Company Overview of The Kitchen Collection, LLC
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
Founded in 1982
Key Executives for The Kitchen Collection, LLC
Chief Executive Officer and Director
Compensation as of Fiscal Year 2014.
The Kitchen Collection, LLC Key Developments
Kitchen Collection Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended Sept. 30, 2014; Provides Earnings Guidance for the Fourth Quarter and Full Year of 2014 and Full Year of 2015; Plans to Close Stores Early in 2015; Plans to Open New Stores in the Second Half of 2015
Oct 29 14
Kitchen Collection announced unaudited earnings results for the third quarter and nine months ended Sept. 30, 2014. The company reported a net loss of $1.0 million and revenues of $37.6 million for the third quarter of 2014 compared with a net loss of $2.8 million and revenues of $42.6 million for the third quarter of 2013. Operating loss was $1,429,000 against $3,658,000 a year ago. Loss before income tax provision (benefit) was $1,535,000 against $3,762,000 a year ago.
For the nine months ended September 30, 2014, Kitchen Collection reported a net loss of $7.7 million and revenues of $107.2 million compared with a net loss of $8.5 million and revenues of $120.7 million for the first nine months of 2013. Operating loss was $12,198,000 against $14,045,000 a year ago. Loss before income tax provision (benefit) was $12,518,000 against $14,321,000 a year ago.
Kitchen Collection expects a substantial increase in fourth quarter 2014 net income compared with the fourth quarter of 2013. This improvement is expected primarily due to the closure of stores with operating losses and reduced operating expenses at both the stores and headquarters resulting from Kitchen Collection's business realignment and cost reduction programs implemented during the first half of 2014, as well as the absence of charges totaling $2.0 million pre-tax recorded in 2013 related to the 2014 store closures and business realignment. In addition, during the first quarter of 2014, Kitchen Collection executed revisions to its store layouts designed to focus customers on higher-margin products. These changes appear to be taking hold as margins have improved since late in the first quarter of 2014 and are expected to continue to improve during the remainder of 2014 and in 2015. These improvements, while positive, are not expected to offset the losses from the first nine months of the year. As a result, Kitchen Collection expects a loss for the 2014 full year.
The net effect of closing additional stores early in 2015 and the anticipated opening of new stores during the second half of 2015, as well as the ongoing evaluation of the company's expense structure, is expected to contribute to improved results of near break-even in 2015.
The Kitchen Collection, LLC Enters into a Second Amendment to Credit Agreement
Sep 22 14
On September 19, 2014, NACCO Industries Inc.'s wholly owned subsidiary, The Kitchen Collection, LLC entered into a Second Amendment to Credit Agreement to make certain revisions to the terms of its $30 million secured revolving line of credit with Wells Fargo Bank, National Association as Administrative Agent, Collateral Agent and Swing Line Lender. The Second Amendment extends the term of the revolving line of credit from August 2017 to September 2019. The Amended KC Facility also contains certain other nonmaterial amendments to the revolving line of credit.
Kitchen Collection Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Second Half and Full Year of 2014
Jul 30 14
Kitchen Collection announced unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenue of $32,804,000 against $38,380,000 a year ago. Operating loss was $4,255,000 against $5,407,000 a year ago. Loss before income tax provision was $4,363,000 against $5,505,000 a year ago. Net loss was $2,657,000 compared with $2,403,000 for the second quarter of 2013. The decline in Revenue was primarily the result of the loss of sales from the closure of unprofitable Le Gourmet Chef(R) and Kitchen Collection(R) stores since June 30, 2013 and a decrease in comparable store sales at both the Kitchen Collection(R) and Le Gourmet Chef(R) stores. The decline in comparable store sales was predominantly due to a decrease in customer visits and store transactions, as well as a decrease in the average sales transaction value caused by shifts to lower-priced but higher-margin products. The decline in revenue was partially offset by sales at newly opened Kitchen Collection(R) stores.
For the six months, the company reported revenue of $69,680,000 against $78,091,000 a year ago. Operating loss was $10,769,000 against $10,387,000 a year ago. Loss before income tax provision was $10,983,000 against $10,559,000 a year ago. Net loss was $6,690,000 compared with $5,670,000 for the second quarter of 2013.
The company expects substantial net income for the second half of 2014 compared with a net loss in the second half of 2013, primarily in the fourth quarter.
The company expects to generate positive cash flow before financing activities in 2014 compared with negative cash flow before financing activities in 2013.
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