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Container Store Group, Inc. (TCS) SEC Filing 10-Q Quarterly Report for the period ending Saturday, July 2, 2022

Container Store Group, Inc.

CIK: 1411688 Ticker: TCS

Exhibit 99.1

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The Container Store Group, Inc. Announces First Quarter Fiscal 2022 Financial Results

First quarter consolidated net sales up 7.1%

Comparable store sales^ up 5.1%, driven by Custom Closets+ up 14.7%

Earnings per diluted share of $0.21 compared to $0.35 in the first quarter of fiscal 2021;

Adjusted earnings per diluted share* of $0.21 compared to $0.36 in the first quarter of fiscal 2021

Board of Directors authorizes $30 million stock repurchase program

Updates Fiscal 2022 Earnings Outlook

Coppell, TX — August 2, 2022

 — The Container Store Group, Inc. (NYSE: TCS) (the “Company”), today announced its financial results for the first quarter of fiscal year 2022 ended July 2, 2022.

Consolidated net sales were $262.6 million, up 7.1%. Net sales in The Container Store retail business (“TCS”) were $246.8 million, up 7.9%. Elfa International AB (“Elfa”) third-party net sales were $15.9 million, down 4.4% compared to the first quarter of fiscal 2021. Excluding the impact of foreign currency translation, Elfa third-party net sales were up 11.9%.
Comparable store sales^ increased 5.1%, with Custom Closets+ up 14.7%, contributing 450 basis points of the increase in comparable store sales^ and general merchandise categories up 0.8%, contributing the remaining 60 basis points.

Consolidated net income and net income per share (“EPS”) was $10.5 million and $0.21 compared to $17.7 million and $0.35, respectively, in the first quarter of fiscal 2021. Adjusted net income per share* (“Adjusted EPS”) was $0.21 compared to $0.36 in the first quarter of fiscal 2021.

Satish Malhotra, Chief Executive Officer and President of The Container Store, commented, “Our first quarter results reflect a solid start to fiscal 2022 as we outperformed our expectations on both the top and bottom line. In particular, we are delighted with the continued growth we saw in custom closets, which resulted in seven consecutive comparable quarters of growth in this category. I am proud of our team’s agility as they continue to successfully navigate a dynamic consumer environment while staying focused on our long-term growth objectives.”

“We continue to be pleased with the reception to key initiatives such as our recently launched Organized InsiderTM loyalty program, our mobile app, and our private-label products. We have recently announced an exciting sustainable product collaboration with YouTube influencer, Rosanna Pansino, as well as revamped our approach to back-to-college in our fiscal second quarter. Additionally, we plan to complete the rollout of our new premium custom wood-based offering, PrestonTM, to all of our stores in the fiscal second quarter. While we are cognizant of the volatile backdrop for the consumer and are taking a prudently conservative view of the rest of the year, we are operating from a position of financial strength and remain confident in our ability to achieve our long-term objectives, including our path to $2 billion in sales by the end of fiscal 2027. This confidence is reflected in the authorization of our first stock repurchase program as we look forward to delivering results and value for all of our stakeholders,” Mr. Malhotra concluded.

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The following information was filed by Container Store Group, Inc. (TCS) on Tuesday, August 2, 2022 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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Container Store Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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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
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)
Closet Works Acquisition
Closet Works Acquisition (Details)
Closet Works Acquisition (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (Details)
Description Of Business And Basis Of Presentation (Policies)
Description Of Business And Basis Of Presentation (Tables)
Description Of Business And Basis Of Presentation - Description Of Business (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 - Weighted Average Remaining Operating Lease Term And Incremental Borrowing Rate (Details)
Net Income Per Common Share
Net Income Per Common Share (Details)
Net Income Per Common Share (Tables)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Segment Reporting - Reconciliation Of Adjusted Ebitda By Segment To Income Before Taxes (Details)
Stock-Based Compensation
Stock-Based Compensation - Restricted Stock Awards (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: 0001558370-22-011761
Submitted to the SEC: Wed Aug 03 2022 7:54:15 AM EST
Accepted by the SEC: Wed Aug 03 2022
Period: Saturday, July 2, 2022
Industry: Retail Home Furniture Furnishings And Equipment Stores

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