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

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

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)

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