Net Sales up 3.2%; Comparable Store Sales
down 1.2%0.7% of Comparable Store Sales Decline Attributable
to Easter Shift
Comparable Store Sales Slightly Positive in
June; Continuing Positive in July
SG&A Savings and Efficiency Program and
Custom ClosetsContinue to Drive Financial Results
Reiterates Fiscal 2017 Earnings Per Share
Outlook of $0.25 to $0.35
The Container Store Group, Inc. (NYSE: TCS) (the
“Company”), today announced financial results for the first quarter
of fiscal 2017 ended July 1, 2017.
- Consolidated net sales were $183.1
million, up 3.2%. Net sales in The Container Store retail business
(“TCS”) were $167.1 million, up 3.6%. Elfa International AB
(“Elfa”) third-party net sales were $16.0 million, down 1.2%,
primarily due to the negative impact of foreign currency
translation of 7.2%.
- Comparable store sales were down 1.2%.
The Easter timing shift negatively impacted the quarter’s
comparable store sales by approximately 0.7%.
- Consolidated net loss per share was
($0.16) compared with ($0.04) in the first quarter of fiscal 2016.
Adjusted net loss per share was ($0.11) compared with ($0.09) in
the first quarter of fiscal 2016 (see Reconciliation of GAAP to
Non-GAAP Financial Measures table). Net loss per share and adjusted
net loss per share in the first quarter of fiscal 2017 include a
$0.01 negative impact related to the Easter timing shift.
“We are pleased with our first quarter fiscal 2017 financial
performance and the progress we have made on many fronts. The
quarter’s results were largely as we expected from both a top and
bottom line perspective. Our Custom Closets business continues to
positively contribute to our sales and profitability, and we’ve
seen sustained sales trend improvement in our other product
categories. In first quarter 2017, our comparable store sales
improved as the quarter progressed, moving into slightly positive
territory by June. This improvement continued into July, the first
month of our second quarter. Our results reflect some benefits from
the key sales revitalizing initiatives we are working on, as well
as the savings and efficiency efforts we launched last year, and
have been building upon this year,” said Melissa Reiff, Chief
Executive Officer.
Reiff continued, “Based on our first quarter performance, we are
reiterating our previously provided outlook for fiscal 2017.
Looking ahead to the remainder of the year, we intend to remain
focused on executing our previously announced Optimization Plan to
drive improvement in sales and profitability. Additionally, we plan
to continue our efforts with the key strategic priorities of the
Company, which include customer experience and store formats and
design, product and merchandising, customer acquisition and
retention, and investments in our employees.”
New and Existing Stores
During the first quarter of fiscal 2017 the Company opened one
new store in Cleveland, Ohio. In addition, the Company opened a new
store in Albuquerque, New Mexico on July 8, 2017. As previously
announced, the Company plans to open the following additional
locations during the remainder of fiscal 2017: Livingston, New
Jersey; Staten Island, New York; and the relocation of its Chestnut
Hill, Massachusetts store.
First Quarter Fiscal 2017
Results
For the first quarter (thirteen weeks) ended July 1,
2017:
- Consolidated net sales were $183.1
million, up 3.2% as compared to the first quarter of fiscal 2016.
Net sales at TCS were $167.1 million, up 3.6%, with the increase
driven by new store net sales, partially offset by a 1.2% decrease
in net sales from comparable stores. Elfa third-party net sales
were $16.0 million, down 1.2% compared to the first quarter ended
July 2, 2016, primarily due to the negative impact of foreign
currency translation during the quarter which reduced third-party
net sales by 7.2%, partially offset by higher sales in Russia.
- Consolidated gross margin was 56.6%, a
decrease of 240 basis points compared to the first quarter of
fiscal 2016. TCS gross margin declined 210 basis points to
56.5% primarily due to a greater portion of sales generated by
merchandise campaigns during the quarter, combined with strong
sales growth in lower gross margin business-to-business sales and
higher costs associated primarily with our installation services
business. Elfa gross margin declined 310 basis points primarily due
to higher direct materials costs, partially offset by production
efficiencies.
- Consolidated selling, general and
administrative expenses (“SG&A”) increased by 4.7% to $96.6
million from $92.3 million in the first quarter of fiscal 2016.
SG&A as a percentage of net sales increased 80 basis points.
