The Container Store Group announced financial results for the fourth quarter and fiscal year 2014 that ended on February 28, 2015.
For the fourth quarter of fiscal 2014, the company’s adjusted net income was $11.8 million or $0.24 per adjusted diluted common share in comparison to $10.7 million or $0.22 per adjusted diluted common share for the fourth quarter of fiscal 2013.
For the full fiscal year 2014, the adjusted net income was $16.5 million or $0.34 per adjusted diluted common share as compared to $16.4 million or $0.33 per adjusted diluted common share in fiscal 2013
In the fourth quarter of fiscal 2014, adjusted EBITDA was $31.3 million as compared to the $29.3 million for the fourth quarter of fiscal 2013. There was $88.2 million adjusted EBITDA in the full fiscal year 2014 as compared to $86.1 million in fiscal 2013.
The company’s net sales were $224.3 million in the fourth quarter of fiscal 2014, whereas the net sales for the full fiscal year 2014 were $781.9 million.
For the fourth quarter of fiscal 2014, company comparable store sales were down 0.8% over the same period in fiscal 2013 and were 1.4% down for the full fiscal year 2014 compared to fiscal 2013.
In fiscal 2014, the company has opened seven new stores and relocated one store, achieving its targeted 12% square footage growth.
Kip Tindell, Chairman and Chief Executive Officer, said their fourth quarter did not conclude according to early-in-the-quarter trends.
Tindell said, “Weather was a contributing factor, as we experienced winter storms in February during the vitally important last 4 days of our 50-day Annual elfa® Sale and during the last week of our 19-day Sale’s extension”.
He added that in the past, around 20% of their elfa Sale sales have occurred during those last 4 days and approximately 60% of the Sale extension sales have occurred in the final week.
In addition to it, he said that a stronger US dollar had a significant impact on the conversion of their Elfa subsidiary sales.
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