Container Store Net Rises in FY, Falls in Q4
April 29, 2014,
COPPELL, Texas-The Container Store Group reported adjusted net income of $16.4 million for its fiscal year ending on March 1, up 1.2 percent, despite a drop in fourth-quarter net income of 10.6 percent to $10.7 million.
The bottom-line numbers were adjusted for a number of items such as distributions to preferred shareholders, the costs for Container Store's initial public offering and taxes. Without these adjustments, the company narrowed its net loss for the year from $90.5 million to $51.6 million, and posted fourth-quarter net income of $18.3 million against a fourth-quarter net loss from last year of $22.8 million.
Net sales for the year rose 5.9 percent to $748.5 million, including a gain in same-store sales of 2.9 percent. In the quarter, net sales were essentially flat at $216.8 million, including a pickup of 1.4 percent in same-store sales.
Gross margin in the quarter was down 92 basis points to 58.2 percent. Selling, general and administrative expenses rose 2.5 percent in dollars and 111 basis points as a percentage of sales, to 44.5 percent.
Looking ahead, Container Store said it expects net sales in the current fiscal year to total between $827 million and $837 million, with a gain in same-store sales of between 3 and 4 percent.
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money