Container Store Group, Inc.

CIK:0001411688|SEC Filings

Consolidated statements of operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 196,575	$ 219,731	$ 378,436	$ 426,843
Cost of sales (excluding depreciation and amortization)	87,537	93,064	163,303	185,627
Gross profit	109,038	126,667	215,133	241,216
Selling, general, and administrative expenses (excluding depreciation and amortization)	105,214	109,270	210,564	220,650
Stock-based compensation	196	615	514	1,089
Pre-opening costs	867	549	1,614	734
Depreciation and amortization	10,346	10,383	21,219	20,895
Indefinite-lived asset impairment charges	0	23,447	0	23,447
Long-lived asset impairment charges	3,390	0	4,291	0
Other expenses	3,488	7	5,174	2,460
Loss (gain) on disposal of assets	0	220	(23)	221
Loss from operations	(14,463)	(17,824)	(28,220)	(28,280)
Interest expense, net	6,044	5,238	11,512	10,205
Loss before taxes	(20,507)	(23,062)	(39,732)	(38,485)
(Benefit) provision for income taxes	(4,401)	591	(8,894)	(2,995)
Net loss	$ (16,106)	$ (23,653)	$ (30,838)	$ (35,490)
Net loss per common share - basic (in dollars per share)	$ (4.85)	$ (7.17)	$ (9.30)	$ (10.79)
Net loss per common share - diluted (in dollars per share)	$ (4.85)	$ (7.17)	$ (9.30)	$ (10.79)
Weighted-average common shares - basic (in shares)	3,322,940	3,297,237	3,316,881	3,290,279
Weighted-average common shares - diluted (in shares)	3,322,940	3,297,237	3,316,881	3,290,279

Consolidated statements of cash flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (30,838)	$ (35,490)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	21,219	20,895
Stock-based compensation	514	1,089
Impairment charges	4,291	23,447
(Gain) loss on disposal of assets	(23)	221
Deferred tax benefit	(8,584)	(4,603)
Non-cash interest	942	942
Other	397	176
Changes in operating assets and liabilities:
Accounts receivable	(2,108)	(25)
Inventory	6,720	(3,827)
Prepaid expenses and other assets	(3,035)	2,539
Accounts payable and accrued liabilities	14,947	10,776
Net change in lease assets and liabilities	(21)	5,574
Income taxes	232	(684)
Other noncurrent liabilities	49	(339)
Net cash provided by operating activities	4,702	20,691
Investing activities
Additions to property and equipment	(15,270)	(22,037)
Investments in non-qualified plan trust	(36)	(177)
Proceeds from non-qualified plan trust redemptions	750	472
Proceeds from sale of property and equipment	52	1
Net cash used in investing activities	(14,504)	(21,741)
Financing activities
Borrowings on revolving lines of credit	0	27,177
Payments on revolving lines of credit	0	(26,649)
Borrowings on long-term debt	55,000	20,000
Payments on long-term debt	(591)	(16,032)
Payment of taxes with shares withheld upon restricted stock vesting	(30)	(140)
Net cash provided by financing activities	54,379	4,356
Effect of exchange rate changes on cash	546	(69)
Net increase in cash	45,123	3,237
Cash at beginning of fiscal period	21,000	6,958
Cash at end of fiscal period	66,123	10,195
Supplemental information:
Purchases of property and equipment (included in accounts payable)	1,833	3,014
Cash paid for amounts included in the measurement of operating lease liabilities	49,639	47,160
Additions to right-of-use assets in exchange for operating lease liabilities	$ 27,324	$ 36,066

Consolidated balance sheets - USD ($) $ in Thousands	Sep. 28, 2024	Mar. 30, 2024	Sep. 30, 2023
Current assets:
Cash	$ 66,123	$ 21,000	$ 10,195
Accounts receivable, net	24,511	22,010	24,857
Inventory	152,600	158,434	173,438
Prepaid expenses	15,834	12,940	12,986
Income taxes receivable	5,291	5,118	1,091
Other current assets	8,791	11,046	9,189
Total current assets	273,150	230,548	231,756
Noncurrent assets:
Property and equipment, net	146,056	155,402	158,740
Noncurrent operating lease right-of-use assets	396,694	400,188	355,863
Trade names	147,683	146,449	219,558
Deferred financing costs, net	71	97	123
Noncurrent deferred tax assets, net	496	393	432
Other assets	5,054	3,288	3,037
Total noncurrent assets	696,054	705,817	737,753
Total assets	969,204	936,365	969,509
Current liabilities:
Accounts payable	64,692	59,873	65,275
Accrued liabilities	79,667	70,076	71,362
Current borrowings on revolving lines of credit	0	0	2,820
Current portion of long-term debt	2,212	2,166	2,060
Current operating lease liabilities	64,465	60,692	61,533
Income taxes payable	617	280	912
Total current liabilities	211,653	193,087	203,962
Noncurrent liabilities:
Long-term debt	229,780	174,611	168,321
Noncurrent operating lease liabilities	372,122	378,524	323,230
Noncurrent deferred tax liabilities, net	15,955	24,185	43,790
Other long-term liabilities	6,862	6,267	5,793
Total noncurrent liabilities	624,719	583,587	541,134
Total liabilities	836,372	776,674	745,096
Commitments and contingencies (Note 6)
Shareholders’ equity:
Common stock, $0.01 par value, 250,000,000 shares authorized; 3,330,165 shares issued at September 28, 2024; 3,306,986 shares issued at March 30, 2024; 3,305,871 shares issued at September 30, 2023	33	33	33
Additional paid-in capital	874,874	874,390	873,612
Accumulated other comprehensive loss	(29,948)	(33,443)	(35,740)
Retained deficit	(712,127)	(681,289)	(613,492)
Total shareholders’ equity	132,832	159,691	224,413
Total liabilities and shareholders’ equity	$ 969,204	$ 936,365	$ 969,509