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Container Store Group, Inc. (TCS) SEC Filing 10-Q Quarterly Report for the period ending Saturday, July 3, 2021

Container Store Group, Inc.

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CIK: 1411688 Ticker: TCS

Exhibit 99.1

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The Container Store Group, Inc. Announces First Quarter Fiscal 2021 Financial Results

Delivers first profitable first quarter in over a decade and record Q1 net sales

First quarter consolidated net sales of $245.3 million, up 61.7% compared to Q1 fiscal 2020 and up 17.1% compared to Q1 fiscal 2019

First quarter earnings per diluted share of $0.35 compared to a loss of $0.34 in the first quarter of fiscal 2020; Adjusted earnings per share* of $0.36 compared to a loss of 0.32 in the first quarter of fiscal 2020

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Coppell, TX — August 3, 2021

 — The Container Store Group, Inc. (NYSE: TCS) (the “Company”), today announced financial results for the first quarter of fiscal year 2021 ended July 3, 2021. The first quarter of fiscal year 2021 consisted of thirteen weeks.

For the first quarter of fiscal 2021:

●Consolidated net sales were $245.3 million, an increase of 61.7% compared to the thirteen weeks ending June 27, 2020, which were impacted by COVID-19 related store closures and modified store operating schedules. Compared to first quarter fiscal 2019, consolidated net sales increased 17.1%.
oNet sales in The Container Store retail business (TCS) were $228.7 million, up 64.1% compared to the first quarter of fiscal 2020, inclusive of a 69.5% increase in other product categories and a 58.6% increase in Custom Closets. Compared to the first quarter of fiscal 2019, TCS net sales were up 17.2%, inclusive of a 22.6% increase in Custom Closets and a 12.7% increase in other product categories.
oElfa International AB (Elfa) third-party net sales were $16.6 million, up 34.8% compared to the first quarter of fiscal 2020. Excluding the impact of foreign currency translation, Elfa third-party net sales were up 17.2% compared to the first quarter of fiscal 2020 and consistent with the first quarter of fiscal 2019.
●Consolidated net income increased 206% to $17.7 million compared to a consolidated net loss of $16.7 million in the first quarter of fiscal 2020. Consolidated net income per diluted share (EPS) was $0.35 compared to a net loss per share of $0.34 in the first quarter of fiscal 2020 and to a net loss per share of $0.08 in the first quarter of fiscal 2019.
●Adjusted net income* increased 217% to $18.2 million compared to adjusted net loss* of $15.5 million in the first quarter of fiscal 2020. Adjusted net income per diluted share (Adjusted EPS)* was $0.36, compared to an adjusted net loss* per diluted share of $0.32 in the first quarter of fiscal 2020 and to adjusted net loss* per diluted share of $0.08 in the first quarter of fiscal 2019.
●Adjusted EBITDA* increased 644% to $33.5 million in the first quarter of fiscal 2021 compared to $4.5 million in the first quarter of fiscal 2020 and $10.6 million in the first quarter of fiscal 2019.

Satish Malhotra, Chief Executive Officer and President of The Container Store commented, “We are very pleased to have delivered record setting first quarter results from both a net sales and profitability perspective. Our exceptional results were driven by a team commitment to transform the lives of customers through the power of organization, and alignment on executing key priorities alongside cost and promotional discipline. We are very encouraged by the early strides we are making on our strategic priorities of deepening our relationship with customers, expanding our reach and strengthening our capabilities. We are in the early stages of our path to $2 billion in net sales, but our progress to date further solidifies our confidence in our ability to drive strong results.”

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

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The following information was filed by Container Store Group, Inc. (TCS) on Tuesday, August 3, 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 Income
Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Income (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)
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
Stock-Based Compensation - Restricted Stock Awards (Details)
Ticker: TCS
CIK: 1411688
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-21-010091
Submitted to the SEC: Wed Aug 04 2021 8:03:01 AM EST
Accepted by the SEC: Wed Aug 04 2021
Period: Saturday, July 3, 2021
Industry: Retail Home Furniture Furnishings And Equipment Stores

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