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Container Store Group, Inc. (TCS) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 26, 2020

Container Store Group, Inc.

CIK: 1411688 Ticker: TCS

Exhibit 99.1

Graphic

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

Consolidated net sales increase of 5.0%, inclusive of a 16.8% increase in the fiscal month of September

Online sales increase of 86.4%

Earnings per diluted share of $0.41 compared to $0.08 in second quarter of fiscal 2019

Strong Year-to-Date Operating Cash Flow of $91.2 million and free cash flow* of $84.3 million

Announces exclusive co-branded product collaboration with Marie Kondo

Coppell, TX — October 20, 2020

 — The Container Store Group, Inc. (NYSE: TCS) (the “Company”), today announced financial results for the second quarter of fiscal 2020 ended September 26, 2020.

Consolidated net sales were $248.2 million, up 5.0%, inclusive of a 16.8% increase in the fiscal month of September. Net sales in The Container Store retail business (“TCS”) were $233.0 million, up 5.3%. Online sales increased 86.4% in the second quarter of fiscal 2020. Elfa International AB (“Elfa”) third-party net sales were $15.2 million, flat compared to the second quarter of fiscal 2019; however, excluding the impact of foreign currency translation, Elfa third-party net sales were down 6.6%.
Consolidated net income and net income per diluted share (“EPS”) were $20.2 million and $0.41 compared to net income of $3.6 million and $0.08 in the second quarter of fiscal 2019. Adjusted net income per diluted share (“Adjusted EPS”)* was $0.43 compared to $0.08 in the second quarter of fiscal 2019.
Adjusted EBITDA* nearly doubled to $44.1 million in the second quarter of fiscal 2020 compared to $22.4 million in the second quarter of fiscal 2019.
Net cash provided by operating activities was $91.2 million in the twenty-six weeks ended September 26, 2020 (the “first half of fiscal 2020”), compared to $5.8 million in the twenty-six weeks ended September 28, 2019 (the “first half of fiscal 2019”). Free cash flow* increased to $84.3 million compared to ($15.8) million in the first half of fiscal 2019.

Melissa Reiff, Chairwoman and Chief Executive Officer commented, “We are thrilled to announce that we achieved the best second quarter sales, earnings and free cash flow in the Company’s history. I am very proud of our second quarter results which reflect the significant strides we have made on our multi-year sales-driving initiatives across merchandising, marketing, stores and online. The hard work of our teams across the organization and disciplined execution of our strategic priorities enabled us to benefit from the current stay-at-home phenomenon created by today’s environment. Our focus on increasing relevancy with our marketing and merchandising alliances resulted in the successful 2019 product and marketing partnership we forged with The Home Edit. This positioned us to capitalize on increased interest in the storage and organization category resulting from their recently premiered Netflix show in early September.”


The following information was filed by Container Store Group, Inc. (TCS) on Tuesday, October 20, 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.

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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 (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (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)
Ticker: TCS
CIK: 1411688
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-20-011596
Submitted to the SEC: Wed Oct 21 2020 7:06:07 AM EST
Accepted by the SEC: Wed Oct 21 2020
Period: Saturday, September 26, 2020
Industry: Retail Home Furniture Furnishings And Equipment Stores

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