This was primarily due to the reversal of accrued deferred
compensation associated with executive employment agreements
amended and restated during the first quarter of fiscal 2016, net
of costs incurred to execute the agreements, of $3.9 million, or a
220 basis points benefit in the prior year first quarter. This
increase as a result of the prior period benefit was partially
offset by a 140 basis point improvement in SG&A expense as a
percentage of net sales, primarily due to ongoing savings and
efficiency efforts, combined with lower self-insurance costs,
partially offset by deleveraging of occupancy costs associated with
negative comparable store sales growth, as well as other additional
SG&A costs.
- The Company recorded other expenses of
$3.5 million in the first quarter of fiscal 2017, which were
related to severance costs incurred to implement the previously
announced Optimization Plan.
- Consolidated net interest expense
increased slightly to $4.2 million.
- The effective tax rate was 37.4%, as
compared to 33.3% in the first quarter ended July 2, 2016. The
increase in the effective tax rate is primarily due to a shift in
the mix of projected domestic and foreign earnings.
- Net loss was $7.7 million, or ($0.16)
per share, in the first quarter of fiscal 2017 compared to net loss
of $2.1 million, or ($0.04) per share in the first quarter of
fiscal 2016. Adjusted net loss was $5.5 million, or ($0.11) per
share, in the first quarter of fiscal 2017 compared to adjusted net
loss of $4.2 million, or ($0.09) per share in the first quarter of
fiscal 2016 (see Reconciliation of GAAP to Non-GAAP Financial
Measures table).
- Adjusted EBITDA was $6.4 million in the
first quarter of fiscal 2017 compared to $12.0 million in the first
quarter of fiscal 2016 (see Reconciliation of GAAP to Non-GAAP
Financial Measures table). The Adjusted EBITDA of $12.0 million in
the first quarter of fiscal 2016 includes the aforementioned
benefit from the impact of amended and restated employment
agreements during the prior year first quarter, net of costs
incurred to execute the agreements of $3.9 million.
Balance sheet highlights:
(In thousands) July 1, 2017
July 2, 2016 Cash $7,216 $8,189 Total debt, net of
deferred financing costs $324,552 $337,990 Liquidity* $87,698
$78,598 *Cash plus availability on revolving credit facilities
Optimization Plan
In May 2017, the Company announced the implementation of a
four-part Optimization Plan to drive improved sales and
profitability. This plan includes sales initiatives, certain
full-time position eliminations at TCS, organizational realignment
at Elfa and ongoing savings and efficiency efforts. The Company
continues to expect to incur pre-tax charges associated with the
Optimization Plan of approximately $9 to $11 million in fiscal
2017, or $0.12 to $0.14 on a per share basis. The expected
annualized pre-tax savings associated with the Optimization Plan
continue to be approximately $20 million, of which approximately
$12 to $15 million, or $0.15 to $0.19 on a per share basis, is
expected to be realized in fiscal 2017, for an estimated net
benefit of approximately $0.03 to $0.05 on a per share basis.
Outlook
As previously outlined, for fiscal 2017, consolidated net sales
are expected to be $830 to $850 million, based on the Company’s
four expected new store openings and a comparable store sales
decrease in the low single digit range. Net income is expected to
be $0.25* to $0.35* per common share based on estimated common
shares outstanding of 49 million, and includes the aforementioned
Optimization Plan charges and benefits. This assumes a tax rate of
approximately 39% for the full year.
Fiscal 2017 adjusted net income is expected to be $0.37* to
$0.49* per share, which compares to adjusted net income of $0.27
per share in fiscal 2016 (see Reconciliation of GAAP to Non-GAAP
Financial Measures table).
*Assumes existing debt structure remains in place. As previously
disclosed, the Company is currently seeking opportunities to
refinance its debt.
Conference Call Information
A conference call to discuss first quarter fiscal 2017 financial
results is scheduled for today, August 2, 2017, at 4:30 PM Eastern
Time. Investors and analysts interested in participating in the
call are invited to dial (877) 407-3982 (international callers
please dial (201) 493-6780) approximately 10 minutes prior to the
start of the call. A live audio webcast of the conference call will
be available online at investor.containerstore.com.
A taped replay of the conference call will be available within
two hours of the conclusion of the call and can be accessed both
online and by dialing (844) 512-2921 (international callers please
dial (412) 317-6671). The pin number to access the telephone replay
is 13666342. The replay will be available until September 2,
2017.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including statements about our
expectations regarding our goals, strategies, priorities and
initiatives, including our Optimization Plan and key strategic
priorities; expectations regarding new store openings and
relocations; anticipated financial performance and tax rate for
fiscal 2017; anticipated charges and savings in connection with our
Optimization Plan; and seeking opportunities to refinance our
debt.
