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Container Store Group, Inc. (TCS) SEC Filing 10-K Annual report for the fiscal year ending Saturday, March 30, 2019

Container Store Group, Inc.

CIK: 1411688 Ticker: TCS

Exhibit 99.1

Picture 1

The Container Store Group, Inc. Announces Fourth Quarter and Full Fiscal Year 2018 Financial Results

Fourth Quarter Comparable Store Sales up 8.5%; Consolidated Net Sales up 8.8%

Fiscal 2018 Comparable Store Sales up 3.5%; Consolidated Net Sales up 4.4%

Fourth Quarter EPS of $0.33 vs ($0.01) in Q417; Adjusted EPS increases to $0.33 from $0.18 in Q417

Fiscal 2018 EPS of $0.45 vs $0.40 in Fiscal 2017; Adjusted EPS increases to $0.42 from $0.28 in Fiscal 2017

Provides Fiscal 2019 Outlook

Coppell, TX — May 14, 2019

 — The Container Store Group, Inc. (NYSE: TCS) (the “Company”), today announced financial results for the fourth quarter and fiscal year 2018 ended March 30, 2019.

For the fourth quarter of fiscal 2018:

·

Consolidated net sales were $253.2 million, up 8.8%.  Net sales in The Container Store retail business (“TCS”) were $235.7 million, up 10.1%.  Elfa International AB (“Elfa”) third-party net sales were $17.5 million, down 6.4% due to foreign currency translation.

·

Comparable store sales increased 8.5%, with Custom Closets up 7.4%, contributing 380 basis points of the increase to comparable store sales.  

·

Consolidated net income and net income per share (“EPS”) were $15.9 million and $0.33 compared to a  net loss of $0.4 million and ($0.01), respectively, in the fourth quarter of fiscal 2017.  Adjusted net income per share (“Adjusted EPS”) was $0.33 compared to $0.18 in the fourth quarter of fiscal 2017 (see Reconciliation of GAAP to Non-GAAP Financial Measures table).

·

Adjusted EBITDA (see Reconciliation of GAAP to Non-GAAP Financial Measures table), was $37.8 million compared to $31.1 million in the prior year period.

“We ended fiscal 2018 with strong results, posting an 8.5% comparable store sales increase in Q4 that was broad-based across our core Custom Closets business, as well as our other product categories,” said Melissa Reiff, Chief Executive Officer. “This performance reflects the improvements we continue to make across all aspects of our business – in merchandising and new product development, marketing, inventory management and in-stock levels, as well as overall execution with excellence in our stores and our online channel. It also includes the positive impact from the “Marie Kondo effect” that is driving even more interest in our core category of Custom Closets and storage and organization.”

“We have plans in fiscal 2019 to strategically build on our progress to drive more brand awareness and market share gains, specifically in our core Custom Closets business where we recently launched our new Avera™ product line,” Reiff added. “Our second distribution center in Maryland is planned to become fully operational in late fiscal 2019, positioning us to generate significant efficiencies and a considerable reduction in delivery times leading to improved customer service in fiscal 2020 and beyond. Across our entire company, we have clear priorities and a go-to-market strategy grounded in our purpose – which is to help our customers accomplish projects, maximize their space and make the most of their homes. We intend to capitalize on the many opportunities we see for the business and realize our vision to be a beloved brand and the first choice for customized organization solutions and services.”

 

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The following information was filed by Container Store Group, Inc. (TCS) on Tuesday, May 14, 2019 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 - 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 - Deferred Financing Costs (Details)
Long-Term Debt And Revolving Lines Of Credit - Elfa Senior Secured Credit Facilities (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 - Contract Balances (Details)
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)
Nature Of Business And Summary Of Significant Accounting Policies - Revenue Recognition (Details)
Net Income Per Common Share
Net Income Per Common Share (Details)
Net Income Per Common Share (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)
Stock-Based Compensation - Stock Options (Details)
Ticker: TCS
CIK: 1411688
Form Type: 10-K Annual Report
Accession Number: 0001558370-19-005364
Submitted to the SEC: Thu May 30 2019 4:31:21 AM EST
Accepted by the SEC: Thu May 30 2019
Period: Saturday, March 30, 2019
Industry: Retail Home Furniture Furnishings And Equipment Stores

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