eastunder
1 year ago
The Container Store Infuses Newness with Direct-to-Consumer Products
Business Wire
Wed, September 6, 2023 at 7:00 AM MDT·4 min read
https://finance.yahoo.com/news/container-store-infuses-newness-direct-130000612.html
COPPELL, Texas, September 06, 2023--(BUSINESS WIRE)--The Container Store Group, Inc. (the "Company"), the leading specialty retailer of organizing solutions, custom spaces, and in-home services, today announced its latest brand campaign, Uncontained, to support its expansion into strategic growth categories such as on-the-go, dining, entertaining, home décor and textiles, with an anticipated 1,000 new products throughout the Company’s fiscal year ending March 30, 2024. These new products and solutions enhance the customers’ shopping journey and complement the retailer’s core offering of organizing solutions and custom spaces.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230906335210/en/
Expanded bath assortment includes products from The Citizenry and Heales Apothecary. (Photo: Business Wire)
Key brands are being spotlighted this fall as part of the Uncontained brand campaign launch, and for many of them, it is the first time for their products to be sold in brick-and-mortar stores nationwide. Customers will discover sustainable, magnetic travel Capsules from Cadence, bath essentials like organic cotton towels and robes, and hinoki wood accent furniture from socially conscious home goods company, The Citizenry, kitchen knives and prep essentials from eco-conscious kitchenware brand, Material, elegant crystal glassware and barware from home entertaining brand, Fortessa, aesthetically pleasing professional-grade coffee gear from Fellow, and natural skincare essentials from Australia-based Heales Apothecary. These brands and more are intended to elevate and transform customers’ everyday lives alongside the Company’s core offering.
"We are thrilled to bring innovative, sought-after brands to The Container Store that we believe will positively impact our customers’ everyday lives," said The Container Store Chief Merchandising Officer, Stacey Shively. "Considering evolving customer needs, our merchant team evaluated our entire assortment, identified key growth categories that complement the organizing solutions and custom spaces customers are already coming to us for, and have curated an unmatched assortment. We began infusing newness in growth categories with home fragrances and sustainable cleaning last year, and have continued to expand this focus with back-to-college and on-the-go which launched in June. Sales in these specified categories not only exceeded our expectations at launch, but also brought in new customers to shop with us."
In addition to new product categories and brand introductions across The Container Store’s general merchandise assortment, Uncontained will support the ongoing innovation of the premium Container Store Custom Spaces offering. With on-trend finishes, hardware and unique features – like smart-home compatible lighting – a custom space designed specifically for one's needs is the ultimate way to transform and elevate their every day.
"The Uncontained campaign is a simple, light-hearted play on how consumers traditionally think about The Container Store, for containing things, but we offer much more," said Chief Marketing Officer of The Container Store, Melissa Collins. "Our objective with the campaign is to drive awareness among current and new customers that we have new, innovative solutions for the whole home that complement why they are already shopping with us. We are staying true to our purpose to transform lives through the power of organization, and these products only enhance it."
Uncontained will appear across all key customer touchpoints including owned channels, in-store, direct mail, on digital properties such as containerstore.com, email, SMS, The Container Store App, social media, and Brand Ambassadors and Influencer channels. The evergreen campaign will continue to support new product introductions across the company’s general merchandise and Custom Spaces offerings including the upcoming holiday season and new year.
The Container Store has also transformed one of its Dallas-Fort Worth locations into a concept store to test visual merchandising strategies that bring new and existing brands to life in unique ways. For example, while all stores will offer a collection of products from The Citizenry, the Plano store will exclusively feature an expanded 650 square-foot shop-in-shop. The space will showcase an expansive assortment of mix-and-match stonewashed linen and organic cotton bedding, pillows, baskets and décor, on display for the first time outside of The Citizenry’s New York Flagship store. A Container Store Custom Spaces Preston wall-bed will further bring the brand's award-winning bedding and signature style to life.
justanotherdollar
11 years ago
The Container Store Group, Inc., Announces Third Quarter Fiscal 2013 Financial ResultsFont size: A | A | A
4:00 PM ET 1/7/14 | BusinessWire
The Container Store Group, Inc. (NYSE:TCS) (the "Company"), today announced financial results for the third quarter and year-to-date ended November 30, 2013.
Kip Tindell, Chairman and Chief Executive Officer, said: "We are pleased with our operating results in the third quarter. Our net sales increase of 7.3% was fueled by our retail business at The Container Store, where sales increased 10.8%. We saw strong performance across new and existing stores as comparable store sales increased 4.7%; our fourteenth consecutive quarter of comparable store sales increases. This performance in combination with our strong product margins and expense management drove adjusted net income per diluted common share of $0.11. These results demonstrate the strength of our differentiated business model, brand awareness, unique employee-first culture and solid execution by the entire team at The Container Store."
Tindell continued: "Our commitment to our Foundation Principles and Conscious Capitalism, our focus on training, communication and solutions-based selling, coupled with strong partnerships with our vendors, results in an unmatched store experience for our customers as they shop the world's most comprehensive and celebrated collection of storage and organization solutions. With 63 stores today, we have a long runway of growth ahead of us as we expand our store base to realize the 300+ store opportunity that we believe exists."
"During the third quarter we reached a significant milestone with our successful initial public offering," Tindell added. "We couldn't have been more thrilled, humbled and honored by the reception we received from the market. By taking this path, we are also able to facilitate broader employee ownership of The Container Store, increasing our ability to operate a business where everyone associated with it thrives. We look forward to continuing to deliver long-term value for all of our stakeholders."