These forward-looking statements are based on management’s
current expectations. These statements are neither promises nor
guarantees, but involve known and unknown risks, uncertainties and
other important factors that may cause our actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements, including, but not limited to, the
following: our Optimization Plan may not result in improved sales
and profitability; our inability to open or relocate new stores, or
remodel existing stores, in the timeframe and at the locations we
anticipate; overall decline in the health of the economy, consumer
spending, and the housing market; our operating and financial
performance in a given period may not meet the guidance we provided
to the public; our inability to manage costs and risks relating to
new store openings; our inability to source and market new products
to meet consumer preferences; our failure to achieve or maintain
profitability; our dependence on a single distribution center for
all of our stores; effects of a security breach or cyber-attack of
our website or information technology systems; our vulnerability to
natural disasters and other unexpected events; our reliance upon
independent third party transportation providers; our inability to
protect our brand; our failure to successfully anticipate consumer
preferences and demand; our inability to manage our growth;
inability to locate available retail store sites on terms
acceptable to us; our inability to maintain sufficient levels of
cash flow to meet growth expectations; disruptions in the global
financial markets leading to difficulty in borrowing sufficient
amounts of capital to finance the carrying costs of inventory to
pay for capital expenditures and operating costs; fluctuations in
currency exchange rates; our inability to effectively manage our
online sales; competition from other stores and internet based
competition; our inability to obtain merchandise on a timely basis
at competitive prices as a result of changes in vendor
relationships; vendors may sell similar or identical products to
our competitors; our reliance on key executive management, and the
transition in our executive leadership; our inability to find,
train and retain key personnel; labor relations difficulties;
increases in health care costs and labor costs; our dependence on
foreign imports for our merchandise; violations of the U.S. Foreign
Corrupt Practices Act and similar worldwide anti bribery and
anti-kickback laws; and our indebtedness may restrict our current
and future operations, and we may not be able to refinance our debt
on favorable terms, or at all.
These and other important factors discussed under the caption
“Risk Factors” in our Annual Report on Form 10-K filed with
the Securities and Exchange Commission, or SEC, on June 1, 2017,
and our other reports filed with the SEC could cause actual results
to differ materially from those indicated by the forward-looking
statements made in this press release. Any such forward-looking
statements represent management’s estimates as of the date of this
press release. While we may elect to update such forward-looking
statements at some point in the future, we disclaim any obligation
to do so, even if subsequent events cause our views to change.
These forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this press release.
About The Container Store
The Container Store (NYSE: TCS) is the nation’s leading retailer
of storage and organization products — a concept they originated in
1978. Today, with locations nationwide, the retailer offers more
than 11,000 products designed to save space and time, a suite of
custom closet systems and an array of digital shopping services.
Visit www.containerstore.com for more information about store
locations, the product collection and services offered. Visit
www.containerstore.com/blog for real solutions from the really
organized and www.whatwestandfor.com to learn more about the
company’s unique culture.
The Container Store
Group, Inc.
Consolidated statements of operations
(unaudited)
(In thousands, except share and per
share amounts) Thirteen Weeks Ended July 1,
2017 July 2, 2016 Net sales $183,068 $177,448
Cost of sales (excluding depreciation
andamortization)
79,458 72,753 Gross profit 103,610 104,695
Selling, general, and
administrativeexpenses (excluding depreciation andamortization)
96,640 92,313 Stock-based compensation 494 365 Pre-opening costs
1,386 1,096 Depreciation and amortization 9,542 9,347 Other
expenses 3,534 549 Loss (gain) on disposal of assets 51
(3 ) (Loss) income from operations (8,037 ) 1,028 Interest
expense 4,225 4,110 Loss before taxes (12,262
) (3,082 ) Benefit for income taxes (4,585 ) (1,025 ) Net
loss $(7,677 ) $(2,057 )
Net loss per common share - basic
anddiluted
$(0.16 ) $(0.04 )
Weighted-average common shares - basicand
diluted
48,047,937 47,986,975
The Container Store
Group, Inc.
