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The Container Store Group (TCS) investor relations material
The Container Store Group Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary29 Oct, 2024
Executive summary
Q2 2024 consolidated net sales declined 10.5% year-over-year to $196.6M, with comparable store sales down 12.5% and general merchandise down 18.7%, while Custom Spaces fell 1.5% but saw operational demand rise 4.5%.
Net loss narrowed to $16.1M ($4.85/share) from $23.7M last year; adjusted net loss was $10.7M ($3.23/share) vs. $0.4M income last year.
Adjusted EBITDA was $3.9M, down from $17M a year ago.
Announced $40M preferred equity investment from Beyond, Inc., contingent on refinancing or amending credit facilities.
1-for-15 reverse stock split completed in September 2024, restoring NYSE compliance.
Financial highlights
Gross margin declined 210 bps to 55.5% in Q2, mainly due to increased promotions and unfavorable mix.
SG&A expenses were $105.2M (53.5% of sales), up as a percentage of sales due to deleverage and higher marketing spend.
Q2 2024 net loss: $16.1M; adjusted net loss: $10.7M; Q2 2024 adjusted EBITDA: $3.9M.
Free cash flow for H1 2024 was negative $10.6M, compared to negative $1.3M last year.
Cash at quarter end: $66.1M; total debt: $232M; total liquidity: $96.5M.
Outlook and guidance
No financial guidance provided due to pending Beyond, Inc. transaction; Q3 started challenging due to tough comparison with last year’s Elfa anniversary sale.
Persistently challenging retail environment and reduced consumer spending continue to impact performance.
Substantial doubt exists regarding ability to continue as a going concern without additional liquidity or credit facility modifications.
The company is actively working to amend or refinance credit facilities and close the Beyond equity investment.
Strategic priorities include growing Custom Spaces, stabilizing general merchandise, and increasing brand awareness.
Quantify Beyond partnership's financial impact.
Going concern: update on resolution efforts?
Custom spaces: bridge demand vs. delivered sales.
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Frequently asked questions
The Container Store Group Inc operates a retail chain specializing in storage and organization products for home and office use. The company offers custom closets, shelving, and containers through physical stores and e-commerce platforms. The company is headquartered in Coppell, Texas, and its shares are listed on the NYSE.
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