For the third quarter (thirteen weeks) ended November 30, 2013, on a consolidated basis:
-- Net sales increased by 7.3% to $188.3 million from $175.4 million in the third quarter of fiscal 2012. Comparable store sales increased by 4.7%. Net sales in The Container Store retail business were up 10.8% to $163.7 million and Elfa third party sales decreased 11.3% to $24.6 million.
-- Gross margin was 60.0%, an increase of 60 basis points compared to the third quarter of fiscal 2012. Net sales at The Container Store retail business represented 87.0% of consolidated sales in the third quarter fiscal 2013, as compared to 84.2% in third quarter fiscal 2012. Since gross margin percentage is higher in The Container Store retail business, this shift in sales mix led to an improvement in consolidated gross margin.
-- Selling, general and administrative expenses ("SG&A") increased by 8.7% to $88.8 million from $81.7 million in the third quarter of fiscal 2012. SG&A as a percentage of net sales increased 60 basis points primarily due to increases in expenses incurred in preparation for the Initial Public Offering ("IPO"), expenses associated with operating as a public company as well as a timing shift in direct mail expenses.
-- The Company opened two new stores and ended the quarter with 63 stores in 22 states and the District of Columbia. The Company has opened six new stores including the relocation of one undersized, older format store in fiscal 2013.
-- Net interest expense increased to $5.8 million from $5.1 million in the third quarter of fiscal 2012.
View data
U.S. generally accepted accounting principles ("GAAP") net loss Adjusted net income was $5.2 million or $0.11 per diluted common was $9.5 million in the third quarter of fiscal 2013, which share compared to $5.3 million or $0.11 per diluted common share includes $14.6 million of IPO-related stock-based compensation for the third quarter of fiscal 2012, which excludes certain expense, compared to net income of $6.9 million in the third items that we do not consider in the evaluation of ongoing quarter of fiscal 2012. After considering distributions operating performance, including IPO-related expenses, and accumulated to preferred shareholders of $15.6 million and $22.5 distributions accumulated to preferred shareholders in both million in the third quarters of fiscal 2013 and fiscal 2012, periods (see GAAP/Non-GAAP reconciliation table at the end of respectively, net loss per basic and diluted common share was this release). $1.39 in the third quarter of fiscal 2013 compared to $5.32 in the third quarter of fiscal 2012.
-- Adjusted EBITDA increased 7.3% to $24.1 million compared to $22.5 million in the third quarter of fiscal 2012, as calculated in accordance with the Company's Senior Secured Term Loan Facility (see GAAP/Non-GAAP reconciliation table).
For the year to date (thirty-nine weeks) ended November 30, 2013, on a consolidated basis:
-- Net sales increased by 8.6% to $531.7 million from $489.7 million in year to date fiscal 2012. Comparable store sales increased by 3.6%. Sales in The Container Store's retail business were up 11.6% to $466.5 million and Elfa third party sales decreased 9.1% to $65.2 million.
-- Gross margin was 59.0%, an increase of 30 basis points compared to year to date fiscal 2012. Net sales at The Container Store retail business represented 87.7% of consolidated sales in the year to date fiscal 2013, as compared to 85.4% in year to date fiscal 2012. Since gross margin percentage is higher in The Container Store retail business, this shift in sales mix led to an improvement in consolidated gross margin.
-- SG&A increased by 8.8% to $257.9 million from $237.0 million in year to date fiscal 2012. SG&A as a percentage of net sales increased 10 basis points primarily due to increases in expenses associated with the IPO and operating as a public company.
-- Net interest expense increased to $16.9 million from $16.0 million in the corresponding period of fiscal 2012.
View data
GAAP net loss was $10.2 million, which includes $14.6 million of Adjusted net income was $5.7 million or $0.12 per diluted common IPO-related stock based compensation expense, compared to a GAAP share compared to $4.2 million or $0.09 per diluted common share net loss of $2.2 million in the corresponding period of fiscal in the corresponding period of fiscal 2012, which excludes 2012. After considering distributions accumulated to preferred certain items that we do not consider in the evaluation of shareholders of $59.7 million and $65.4 million in the first ongoing operating performance, including IPO-related expenses, thirty-nine weeks of fiscal 2013 and fiscal 2012, respectively, and distributions accumulated to preferred shareholders in both net loss per basic and diluted common share was $8.78 compared periods (see GAAP/Non-GAAP reconciliation table). to $23.08 in the corresponding period of fiscal 2012.
-- Adjusted EBITDA increased 8.0% to $56.8 million compared to $52.6 million in the third quarter of fiscal 2012, as calculated in accordance with the Company's Senior Secured Term Loan Facility (see GAAP/Non-GAAP reconciliation table).
Balance sheet highlights as of November 30, 2013:
-- Cash: $10.8 million
-- Total debt: $368.5 million (after giving effect to pay-down of $31.0 million with net IPO proceeds to the Company)
-- Total liquidity (cash plus availability on revolving credit facilities of $68.1 million): $78.9 million
Outlook
For fiscal 2013, consolidated net sales are expected to be $754 million based on opening six new stores, inclusive of one store relocation, and an increase in comparable store sales of 3.4%. Adjusted net income, which excludes certain items that we do not consider in our evaluation of ongoing operating performance and distributions accumulated to preferred shareholders, is expected to be $0.40 per diluted common share based on estimated adjusted diluted common shares outstanding of 48.8 million.
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