Consolidated balance sheets
(unaudited)
(In thousands, except share and per share
amounts) July 1, April 1, July 2,
2017 2017 2016 Assets
Current assets: Cash $7,216 $10,736 $8,189 Accounts receivable, net
27,490 27,476 25,035 Inventory 105,006 103,120 104,144 Prepaid
expenses 16,131 10,550 14,817 Income taxes receivable 668 16 770
Other current assets 13,683 10,787
9,852 Total current assets 170,194 162,685 162,807
Noncurrent assets: Property and equipment, net 163,876 165,498
173,937 Goodwill 202,815 202,815 202,815 Trade names 229,009
226,685 228,699 Deferred financing costs, net 297 320 389
Noncurrent deferred tax assets, net 2,226 2,139 1,269 Other assets
1,824 1,692 1,826 Total
noncurrent assets 600,047 599,149
608,935 Total assets $770,241 $761,834
$771,742
Liabilities and shareholders’
equity
Current liabilities: Accounts payable $43,445 $44,762 $51,552
Accrued liabilities 69,601 60,107 62,220 Revolving lines of credit
2,729 - 5,982 Current portion of long-term debt 5,448 5,445 5,464
Income taxes payable 1,297 2,738 -
Total current liabilities 122,520 113,052 125,218 Noncurrent
liabilities: Long-term debt 316,375 312,026 326,544 Noncurrent
deferred tax liabilities, net 77,712 80,679 79,922 Deferred rent
and other long-term liabilities 33,742 34,287
33,532 Total noncurrent liabilities 427,829
426,992 439,998 Total liabilities
550,349 540,044 565,216 Shareholders’ equity:
Common stock, $0.01 par value, 250,000,000
sharesauthorized; 48,052,900 shares issued at July 1,
2017;48,045,114 shares issued at April 1, 2017; 47,986,975shares
issued at July 2, 2016
481 480 480 Additional paid-in capital 859,638 859,102 857,381
Accumulated other comprehensive loss (17,401 ) (22,643 ) (19,175 )
Retained deficit (622,826 ) (615,149 ) (632,160 )
Total shareholders’ equity 219,892 221,790
206,526 Total liabilities and shareholders’ equity
$770,241 $761,834 $771,742
The Container Store
Group, Inc.
Consolidated statements of cash
flows (unaudited)
Thirteen Weeks Ended (In thousands)
(unaudited) July 1, July 2,
2017 2016 Operating activities Net loss
$(7,677 ) $(2,057 ) Adjustments to reconcile net loss to net cash
used in operating activities: Depreciation and amortization 9,542
9,347 Stock-based compensation 494 365 Loss (gain) on disposal of
property and equipment 51 (3 ) Deferred tax benefit (4,573 ) (922 )
Noncash interest 480 480 Other 195 (153 ) Changes in operating
assets and liabilities: Accounts receivable 744 (2,836 ) Inventory
(350 ) (19,283 ) Prepaid expenses and other assets (6,565 ) 244
Accounts payable and accrued liabilities 5,937 18,497 Income taxes
(2,120 ) 175 Other noncurrent liabilities (939 ) (4,523 )
Net cash used in operating activities (4,781 ) (669 )
Investing activities Additions to property and equipment
(5,181 ) (8,013 ) Proceeds from sale of property and equipment 2
7 Net cash used in investing activities (5,179
) (8,006 )
Financing activities Borrowings on
revolving lines of credit 4,876 11,530 Payments on revolving lines
of credit (2,261 ) (9,017 ) Borrowings on long-term debt 5,000
12,000 Payments on long-term debt (1,350 ) (6,355 ) Payment of
taxes with shares withheld upon restricted stock vesting (39 )
- Net cash provided by financing activities 6,226
8,158 Effect of exchange rate changes on cash 214
(103 ) Net decrease in cash (3,520 ) (620 ) Cash at
beginning of period 10,736 8,809 Cash at end
of period $7,216 $8,189 Supplemental information for
non-cash investing and financing activities: Purchases of property
and equipment (included in accounts payable) $1,148 $751 Capital
lease obligation incurred $36 $147
Note Regarding Non-GAAP Information
This press release includes financial measures that are not
calculated in accordance with GAAP, including adjusted net income
(loss), adjusted net income (loss) per diluted share, and Adjusted
EBITDA. The Company has reconciled these non-GAAP financial
measures with the most directly comparable GAAP financial measures
in a table accompanying this release. These non-GAAP measures
should not be considered as alternatives to net income (loss) as a
measure of financial performance or cash flows from operations as a
measure of liquidity, or any other performance measure derived in
accordance with GAAP and they should not be construed as an
inference that the Company’s future results will be unaffected by
unusual or non-recurring items. These non-GAAP measures are key
metrics used by management, the Company’s board of directors, and
Leonard Green and Partners, L.P., its controlling stockholder, to
assess its financial performance. The Company presents these
non-GAAP measures because it believes they assist investors in
comparing the Company’s performance across reporting periods on a
consistent basis by excluding items that the Company does not
believe are indicative of its core operating performance and
because the Company believes it is useful for investors to see the
measures that management uses to evaluate the Company. These
non-GAAP measures are also frequently used by analysts, investors
and other interested parties to evaluate companies in the Company’s
industry. In evaluating these non-GAAP measures, you should be
aware that in the future the Company will incur expenses that are
the same as or similar to some of the adjustments in this
presentation. The Company’s presentation of these non-GAAP measures
should not be construed to imply that its future results will be
unaffected by any such adjustments. Management compensates for
these limitations by relying on our GAAP results in addition to
using non-GAAP measures supplementally. These non-GAAP measures are
not necessarily comparable to other similarly titled captions of
other companies due to different methods of calculation.
