shorter-term initiatives, which include communicating more frequently and effectively with its best customers and increased focus on solutions based selling through training and technology.  Additionally, the Company is enhancing its already robust shopping experience through programs like free shipping on orders over $75, new delivery options, as well as elevated mobile features for its Click & Pick Up service and improvements to its online elfa Custom Design Center. The Company will also launch a customer financing program.

 

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The following information was filed by Container Store Group, Inc. (TCS) on Monday, April 27, 2015 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.

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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)
Commitments And Contingencies
Commitments And Contingencies (details)
Description Of Business And Basis Of Presentation (policies) Q
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 (details 2)
Employee Benefit Plans (details)
Employee Benefit Plans (tables)
Fair Value Measurements
Fair Value Measurements (details 2)
Fair Value Measurements (details)
Fair Value Measurements (tables)
Foreign Currency Forward Contracts
Foreign Currency Forward Contracts (detail)
Gain On Disposal Of Subsidiary And Real Estate
Gain On Disposal Of Subsidiary And Real Estate (details)
Goodwill And Trade Names
Goodwill And Trade Names (details 2)
Goodwill And Trade Names (details)
Goodwill And Trade Names (tables)
Income Taxes
Income Taxes (details 2)
Income Taxes (details 3)
Income Taxes (details)
Income Taxes (tables)
Leases
Leases (details)
Leases (tables)
Long-term Debt And Revolving Lines Of Credit
Long-term Debt And Revolving Lines Of Credit (details 2)
Long-term Debt And Revolving Lines Of Credit (details)
Long-term Debt And Revolving Lines Of Credit (tables)
Nature Of Business And Summary Of Significant Accounting Policies
Nature Of Business And Summary Of Significant Accounting Policies (details 2)
Nature Of Business And Summary Of Significant Accounting Policies (details 3)
Nature Of Business And Summary Of Significant Accounting Policies (details)
Nature Of Business And Summary Of Significant Accounting Policies (tables)
Net Income (loss) Per Common Share
Net Income (loss) Per Common Share (details)
Net Income (loss) Per Common Share (tables)
Quarterly Results Of Operations (unaudited)
Quarterly Results Of Operations (unaudited) (details)
Quarterly Results Of Operations (unaudited) (tables)
Schedule I-condensed Financial Information Of Registrant
Schedule I-condensed Financial Information Of Registrant (details 2)
Schedule I-condensed Financial Information Of Registrant (details 3)
Schedule I-condensed Financial Information Of Registrant (details 4)
Schedule I-condensed Financial Information Of Registrant (details)
Segment Reporting
Segment Reporting (detail)
Segment Reporting (details 2)
Segment Reporting (tables)
Shareholders' Equity
Shareholders' Equity (details)
Stock-based Compensation
Stock-based Compensation (details)
Stock-based Compensation (tables)
Ticker: TCS
CIK: 1411688
Form Type: 10-K Annual Report
Accession Number: 0001047469-15-004547
Submitted to the SEC: Fri May 08 2015 8:01:08 AM EST
Accepted by the SEC: Fri May 08 2015
Period: Saturday, February 28, 2015
Industry: Retail Home Furniture Furnishings And Equipment Stores

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