Last10K.com

Container Store Group, Inc. (TCS) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 27, 2020

Container Store Group, Inc.

CIK: 1411688 Ticker: TCS

Exhibit 99.1

Graphic

The Container Store Group, Inc. Announces First Quarter Fiscal 2020 Financial Results

Announces CFO Transition Plan

Coppell, TX — July 28, 2020

 — The Container Store Group, Inc. (NYSE: TCS) (the “Company”), today announced financial results for the first quarter of fiscal 2020 ended June 27, 2020.

Consolidated net sales were $151.7 million, down 27.6%. Net sales in The Container Store retail business (“TCS”) were $139.4 million, down 28.5% due to the impact of COVID-19 on store operations. Elfa International AB (“Elfa”) third-party net sales were $12.3 million, down 14.6% due to COVID-19.
Online sales increased by 192.3% in the first quarter of fiscal 2020, which nearly tripled compared to the first quarter of fiscal 2019.
Consolidated net loss and net loss per share (“EPS”) were $16.7 million and ($0.34) compared to a net loss of $4.1 million and ($0.08) in the first quarter of fiscal 2019. Adjusted net loss per share (“Adjusted EPS”) was ($0.32) compared to ($0.08) in the first quarter of fiscal 2019 (see Reconciliation of GAAP to Non-GAAP Financial Measures table).
Net cash provided by operating activities was $25.6 million in the first quarter of fiscal 2020, compared to net cash used in operating activities of $8.3 million in the first quarter of fiscal 2019. Free cash flow generation during the first quarter of fiscal 2020 was strong, despite the significant impact of COVID-19, with free cash flow of $21.7 million generated in the first quarter of fiscal 2020, compared to $17.0 million utilized in the first quarter of fiscal 2019, as a result of the many actions undertaken by the Company to preserve liquidity (see Reconciliation of GAAP to Non-GAAP Financial Measures table).

Melissa Reiff, Chairwoman and Chief Executive Officer commented, “Our first quarter results were significantly impacted by the COVID-19 pandemic. We moved swiftly to protect the health and safety of our employees and customers by temporarily closing stores and shifting select locations to operate with curbside pickup. I am very proud of the dedication and commitment our teams exhibited during this time, and particularly pleased with the resiliency of our operating model as we were able to maintain over 72% of our consolidated net sales from the prior year period with our strong online channel growth that nearly tripled over the prior year in the first quarter. Deleverage on the sales decline, combined with a higher mix of online sales with certain temporary incremental costs to fulfill these sales, were meaningful profitability headwinds. However, we moved quickly to reduce expenses and preserve capital to help mitigate the bottom line and free cash flow impact, enabling us to deliver positive adjusted EBITDA for the quarter.”

Ms. Reiff continued, “As of today all of our stores are now reopened and operating at close to normalized schedules, with limited capacity. Retail sales trends have improved and we preserved approximately 90% of prior year sales for the fiscal month of July when looking at our sales orders taken. While we expect sales and margin performance to improve as fiscal 2020 progresses, we remain disciplined and agile as we manage the business in this still uncertain environment.”

First Quarter Fiscal 2020 Results

For the first quarter (thirteen weeks) ended June 27, 2020:

Consolidated net sales were $151.7 million, down 27.6% compared to the first quarter of fiscal 2019, due primarily to the impact of COVID-19 on store operations. TCS net sales were $139.4 million, down

1


The following information was filed by Container Store Group, Inc. (TCS) on Tuesday, July 28, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Container Store Group, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Container Store Group, Inc..

Continue

Assess how Container Store Group, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Container Store Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
Other
Filter Subcategory:
All
Cash Flow
Earnings
Debt
Expense
Product
Geography
Income
Other
Inside Container Store Group, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly 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 Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (Details)
Detail Of Certain Balance Sheet Accounts
Detail Of Certain Balance Sheet Accounts (Details)
Detail Of Certain Balance Sheet Accounts (Tables)
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 (Details)
Income Taxes
Income Taxes (Details)
Leases
Leases (Details)
Leases (Tables)
Leases - Components Of Lease Costs (Details)
Leases - Future Minimum Lease Payments (Details)
Leases - Supplemental Cash Flow Information (Details)
Leases - Weighted Average Remaining Operating Lease Term And Incremental Borrowing Rate (Details)
Nature Of Business And Summary Of Significant Accounting Policies (Policies)
Net Income Per Common Share
Net Income Per Common Share (Details)
Net Income Per Common Share (Tables)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - (Details)
Segment Reporting - Reconciliation Of Ebitda (Details)
Stock-Based Compensation (Details)
Subsequent Event
Subsequent Event (Details)

Material Contracts, Statements, Certifications & more

Container Store Group, Inc. provided additional information to their SEC Filing as exhibits

Ticker: TCS
CIK: 1411688
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-20-008562
Submitted to the SEC: Wed Jul 29 2020 8:03:48 AM EST
Accepted by the SEC: Wed Jul 29 2020
Period: Saturday, June 27, 2020
Industry: Retail Home Furniture Furnishings And Equipment Stores

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/tcs/0001558370-20-008562.htm