The Company defines adjusted net income (loss) as net income
(loss) available to common shareholders before distributions
accumulated to preferred shareholders, stock-based compensation and
other costs in connection with our IPO, restructuring charges,
impairment charges related to intangible assets, losses on
extinguishment of debt, certain gains on disposal of assets,
certain management transition costs incurred and benefits realized,
charges incurred as part of the implementation of our Optimization
Plan, and the tax impact of these adjustments and other unusual or
infrequent tax items. We define adjusted net income (loss) per
diluted share as adjusted net income (loss) divided by the diluted
weighted average common shares outstanding. We use adjusted net
income (loss) and adjusted net income (loss) per diluted share to
supplement GAAP measures of performance to evaluate the
effectiveness of our business strategies, to make budgeting
decisions and to compare our performance against that of other peer
companies using similar measures. We present adjusted net income
(loss) and adjusted net income (loss) per diluted share because we
believe they assist investors in comparing our performance across
reporting periods on a consistent basis by excluding items that we
do not believe are indicative of our core operating performance and
because we believe it is useful for investors to see the measures
that management uses to evaluate the Company.
We have included a presentation of adjusted net loss for the
thirteen weeks ended July 2, 2016 to show the net impact of the
amended and restated employment agreements entered into with key
executives during the thirteen weeks ended July 2, 2016
(“management transition costs (benefits)”). Although we disclosed
the net positive impact of the amended and restated employment
agreements in our discussions of earnings per share and SG&A in
our earnings press releases in fiscal 2016, we did not include in
those press releases a presentation of adjusted net income.
However, in the thirteen weeks ended July 1, 2017, our Optimization
Plan has caused us to incur similar charges that we believe are not
indicative of our core operating performance, and we expect to
continue to incur such charges in the remainder of fiscal 2017. As
a result, we believe that adjusting net loss in the thirteen weeks
ended July 2, 2016 for management transition costs (benefits), in
addition to adjusting net loss for the thirteen weeks ended July 1,
2017 for charges incurred as part of the implementation of our
Optimization Plan, will assist investors in comparing our core
operating performance across reporting periods on a consistent
basis. Likewise, we believe that presenting full year fiscal 2017
adjusted net income guidance and fiscal 2016 adjusted net income as
a comparative measure, will assist investors in evaluating our
anticipated financial performance as it relates to our core
operations.
The Company defines EBITDA as net income before interest, taxes,
depreciation, and amortization. Adjusted EBITDA is calculated in
accordance with its credit facilities and is one of the components
for performance evaluation under its executive compensation
programs. Adjusted EBITDA reflects further adjustments to EBITDA to
eliminate the impact of certain items, including certain non-cash
and other items that the Company does not consider in its
evaluation of ongoing operating performance from period to period
as discussed further below. The Company uses Adjusted EBITDA in
connection with covenant compliance and executive performance
evaluations, and to supplement GAAP measures of performance to
evaluate the effectiveness of its business strategies, to make
budgeting decisions and to compare its performance against that of
other peer companies using similar measures. The Company believes
it is useful for investors to see the measures that management uses
to evaluate the Company, its executives and its covenant
compliance. EBITDA and Adjusted EBITDA are also frequently used by
analysts, investors and other interested parties to evaluate
companies in the Company’s industry.
