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

Container Store Group, Inc.

CIK: 1411688 Ticker: TCS

Exhibit 99.1

Graphic

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

Record consolidated net sales of $275.5 million, up 20.5%; Custom Closets up 19.5%

Online sales nearly doubled

Earnings per diluted share of $0.40 and adjusted earnings per diluted share of $0.42,

compared to $0.05 in third quarter of fiscal 2019

Strong year-to-date operating cash flow of $116.7 million and free cash flow* of $105.0 million

Coppell, TX — February 2, 2021

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

Consolidated net sales were $275.5 million, up 20.5%. Net sales in The Container Store retail business (“TCS”) were $256.5 million, up 21.0%, inclusive of the 19.5% increase in Custom Closets. Online sales increased 98.1% in the third quarter of fiscal 2020. Elfa International AB (“Elfa”) third-party net sales were $19.0 million, up 13.5% compared to the third quarter of fiscal 2019; excluding the impact of foreign currency translation, Elfa third-party net sales were up 3.3%.
Consolidated net income and net income per diluted share (“EPS”) were $19.7 million and $0.40 compared to $2.4 million and $0.05, respectively, in the third quarter of fiscal 2019. Adjusted net income per diluted share (“Adjusted EPS”)* was $0.42 compared to $0.05 in the third quarter of fiscal 2019.
Adjusted EBITDA* was $42.4 million in the third quarter of fiscal 2020 compared to $22.0 million in the third quarter of fiscal 2019.
Net cash provided by operating activities was $116.7 million in the thirty-nine weeks ended December 26, 2020 compared to ($1.1) million in the thirty-nine weeks ended December 28, 2019. Free cash flow* increased to $105.0 million compared to ($30.4) million in the thirty-nine weeks ended December 28, 2019.
The Company utilized $52.3 million of cash to pay down principal on the Senior Secured Term Loan Facility in the thirty-nine weeks ended December 26, 2020.

Melissa Reiff, Chairwoman commented, “Our third quarter results meaningfully exceeded our original expectations. The strong customer demand we saw in the second quarter persisted into the third quarter, and our entire organization continued to make significant strides against our strategic priorities positioning us extremely well to capitalize on our business opportunities. Our Custom Closets business significantly accelerated in the third quarter as compared to the second quarter and, combined with strong performance from our other product categories, drove our record-breaking sales.”

Ms. Reiff continued, “I am very proud of our teams and the accomplishments we have made the last several years, and specifically these past 11 months. With our business firing on all cylinders both financially and operationally, and the strength of our performance quarter-to-date, we are very confident we will end our fiscal year with strong momentum.

* See Reconciliation of GAAP to Non-GAAP Financial Measures table.

1


The following information was filed by Container Store Group, Inc. (TCS) on Tuesday, February 2, 2021 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)
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)
Long-Term Debt And Revolving Lines Of Credit
Long-Term Debt And Revolving Lines Of Credit (Details)
Long-Term Debt And Revolving Lines Of Credit (Tables)
Long-Term Debt And Revolving Lines Of Credit - Schedule Of Long-Term Debt And Revolving Lines Of Credit (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: 0001558370-21-000678
Submitted to the SEC: Wed Feb 03 2021 6:56:14 AM EST
Accepted by the SEC: Wed Feb 03 2021
Period: Saturday, December 26, 2020
Industry: Retail Home Furniture Furnishings And Equipment Stores

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