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Container Store Group, Inc. (TCS) SEC Filing 10-K Annual report for the fiscal year ending Saturday, February 27, 2016

Container Store Group, Inc.

CIK: 1411688 Ticker: TCS

Exhibit 99.1

 

GRAPHIC

 

The Container Store Group, Inc., Announces

Fourth Quarter and Full Fiscal Year 2015 Financial Results

 

Company Achieves Comparable Store Sales Growth of 0.2% for Fiscal 2015 Fourth Quarter; Concludes On-Time, Company-Wide Rollout of TCS Closets™

 

Outlines Previously Announced SG&A Savings Program

 

Expects Fiscal 2016 Earnings Per Share of $0.20 to $0.30

 

Coppell, TX — April 25, 2016

 — The Container Store Group, Inc. (NYSE: TCS) (the “Company”), today announced financial results for the fourth quarter and fiscal year 2015 ended February 27, 2016.

 

·                  Comparable store sales for the fourth quarter of fiscal 2015 were up 0.2% compared to the fourth quarter of fiscal 2014, exceeding the Company’s guidance of - 3.0% to - 5.0% comparable store sales growth and marking the third consecutive quarter of positive comparable store sales.

 

·                  Consolidated net sales for the fourth quarter of fiscal 2015 were $232.1 million, up 3.5% compared to the fourth quarter of fiscal 2014 after converting the Elfa International AB portion of consolidated net sales from Swedish krona (“SEK”) to U.S. dollars.  Net sales in The Container Store retail business were $214.2 million, up 4.7% as compared to the fourth quarter of fiscal 2014, primarily due to new store sales.  Elfa International AB third-party net sales for the fourth quarter of fiscal 2015 were SEK 151.9 million, down 4.4% compared to the fourth quarter of fiscal 2014.  Converting Elfa International AB third-party net sales to U.S. dollars reduced the consolidated net sales results by 0.4% percent, from 3.9% to 3.5%, or $0.9 million for the fourth quarter of fiscal 2015 compared to the fourth quarter of fiscal 2014 using the prior year conversion rate for both periods..

 

·                  Consolidated net income per diluted share (EPS) was $0.20 for the fourth quarter of fiscal 2015, which was in line with the Company’s previously provided outlook, and included approximately $0.02 per diluted share in spend for key strategic initiatives.  This compares to consolidated adjusted net income per diluted share of $0.24 in the fourth quarter of fiscal 2014 (see GAAP/Non-GAAP reconciliation table at the end of this release).

 

“We exceeded our stated expectations on total consolidated fourth quarter sales and delivered earnings in line with our previously provided outlook,” said Kip Tindell, Chairman and Chief Executive Officer.  “From a comparable store sales standpoint we performed much better than we projected for the fourth quarter and importantly, saw improved and positive comparable store sales across non-TCS Closets and non-elfa® areas of the store during the last two months of the fiscal quarter.  In addition, our TCS Closets initiative was again a key driver of performance, providing a 140 basis point lift to overall comparable store sales.”

 

“For fiscal year 2015, we executed and delivered on our stated initiatives and, with flat comparable store sales growth, also exceeded our most recent annual comparable store sales outlook of -1.0% to -1.6% after having started the year with outlook of -2.0% to flat then raising the floor of it upon release of our second quarter earnings to -1.0% to flat.  As we have consistently said, fiscal 2015 was an investment year for our company as we strategically, and importantly, put extremely focused and significant financial, human and operational resources into key initiatives designed to transform our business by addressing the changing retail landscape and setting the stage for long-term growth.  Some of our primary accomplishments for fiscal 2015 are as follows:

·                  Taking our quarterly comparable store sales trend from slightly negative to slightly positive;

·                  We successfully rolled out TCS Closets and Contained HomeSM on time, to every store;

·                  We introduced free shipping on orders over $75;

·                  We increased our POP! Stars® by approximately 1.6 million to over 3.3 million total;

·                  We expanded our presence by opening 10 new stores (inclusive of one relocation) extending our reach into seven new markets while expanding two existing markets;

 


The following information was filed by Container Store Group, Inc. (TCS) on Monday, April 25, 2016 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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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)
Commitments And Contingencies
Commitments And Contingencies (details)
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)
Employee Benefit Plans (tables)
Employee Benefit Plans - Nonqualified Retirement Plan (details)
Employee Benefit Plans - Pension 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 (detail)
Goodwill And Trade Names
Goodwill And Trade Names (details)
Goodwill And Trade Names (tables)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Income Taxes - Asc 740-30 (details)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (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)
Income Taxes - Valuation Allowance (details)
Leases
Leases (details)
Leases (details)
Leases (tables)
Long-term Debt And Revolving Lines Of Credit
Long-term Debt And Revolving Lines Of Credit (details)
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 And 2014 Elfa Senior Secured Credit Facilities (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 & Revolving Credit Facility (details)
Nature Of Business And Summary Of Significant Accounting Policies
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 - 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 - Foreign Currency Translation (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)
Nature Of Business And Summary Of Significant Accounting Policies - Recent Accounting Pronouncements (details)
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)
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 (details)
Segment Reporting (tables)
Segment Reporting - Earnings Or Loss Before Income Taxes For Operating Segments (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 - Fair Value Of Stock Options (details)
Stock-based Compensation - Stock Option Activity (details)
Subsequent Events
Subsequent Events (details)
Ticker: TCS
CIK: 1411688
Form Type: 10-K Annual Report
Accession Number: 0001047469-16-013070
Submitted to the SEC: Tue May 10 2016 4:29:00 PM EST
Accepted by the SEC: Tue May 10 2016
Period: Saturday, February 27, 2016
Industry: Retail Home Furniture Furnishings And Equipment Stores

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