The Container Store Group, Inc. Supplemental Information
- Reconciliation of GAAP to Non-GAAP Financial Measures(In
thousands, except share and per share
amounts)(unaudited)
The table below reconciles the non-GAAP financial measures of
adjusted net (loss) income and adjusted net (loss) income per
diluted share with the most directly comparable GAAP financial
measures of GAAP net (loss) income and GAAP net (loss) income per
diluted share.
Thirteen Weeks Ended Fiscal Year 2017
Outlook
Fiscal YearEnded
July 1, 2017 July 2, 2016
Low High April 1, 2016 Numerator:
Net (loss) income $(7,677 ) $(2,057 ) $12,250 $17,150
$14,953 Management transition costs (benefits) (a) - (3,361 ) - -
(3,361 ) Optimization Plan implementation charges (b) 3,534 - 9,000
11,000 - Taxes(c) (1,331 ) 1,189 (3,250 )
(4,000 ) 1,374 Adjusted net (loss) income $(5,474 ) $(4,229
) $18,000 $24,150 $12,966 Denominator:
Weighted average common sharesoutstanding
– diluted
48,047,937 47,986,975 49,000,000 49,000,000 48,016,010 Net
(loss) income per diluted share $(0.16 ) $(0.04 ) $0.25 $0.35 $0.31
Adjusted net (loss) income per diluted share $(0.11 )
$(0.09 ) $0.37 $0.49 $0.27
(a) Certain management transition costs incurred and
benefits realized, including the impact of amended and restated
employment agreements entered into with key executives during
fiscal 2016, which resulted in the reversal of accrued deferred
compensation associated with the original employment agreements,
net of costs incurred to execute the agreements, of $3,910,
partially offset by severance charges of $549, which we do not
consider in our evaluation of ongoing performance. (b)
Charges incurred as part of the implementation of our Optimization
Plan, which we do not consider in our evaluation of ongoing
performance. (c) Tax impact of adjustments to net (loss)
income, which we do not consider in our evaluation of ongoing
performance.
The table below reconciles the non-GAAP financial measure
adjusted EBITDA with the most directly comparable GAAP financial
measure of GAAP net loss.
Thirteen Weeks Ended July 1,
2017 July 2, 2016 Net loss $(7,677 )
$(2,057 ) Depreciation and amortization 9,542 9,347 Interest
expense 4,225 4,110 Income tax benefit (4,585 ) (1,025 )
EBITDA $1,505 $10,375 Pre-opening costs (a) 1,386 1,096 Noncash
rent (b) (461 ) (418 ) Stock-based compensation (c) 494 365 Foreign
exchange (gains) losses (d) (76 ) 42 Optimization Plan
implementation charges (e) 3,534 - Other adjustments (f) 48
572 Adjusted EBITDA $6,430
$12,032 (a) Non-capital expenditures associated with
opening new stores and relocating stores, including rent, marketing
expenses, travel and relocation costs, and training costs. We
adjust for these costs to facilitate comparisons of our performance
from period to period. (b) Reflects the extent to which our
annual GAAP rent expense has been above or below our cash rent
payment due to lease accounting adjustments. The adjustment varies
depending on the average age of our lease portfolio (weighted for
size), as our GAAP rent expense on younger leases typically exceeds
our cash cost, while our GAAP rent expense on older leases is
typically less than our cash cost. (c) Non-cash charges
related to stock-based compensation programs, which vary from
period to period depending on volume and vesting timing of awards.
We adjust for these charges to facilitate comparisons from period
to period. (d) Realized foreign exchange transactional
gains/losses our management does not consider in our evaluation of
our ongoing operations. (e) Charges incurred as part of the
implementation of our Optimization Plan, consisting of $1,810 of
cash severance payments associated with the elimination of certain
full-time positions at TCS and $1,724 of cash severance payments
associated with organizational realignment at Elfa, which we do not
consider in our evaluation of ongoing performance. (f) Other
adjustments include amounts our management does not consider in our
evaluation of our ongoing operations, including certain severance
and other charges.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170802006181/en/
Investor:ICR, Inc., 203.682.8200Farah Soi / Shannon
DevineFarah.Soi@icrinc.com / Shannon.Devine@icrinc.comorMedia:The
Container Store Group, Inc.Melanie Graham,
972-538-6864pr@containerstore.com
Container Store (NYSE:TCS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Container Store (NYSE:TCS)
Historical Stock Chart
From Sep 2023 to Sep 2024