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Container Store Group, Inc. (TCS) SEC Filing 10-K Annual report for the fiscal year ending Saturday, March 31, 2018

Container Store Group, Inc.

CIK: 1411688 Ticker: TCS

Exhibit 99.1

 

 

The Container Store Group, Inc. Announces Fourth Quarter and Full Fiscal Year 2017 Financial Results

 

Fourth Quarter Comparable Store Sales up 2.7%; Consolidated Net Sales up 5.3%

Fiscal 2017 Comparable Store Sales up 0.9%; Consolidated Net Sales up 4.5%

Fiscal 2017 Operating Cash Flow Increases 39% to $62.2 million; Fiscal 2017 Free Cash Flow(1) More than Doubles to $34.5 million; Reduces Net Debt by $32.3 million

 

Issues Fiscal 2018 Outlook for Comparable Store Sales of flat to up 1%, Consolidated Net Sales of $880 to $890 million, GAAP EPS of $0.27 to $0.37 and Adjusted EPS(1) of $0.35 to $0.45

 

Coppell, TX — May 22, 2018

 — The Container Store Group, Inc. (NYSE: TCS) (the “Company”), today announced financial results for the fourth quarter and fiscal year 2017 ended March 31, 2018.

 

For the fourth quarter of fiscal 2017:

 

·                  Consolidated net sales were $232.8 million, up 5.3%.  Net sales in The Container Store retail business were $214.1 million, up 5.3%. Elfa International AB third-party net sales were $18.7 million, up 4.8%, primarily due to the positive impact of foreign currency translation.

 

·                  Comparable store sales were up 2.7% with Custom Closets contributing strongly to the increase, largely due to the success of Our Annual elfa® Sale.

 

·                  Consolidated net loss per share (“EPS”) was ($0.01), inclusive of a $0.18 per share net provisional expense from the Tax Cuts and Jobs Act (“Tax Act”), compared with consolidated net income per share of $0.17 in the fourth quarter of fiscal 2016.  Adjusted net income per share (“Adjusted EPS”) was $0.18 compared with $0.18 in the fourth quarter of fiscal 2016 (see Reconciliation of GAAP to Non-GAAP Financial Measures table).

 

“We are very pleased to have concluded our fiscal 2017 with our strongest quarter of comparable store sales performance of the year, driven by an acceleration in our important Custom Closets business as well as in our other product categories.  This improvement is primarily the result of our sales revitalization and optimization initiatives, and was accompanied by gross margin expansion of 100 basis points and 20 basis points of SG&A leverage, despite some timing factors that impacted profitability in the fourth quarter and are expected to benefit fiscal 2018,” said Melissa Reiff, Chief Executive Officer.

 

“In fiscal 2018 we remain committed to driving improved performance on both the top and the bottom line as we build on the progress we have made across each of our key strategic priorities, particularly our Optimization Plan executed in fiscal 2017 that is expected to generate substantial benefits in fiscal 2018. We plan to continue our disciplined approach to expense management and capital allocation, and expect to open two new stores and relocate two existing stores this year. In addition, we have begun to invest in a second distribution center which is anticipated to become operational in late fiscal 2019, as well as continued technology and marketing investments that are designed to further enhance the customer experience and improve efficiency,” Reiff concluded.

 


The following information was filed by Container Store Group, Inc. (TCS) on Tuesday, May 22, 2018 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 - Tax Cuts And Jobs Act (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 (tables)
Long-term Debt And Revolving Lines Of Credit - 2014 Elfa Senior Secured Credit Facilities (details)
Long-term Debt And Revolving Lines Of Credit - Deferred Financing Costs (details)
Long-term Debt And Revolving Lines Of Credit - Related Party Debt (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)
Long-term Debt And Revolving Lines Of Credit - Term Loan Amendment And Revolving Amendment (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)
Optimization Plan
Optimization Plan (details)
Optimization Plan (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 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)
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: 0001047469-18-004174
Submitted to the SEC: Thu May 31 2018 8:12:11 AM EST
Accepted by the SEC: Thu May 31 2018
Period: Saturday, March 31, 2018
Industry: Retail Home Furniture Furnishings And Equipment Stores

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