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Container Store Group, Inc. (TCS) SEC Filing 10-K Annual report for the fiscal year ending Saturday, April 1, 2017

Container Store Group, Inc.

CIK: 1411688 Ticker: TCS

Exhibit 99.1

 

 

The Container Store Group, Inc. Announces Fourth Quarter and Full Fiscal Year 2016 Financial Results

 

Fourth Quarter Earnings Per Share More Than Doubles to $0.17; SG&A Savings and Efficiency Program Continues to Drive Financial Results

 

Improvement in Comparable Store Sales to -0.2%

 

Expects Fiscal 2017 Earnings Per Share of $0.25 to $0.35

 

Coppell, TX — May 23, 2017

 — The Container Store Group, Inc. (NYSE: TCS) (the “Company”), today announced financial results for the fourth quarter and fiscal year 2016 ended April 1, 2017.  In light of the Company’s previously announced fiscal year end change, all references to prior fourth quarter and fiscal year results are based on the recast fourth quarter and fiscal year 2015 ended April 2, 2016.

 

For the fourth quarter of fiscal 2016:

 

·                  Consolidated net sales were $221.0 million, up 5.3%.  Net sales in The Container Store retail business were $203.3 million, up 5.8%. Elfa International AB third-party net sales were $17.8 million, up 0.5%.

 

·                  Comparable store sales were down 0.2%.  The Easter timing shift benefited the quarter’s comparable store sales by approximately 0.6%.

 

·                  Consolidated net income per share (EPS) was $0.17 compared with $0.07, an increase of 143%.

 

“We are very pleased to have completed fiscal 2016 with strong fourth quarter performance that exceeded our expectations across all financial metrics.  Our Custom Closets business continues to positively contribute to comparable store sales and we’ve seen sales trends improve in our other product categories driven by new and more targeted marketing campaigns, as well as merchandising improvements,” said Melissa Reiff, Chief Executive Officer.

 

Reiff continued, “In fiscal 2016 we implemented our SG&A savings and efficiency program, which drove a substantial improvement in profitability with a full year operating income increase of 67% compared to fiscal 2015 and a three-fold increase in earnings per share to $0.31.”

 

“As we begin fiscal 2017, we remain committed to consistently driving top and bottom line performance that we believe The Container Store is capable of delivering.  We have initiatives in progress to drive sales productivity improvements, including a complete re-design of our flagship store in Dallas, which we believe will provide us insight for the development of new store formats and the evolution of our existing stores’ layout and customer experience. In addition, today we are announcing a four-part plan to optimize our consolidated business and drive improved sales and profitability,” Reiff concluded.

 

As previously announced, the Company plans to open the following locations in fiscal 2017:

 

·                  Cleveland, Ohio (First Quarter)

·                  Albuquerque, New Mexico (Second Quarter)

·                  Livingston, New Jersey (Third Quarter)

·                  Staten Island, New York (Third Quarter)

·                  Relocation of its Chestnut Hill, Massachusetts store (Third Quarter)

 

1


The following information was filed by Container Store Group, Inc. (TCS) on Tuesday, May 23, 2017 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 (tables)
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)
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 (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 (tables)
Leases - Future Minimum Lease Payments (details)
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 And Recent Accounting Pronouncements (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)
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 - 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 (details)
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 (loss) 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 - Fair Value Of Stock Options (details)
Stock-based Compensation - Restricted Stock Awards (details)
Stock-based Compensation - Restricted Stock Awards Activity (details)
Stock-based Compensation - Stock Option Activity (details)
Subsequent Event
Subsequent Event (details)
Transition Period Financial Information
Transition Period Financial Information (details)
Transition Period Financial Information(tables)
Ticker: TCS
CIK: 1411688
Form Type: 10-K Annual Report
Accession Number: 0001047469-17-003752
Submitted to the SEC: Thu Jun 01 2017 8:00:25 AM EST
Accepted by the SEC: Thu Jun 01 2017
Period: Saturday, April 1, 2017
Industry: Retail Home Furniture Furnishings And Equipment Stores

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