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February 12, 2016 5:52 PM ET

Specialty Retail

Company Overview of The Kitchen Collection, LLC

Company Overview

The Kitchen Collection, LLC operates kitchenware stores in the United States. It sells small appliances, bake ware, kitchen gadgets, cookware, cutlery, tableware, food products, decorative wood products, and marble and ceramics. The company sells products through its stores located in factory outlet malls and regional fashion malls; and online. The Kitchen Collection, LLC was formerly known as The Kitchen Collection, Inc. The company was founded in 1982 and is based in Chillicothe, Ohio. The Kitchen Collection, LLC operates as a subsidiary of Nacco Industries Inc.

71 East Water Street

Chillicothe, OH 45601

United States

Founded in 1982

Phone:

740-774-0561

Fax:

740-774-0593

Key Executives for The Kitchen Collection, LLC

Chief Executive Officer and Director
Age: 53
President
Age: 58
Compensation as of Fiscal Year 2015.

The Kitchen Collection, LLC Key Developments

Kitchen Collection, LLC Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Fourth Quarter of 2015 and Full Year of 2016; Expects to Open an Additional Seven Outlet Stores During the Fourth Quarter of 2015

Kitchen Collection, LLC reported unaudited earnings results for the third quarter and nine months ended September 30, 2015. The company reported a net loss of $0.6 million and revenues of $34.7 million for the third quarter of 2015 compared with a net loss of $1.0 million and revenues of $37.6 million for the third quarter of 2014. The decline in Kitchen Collection's Revenue was primarily the result of the strategic decision to close unprofitable stores since September 30, 2014. The reduced net loss was mainly the result of the closure of unprofitable stores combined with improved results at the Kitchen Collection® comparable stores. Operating loss was $0.843 million compared to $1.43 million a year ago. Loss before income tax provision was $0.904 million compared to $1.54 million a year ago. Capital expenditure was $0.7 million compared to $0.3 million a year ago. Net cash provided by operating activities was $1.5 million compared to $3.6 million a year ago. Negative return on equity was 4.1% compared to 18.6% a year ago. For the nine months ended September 30, 2015, the company reported a net loss of $4.3 million and revenues of $94.5 million compared with a net loss of $7.7 million and revenues of $107.2 million for the nine months ended September 30, 2014. Operating loss was $6.86 million compared to $12.2 million a year ago. Loss before income tax provision was $7.013 million compared to $12.52 million a year ago. The company expects to open an additional seven outlet stores during the fourth quarter of 2015. In total, fewer stores will be open during the fourth quarter than a year ago, which is expected to result in lower fourth-quarter 2015 revenues compared with the fourth quarter of 2014. Despite substantially lower sales volumes, Kitchen Collection expects a significant improvement in operating profit in the fourth quarter of 2015 compared with the fourth quarter of 2014, largely due to the absence of charges totaling $2.8 million pre-tax recorded in the fourth quarter of 2014 related to realigning the business. The improvement in profitability per store is primarily the result of closing underperforming and loss-generating stores early in 2015 and reducing the company's expense structure. The anticipated improved fourth quarter results are also expected to contribute to roughly break-even operating profit for full year 2015. Capital expenditures are expected to be $0.5 million in the fourth quarter of 2015. Despite continued market weakness, Kitchen Collection anticipates 2016 revenues to increase marginally compared with 2015. The company expects an increase in revenues as it adds stores cautiously in optimum locations in strong outlet malls. As a result of the anticipated increase in revenues and the comprehensive realignment actions taken during 2014 and 2015, Kitchen Collection anticipates it may return to profitability in 2016. In addition, Kitchen Collection believes its remaining stores are well-positioned to allow the company to continue to be profitable in the current challenging environment and be prepared to take advantage of any future market rebound.

The Kitchen Collection, LLC Announces Unaudited Earnings Results for Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Second Half of 2015

The Kitchen Collection, LLC announced unaudited earnings results for second quarter and six months ended June 30, 2015. For the quarter, the company reported revenues of $29.8 million compared to $32.8 million a year ago. Operating loss was $3.0 million compared to $4.3 million a year ago. Loss before taxes was $3.0 million compared to $4.4 million a year ago. Net loss was $1.8 million compared to $2.7 million a year ago. Capital expenditures were $0.4 million compared to $0.4 million a year ago. Net cash used in operating activities was $1.5 million compared to $3.1 million a year ago. Negative return on equity was 5.3% compared to 22.9% a year ago. The decline in the company’s Revenue was primarily the result of the loss of sales from the closure of unprofitable le gourmet chef® and kitchen collection® stores since June 30, 2014 partially offset by sales at newly opened kitchen collection® stores. kitchen collection's reduced net loss was mainly the result of improved operating margins at kitchen collection® comparable stores due to fewer promotional sales and mark-downs, a shift in mix to higher-margin products and a reduction in store expenses. the closure of unprofitable stores also contributed to the reduced net loss. For the six months ended June 30, 2015, the company reported a net loss of $3.7 million and revenues of $59.7 million compared with a net loss of $6.7 million and revenues of $69.7 million for the six months ended June 30, 2014. Operating loss was $6.02 million compared to $10.77 million a year ago. Loss before income tax provision (benefit) was $6.11 million compared to $10.98 million a year ago. The company provided earnings guidance for the second half of 2015. The company plans to maintain a lower number of stores in the remainder of 2015 and, as a result, expects revenues in the second half of 2015 to decrease compared with the second half of 2014. Overall, the company expects a substantial increase in net income for the second half of 2015 compared with the second half of 2014, primarily in the fourth quarter. Capital expenditures are expected to be $0.8 million in the remainder of 2015.

The Kitchen Collection, LLC Announces Unaudited Earnings Results for First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Full Year 2015

The Kitchen Collection, LLC announced unaudited earnings results for first quarter ended March 31, 2015. The company reported a net loss of $1.9 million and revenues of $30.0 million for the first quarter of 2015 compared with a net loss of $4.0 million and revenues of $36.9 million for the first quarter of 2014.  The decline in Kitchen Collection's Revenue was primarily the result of the loss of sales from the closure of unprofitable Le Gourmet Chef® and Kitchen Collection® stores since March 31, 2014, partially offset by sales at Kitchen Collection® stores opened between March 31, 2014 and December 31, 2014. Kitchen Collection's reduced net loss was primarily the result of the closure of unprofitable stores and improved operating margins at Kitchen Collection® comparable stores due to fewer promotional sales and lower mark-downs, a shift in mix to higher-margin products and a reduction in store expenses. Operating loss was $3,045,000 compared to $6,514,000 for the same period a year ago. Loss before income tax provision (benefit) was $3,092,000 compared to $6,620,000 for the same period a year ago. Net cash used for operating activities was $5.3 million compared to $10.4 million for the same period a year ago. Capital expenditures were $0.1 million compared to $0.3 million for the same period a year ago. Negative return on equity was 8.1% compared to return on equity of 20.8% for the same period a year ago. The net effect of closing stores early in 2015 and the anticipated opening of a small number of new stores, mostly during the second half of 2015, as well as the ongoing evaluation of the company's expense structure and lower store closure expenses in the fourth quarter, are expected to produce net income near break-even in 2015. Capital expenditures are expected to be $1.2 million in the remainder of 2015.

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